Green Hydrogen Systems Danish Electrolyzer Startup raised 35 million dollars to scale up Green Hydrogen ProductionWritten by Chris Kwacz
The European Union Climate Goals and the Green Hydrogen Megatrend is heating up competition among makers of Electrolyzers. They will try to scale up own production and capture the upcoming wave of orders from EU’s first generation of utility-scale green hydrogen production funded by government subsidies. Electrolyzers within upcoming years surely will become a world scale business and many companies will try to build own machines and develope own solutions like Green Hydrogen Systems from Dennmark is doing right now.
Danish electrolyzer startup Green Hydrogen Systems just raised 35 million dollars to scale up production of the technology that’s at the heart of the European Union’s climate goals. Investment comes from a convertible loan of 20 million euros from AP Moller Holding A/S and 7 million euros from existing shareholder Nordic Alpha Partners. Another current shareholder, Norlys Holding, also invested 1 million euros.
Sebastian Koks Andreassen, the Green Hydrogen Systems chief executive officer, said the company aims to set itself apart from the competition by developing alkaline electrolyzers designed specifically to work with the intermittent power that comes from renewable sources like solar and wind.
The brand NEW market for electrolyzers is attracting increasing amounts of investor attention. The U.K.-based ITM Power Plc raised 165 million pounds ($224 million) earlier this year. While Norway’s Nel ASA raised 1.3 billion Norwegian krone ($150 million) in June. German industrial giants Thyssenkrupp AG and Siemens Energy AG also aim to be major early competitors.
The company is currently building a new factory in southern Denmark that can produce at about 50 modular units by the end of next year with a capacity of 25 megawatts. The CEO expects to scale that up to over 150 megawatts as efficiency increases and work shifts are added. The company will look to increase capacity further sometime next year or in 2022.
New business market is emerging!