Green Hydrogen Systems has given up the fight to save the company. After several months of unsuccessful attempts to find a financial rescue plan, the board of directors and management have decided to file for bankruptcy with the bankruptcy court in Kolding. The company writes this in a statement.
"Following the announcement on June 19, 2025 about the reconstruction proceedings in court, the board of directors and management of Green Hydrogen Systems A/S regret to have to announce that it has not been possible to reach a sustainable solution within the framework of the reconstruction process. As a result, Green Hydrogen Systems A/S will file for bankruptcy. The bankruptcy petition will be submitted to the Bankruptcy Court in Kolding as soon as possible," the statement reads.
Green Hydrogen Systems began a formal reconstruction process in March 2025, after a major restructuring and capital hunt of 300 million DKK previously failed.
On Thursday, reconstructor Henrik Sjørslev stated in a creditor information that sales negotiations that had been ongoing since the start of the reconstruction had not led to the desired result, which is why a reconstruction plan could not be presented to the bankruptcy court on June 25, as otherwise planned. Now, the company has completely given up on getting a reconstruction in place.
Parts are up for sale
In return, the company states that it has entered into a conditional agreement on the partial sale of business activities to the German industrial group Thyssenkrupp Nucera. However, the agreement does not include the entire company or all assets and requires approval from both the bankruptcy court's trustee and the company's secured creditors.
"Regardless of the conditional agreement, the company does not expect that there will be any dividend or other form of payment to shareholders," Green Hydrogen Systems said in the announcement.
Green Hydrogen Systems has struggled with losses, high investments and low revenue for several years. In 2023, the loss was 268 million DKK, while revenue only reached 42 million DKK. The company has repeatedly tried to raise new capital, but without success.
The company produces electrolysis plants for the production of green hydrogen and was listed on the stock exchange in 2021 at a market value of 40, corresponding to a market value of three billion DKK.
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