Danish technology company Topsoe is targeting 5 to 16% revenue growth this year with its solid oxide electrolyser cell (SOEC) factory set to open in Herning in the first half of 2025.
While gross profit was fractionally up in 2024 (DKK3.58bn ($498.1m), compared with DKK3.56bn ($495.3m) in 2023), revenues fell from DKK9.41bn ($1.309bn) to DKK8.37bn ($1.2bn), mainly down to catalyst business sales, and cashflow from operating activities dropped to DKK966m ($134.3m).
Around a quarter of revenue (23%) came from businesses related to technologies and solutions that enable the production of low-carbon, renewable fuels and e-fuels. Energy consumption decreased from 359,172MWh to 338,335 MWh.
Roeland Baan, CEO of Topsoe, said 2024 was a “solid year” with its catalyst and technology businesses continuing to support customer projects worldwide. He said the company is well placed to support all types of fuel solutions to meet growing energy demand. In the second quarter, Topsoe raised €200m through a green hybrid bonds issue.
The opening of the Herning plant, which had been slightly delayed from its original 2024 target, aims to produce up to 500MW of solid oxide electrolyser cells (SOECs) annually, supporting the production of green hydrogen and its derivatives. The facility received €94 million in funding from the EU Emissions Trading System (ETS) Innovation Fund.
As the facility gears up for production, automation will play a critical role.
Peter Aggerholm, Production Manager, said, “This strategic move ensures efficiency and reduces reliance on manual processes, supported by thorough training and robust research and development backup.”
New York-headquartered First Ammonia finalised sales and service agreements with Topsoe for the fabrication of the first 100MW of SOEC modules last October. Topsoe will provide the systems from its new factory to the US-based project at the Port of Victoria in Texas.
The Danish company added that a final decision on the expansion to the US “will depend on market conditions and developments”.
High-temperature SOEC technology produces 30% more green hydrogen based on the same input of renewable power compared with standard technology, Topsoe claims.
The European Commission is aiming to deploy 40 gigawatts of electrolysers by 2030.
