Green Hydrogen Systems has announced that it will undertake substantial job cuts as it undergoes an administrator-led restructuring.
The Danish electrolyser maker entered a restructuring process on March 10 after filing for insolvency after efforts to secure additional financing collapsed.
The District Court of Kolding appointed an administrator to explore whether the alkaline electrolyser manufacturer could continue operations, including the sale of part or all of the business’ assets.
Today (March 19) Green Hydrogen Systems said it would start the process of a “substantial reduction” in its workforce.
Green Hydrogen Systems has struggled to stay afloat since last October when it launched a drastic restructuring plan to slash costs by up to 50%.
The company warned that it could exhaust its cash reserves by H1 2025, estimating restructuring costs at up to DKK 230m ($33.5m) and planning a rights issue of DKK 300m ($43.7m).
However, the funding efforts fell through, forcing it to file for insolvency.
Company Chairman, Thomas Broe-Andersen said the firm still believed in its technology’s potential – stressing that it could have been realised with additional funding.
“It is regrettable that the company has not been able to raise sufficient funding,” he said.
The events reflect the broader challenges of hydrogen technology OEMs under pressure to deliver returns to investors amid a widespread market slowdown.
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