UPDATED: On Sunday, electrolysis producer Green Hydrogen Systems announced that it had not achieved its ambition to raise at least DKK 300 million in new capital. The board of directors has therefore concluded that the company will not be able to meet its short-term financial obligations and has therefore decided to request reconstruction.
- Green Hydrogen Systems has been working on a restructuring plan since autumn 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 of Directors of Green Hydrogen Systems, Thomas Broe-Andersen, in the announcement issued by the company in connection with the reconstruction.
This decision is not exactly well received on the stock market. Thus, the value of the share has fallen by 86 percent on Monday 11:30, so that it is now trading at a price of DKK 0.36. The goal of seeking reconstruction is "to investigate whether a basis can be created for all or part of the company's activities to continue, including a possible sale of the company's assets in whole or in part", Green Hydrogen Systems states in the announcement.
The share was listed on the stock exchange in 2021 at a price of DKK 40, corresponding to a market value of DKK three billion. On Friday it could be purchased for DKK 2.5, and on Monday it is therefore only worth DKK 35.
Green Hydrogen Systems, which is headquartered in Kolding, has, among others, ATP and Norlys among its owners. The company lost DKK 406 million in 2023. DKK out of a turnover of just DKK 42 million.
The reason for the large losses has been that it has been more difficult than expected to find buyers for the company's products, because the market for green hydrogen has developed much weaker than predicted.
In recent months, Green Hydrogen Systems has tried to raise more venture capital by issuing new shares, but has not succeeded.
The accounts for 2024 have not yet been published, but were scheduled to arrive on Friday.
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