After several red accounts, the board of directors of electrolysis producer Green Hydrogen Systems now finds itself forced to file a request for reconstruction with the court. The board expects to submit the reconstruction request today. This is stated by Green Hydrogen Systems in a statement.
"The purpose of the reconstruction is to investigate whether a basis can be created for all or parts of the company's activities to continue, including a possible sale of the company's assets in whole or in part," the statement reads.
- Green Hydrogen Systems has been working on a restructuring plan since the fall of 2024 to secure the company's future, and although the process has developed satisfactorily, it has not been possible to raise the necessary capital. Therefore, the board of directors finds it necessary to initiate a reconstruction, says chairman of the board, Thomas Broe-Andersen.
According to the company, the reason for the desired reconstruction is that the development in the green hydrogen market has not progressed as expected. But Green Hydrogen Systems is also looking inward and notes that the development and commercialization of the company's X-Series electrolysis product has been slower than expected.
In December, Green Hydrogen Systems reduced its nominal share capital, but at the same time received a short-term loan of DKK 80 million, expiring on June 30, 2025. At that time, the intention was to carry out a rights issue of at least DKK 300 million, but it has not been possible to secure a guarantee for the issue. Prior to this, a major round of layoffs had been carried out to reduce costs.
However, it has not been possible to raise the capital, and therefore the board of directors has concluded that the company will not be able to meet its short-term financial obligations, and has therefore decided to request reconstruction, as it still has faith in the company's product.
- Green Hydrogen Systems has a unique product and the potential to play an important role in the future hydrogen market and in the green transition. We still believe that this potential could have been realized if the financing had been secured. It is therefore regrettable that the Company has not been able to raise sufficient capital, says Thomas Broe-Andersen.
Green Hydrogen Systems' annual accounts for 2024 are just around the corner, in January they lowered their expectations to an operating loss of DKK 485-500 million. EBITDA. Previously, the expectations were for an operating loss of DKK 300-400 million. EBITDA. In 2023, the operating loss was almost DKK 268 million.
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