The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Utilities Electricity, Gas, Steam And Air Conditioning Supply Electricity, Gas, Steam And Air Conditioning Supply 35.2 - Manufacture Of Gas; Distribution Of Gaseous Fuels Through Mains
100 jobs Number of planned job losses
Announcement Date
8 October 2024
Employment effect (start)
Foreseen end date
Description
Green Hydrogen Systems (GHS), a Danish hydrogen company, is facing significant financial challenges. The company is implementing cost-reduction and restructuring measures while adjusting its financial expectations for 2024. As part of the restructuring, GHS plans to cut 100 jobs, reducing its workforce by around one-third.
GHS plans to raise up to DKK 300 million by the end of the year and anticipates another capital increase by mid-2025. Due to slow commercial progress, GHS has lowered its revenue expectations for 2024 to DKK 105-145 million, down from the previous estimate of DKK 125-165 million. The company also expects a larger EBITDA loss of DKK 300-400 million, compared to the previous forecast of DKK 220-260 million.
The company will now focus solely on commercializing its X-Series product, discontinuing sales of its A-Series. These changes are expected to be completed by the first quarter of 2025
Eurofound (2024), Green Hydrogen Systems, Internal restructuring in Denmark, factsheet number 201939, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201939.
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