Green Hydrogen Systems (GHS), a Denmark based company electrolyser startup, has raised around EUR 28 million (US$ 34 million) to expand its business. AP Møller Holding A/S will invest EUR 20 million in the form of a convertible loan. Nordic Alpha Partners, the company’s major shareholder, will further invest an additional amount of EUR 7 million. Norlys Holding, another company shareholder, will invest EUR 1 million.
GHS will use the funds to scale-up its production facilities to meet the growing demand. The company pointed out that the EU set an ambitious hydrogen target of installing 6 GW capacity by 2024, and 40 GW by 2030 compared to the current ~300 MW installed hydrogen capacity.
GHS has the potential to become the market leader in green hydrogen market. Troels Øberg, Partner at Nordic Alpha Partners said, “It requires significant investments to unfold the full potential, and therefore an IPO of Green Hydrogen Systems could be the next step on the funding journey.”
GHS has recently signed an agreement with Lhyfe, a French green hydrogen producer, to supply electrolysers for Lhyfe facilities throughout Europe. In the first project, GHS will deliver HyProvide™ A-90 electrolyser to Lhyfe’s R&D & pilot plant in Bouin, France. The facility is connected to wind farms and will produce 300 to 1000 kg hydrogen per day, supplied locally for consumption in mobility and industrial sectors.