Green Hydrogen Systems Reports Robust H1 2024 Performance
Green Hydrogen Systems - Interim Report for H1 2024
Business Highlights
In the first half of 2024, Green Hydrogen Systems reported total revenue, including service income, reaching DKK 32.6 million, a significant increase from DKK 14.0 million in the same period last year. The company achieved several milestones, including the testing and delivery of six electrolyser units to various customer sites, particularly in Europe.
Electrolyser Units and Order Intake
During H1 2024, the firm order intake for nine A-Series units totaled 8.1 MW, with delivery planned for the second half of 2024 through to H1 2025. By the end of June 2024, the company boasted a total order backlog of 15.0 MW. Moreover, they have identified a substantial potential of 550 MW in priority hydrogen-related production projects currently under development.
Delays and Market Challenges
Despite the promising projects, the market faced several delays in project development and the adoption of green hydrogen technology. An optimized manufacturing process and factory testing for the A-Series will enhance customer deliveries and help meet existing orders in H2 2024.
Technological Advancements
The A-Series retrofit and fleet optimization program have successfully introduced significant enhancements in performance and technology. The development of the X-Series electrolyser has reached a technical proof of concept, supported by third-party validations and positive reliability testing at GreenLab in Skive, Denmark.
Future Prospects for the X-Series
During the latter half of 2024, further reliability testing is expected to yield ongoing product enhancements for the commercial X-Series electrolyser. The company is actively engaging in customer contract negotiations, leveraging performance-related pricing structures. Securing the first binding order for the X-Series stands as a crucial objective linked to the company’s mid-term financial targets.
Production Facilities Update
Recent adjustments to the production facilities in Kolding, Denmark, have laid the groundwork for X-Series module assembly, reflecting the company’s commitment to scaling operations further. In tandem with reliability testing and customer discussions, efforts to optimize production costs are underway to ensure competitiveness and profitability for the X-Series.
Strategic Collaborations and Leadership Changes
Green Hydrogen Systems has entered into strategic collaborations with notable EPC service providers, including Bilfinger and BWSC, to bolster its sales and delivery capabilities for mid-scale hydrogen production facilities utilizing the X-Series product.
Leadership transitions have also occurred, with Peter Friis appointed as the permanent CEO and Torben Hvid Larsen stepping into the role of Chief Technology Officer.
Market Drivers and Financial Stability
Looking ahead, the company anticipates substantial demand for hydrogen and electrolyser technologies driven by medium to long-term market trends and regulatory developments across Europe. Although current projections suggest available capital reserves into 2025, potential shortfalls in orders could require the company to consider additional measures to extend its financial strength.
Guidance and Outlook for 2024
Green Hydrogen Systems has maintained its guidance for 2024, projecting revenue between DKK 125 to 165 million and an EBITDA range from DKK -260 to -220 million. A planned CAPEX of DKK 160 to 200 million reflects the ongoing investments in technology and production capacity enhancements.
The guidance reflects uncertainties surrounding the timing of revenue recognition, influenced by external factors such as supply chain disruptions and raw material costs that may negatively impact overall delivery timelines and financial outcomes.
Conference Call and Contact Information
Green Hydrogen Systems will conduct a conference call discussing these updates. The call is set for a specific date and time, providing further insights into the company's performance and future plans.
The company encourages stakeholders and investors to reach out for more information through the provided contact details:
Media: Lene Rode, Head of Communication & External Relations, +45 4085 2619, lro@greenhydrogen.dk
Investors: Ole Vesterbæk, CFO, +45 2053 0031, ove@greenhydrogen.dk
Green Hydrogen Systems Overview
Green Hydrogen Systems is recognized as a pioneer in clean technology, specializing in supplying modular electrolysers for the production of green hydrogen from renewable energy sources. The organization was established in 2007 and has garnered industry accolades for its commercially viable electrolysis technology.
Frequently Asked Questions
What is the revenue achieved by Green Hydrogen Systems in H1 2024?
The company reported total revenue of DKK 32.6 million in the first half of 2024.
What milestones were reached for the X-Series electrolyser?
The X-Series achieved technical proof of concept and positive results from reliability testing.
What are the projected revenues for Green Hydrogen Systems in 2024?
The company projects revenues between DKK 125 million and DKK 165 million for 2024.
Who are the strategic partners of Green Hydrogen Systems?
The company has signed agreements with German EPC provider Bilfinger and Danish EPC provider BWSC.
What challenges is the company facing regarding project development?
Green Hydrogen Systems is experiencing delays in project development and technology adoption, impacting its operational timelines.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Related Articles
- Global Brown Hydrogen Market Growth Insights
- Oculis Financial Results & Clinical Update for Q2 2024
- Oculis Reports Strong Q2 2024 Results and Milestones
- NNIT A/S Reports 11% Organic Growth in Q2 2024
- Innovative Hydrogen Applications in Drone Technology
- Havila Kystruten AS Announces Q2 2024 Earnings Call Details
- Comprehensive Financial Calendar 2024-2025 for Rovsing A/S
- Agillic A/S Reports on H1 2024 Financial Results
- ING Reports Successful Share Buyback Progress
- Innovative Hydrogen Facility Project by Technip Energies