The hydrogen company Green Hydrogen Systems (GHS) was formally declared bankrupt by the Bankruptcy Court in Kolding on Wednesday after a long period of financial difficulties and an unsuccessful reconstruction process. The company leaves behind a debt of approximately DKK 1.5 billion. This is reported by JydskeVestkysten.
The company has been running losses in the triple-digit million range for several years and in January announced an operating loss of up to half a billion DKK for 2025. In December 2024, the company took out an emergency loan of DKK 80 million, but a subsequent capital raising failed. Therefore, the company initiated a restructuring process in March, which has failed, and last week the company gave up and filed for bankruptcy.
The investors – including Norlys, AP Møller Holding and ATP – cut off the cash flow, and the majority of the employees have already been laid off. Lawyers Henrik Sjørslev from DLA Piper and Boris Frederiksen from the Chamber of Attorneys have been appointed as trustees.
- Now Boris and I need to create a common overview. We will start by holding meetings with the management of GHS, and then we will inform the employees about the roadmap, says Henrik Sjørslev, a lawyer at DLA Piper and who was previously appointed as a restructurer.
When the restructuring was abandoned, it was announced that the German group Thyssenkrupp nucera was interested in taking over parts of the company. What this specifically entails is still unclear, just as it is unknown what consequences the bankruptcy will have for the approximately 80 employees in Kolding. According to Henrik Sjørslev, the bankruptcy estate is expected to be closed in two years at the earliest.
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