Green Hydrogen Systems released its 2021 annual report

Green Hydrogen Systems – Annual report 2021

Financial highlights 2021

  • Revenue from customer contracts of DKK 5.2 million (guidance: around DKK 5 million) compared to DKK 9.4 million in 2020
  • Gross profit of DKK -17 million (guidance: around DKK -15 million) compared to DKK -4.0 million in 2020
  • EBITDA of DKK -149 million (guidance: DKK -145 to -155 million) compared to DKK -70 million in 2020
  • EBIT of DKK -163 million (guidance: DKK -160 to -170 million) compared to DKK -73 million in 2020
  • R&D capitalized and expensed costs of DKK 72 million (guidance: DKK 75-80 million) compared to DKK 20 million in 2020
  • Investments in tangible assets of DKK 145 million (guidance: DKK 135-145 million) compared to DKK 20 million in 2020

Commercial highlights 2021

  • Strong investor support in the listing of Green Hydrogen Systems at Nasdaq Copenhagen resulting in proceeds of DKK 1,265 million
  • Customer orders from Europe, Australia, and South America confirm the competitiveness of Green Hydrogen Systems’ technology offering and price point
  • Maturing project pipeline for the A-Series targeting demonstration and small-scale projects and for the X-Series targeting multi-MW projects up to and beyond 1,000 MW
  • Factory expansion towards an annual production capacity of 400 MW positioning Green Hydrogen Systems as a leading, global electrolyzer manufacturer – expansion progresses on plan and budget
  • Initiation of the GreenHyScale project where Green Hydrogen Systems is responsible for delivering an initial 6 MW test module intended to validate the solution and technology for a 100 MW project. Green Hydrogen Systems is backed by an EU grant of DKK 69 million for the project
  • The test and delivery plan for the A-Series electrolyzers progress and revenue for the delayed orders are expected to be recognized in the middle of 2022 while additional order back-log for 2022 and 2023 is being built


In 2022 Green Hydrogen Systems expects to deliver revenue of DKK 75 to 120 million with an EBITDA of DKK -265 to -225 million. The 2025 medium-term targets are maintained with slightly increased expectations of revenue derived from potential customer demand for the X-Series electrolyzer platform.

Guidance 2022:

  • Revenue: DKK 75-120 million
  • Gross profit: DKK -15 to 15 million
  • EBITDA: DKK -265 to -225 million
  • EBIT: DKK -310 to -270 million
  • R&D: DKK 75-85 million
  • CAPEX: DKK 390-450 million, whereof around DKK 100 million is allocated to the expansion of the production capacity

2021 was a pivotal year for Green Hydrogen Systems where we have continued our planned scaling of the business. We have grown our organisation by 134 employees (+250%) and moved from being a nascent R&D-focused start-up to a well-known market contender with global customer reach (…) Despite the disappointment of the initial delivery delays, we see progress in our production and technology industrialisation. The progress is also reflected in our expectations to 2022 with a significant increase in revenue compared to 2021.

Sebastian Koks Andreassen, CEO of Green Hydrogen Systems

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