Green Hydrogen Systems A/S Share Capital Reduction and Funding Agreement Update
Key Ideas
- Green Hydrogen Systems A/S announces a successful reduction in share capital to strengthen its capital base and address covenant breaches with existing lenders.
- The company secures a short-term loan of DKK 80 million from its largest shareholders and lenders to ensure operational funding until at least March 2025.
- CEO René Umlauft is actively engaging with potential customers for the HyProvide X-Series, aiming to secure firm orders in early 2025 for delivery in late 2025 and early 2026.
- Plans for a rights issue of at least DKK 300 million with pre-emptive subscription rights for existing shareholders in March to April 2025 are underway, contingent on commercial success with the X-Series.
Green Hydrogen Systems A/S, based in Kolding, Denmark, has successfully completed a reduction in its share capital as part of preparations to raise new capital and address covenant breaches with existing lenders. The company's nominal share capital now stands at DKK 1,877,339.02 with a nominal value per share of DKK 0.01. To ensure continued operations until at least March 2025, Green Hydrogen Systems has secured a DKK 80 million short-term loan from its major shareholders and lenders, A.P. Moller Holding and ATP. The company's CEO, René Umlauft, is actively engaging with potential customers to secure orders for the HyProvide X-Series, with plans to initiate a rights issue of at least DKK 300 million in 2025. The participation of A.P. Moller Holding and ATP in the rights issue is contingent on the company's commercial success with the X-Series. The company remains optimistic about green hydrogen's potential and its role in the hydrogen ecosystem, aiming for significant progress in securing orders and strengthening its financial position.