© Green Hydrogen Systems
© Green Hydrogen Systems

Green Hydrogen Systems upgrades revenue guidance following 8.1MW electrolyser order

Denmark’s Green Hydrogen Systems has upgraded its revenue guidance for 2024 as it signed an order for 8.1MW of electrolyser capacity.

The adjustment sees a new expectation for revenues in the range of DKK 125m to 165m ($18m to $23.8m) for 2024, up from DKK 110m to 150m ($15.9m to $21.7m).

The new electrolyser order has been signed with an existing customer in the UK which specialising in “renewable off-grid energy generation.”

With delivery of the nine HyProvide® A-Series electrolyser units scheduled for 2024 and 2025, Green Hydrogen Systems will be responsible for on-site maintenance, remote monitoring and operational support as part of the agreement.

Søren Rydbirk, Chief Commercial Officer at Green Hydrogen Systems, said the order reaffirmed the “competitive position” of its electrolysers.

However, its updated 2024 guidance sees an EBITDA of DKK -260m to -220m (-$37.5m to -$31.8m) and CAPEX of DKK 160m to 200m ($23m to $28.9m) maintained.

Green Hydrogen Systems said the guidance range reflects the uncertainty of the exact timing of electrolysers passing revenue recognition criteria within 2024.

In 2023, amid supply chain and product challenges, the company had to downgrade its EBITDA guidance for the year from DKK -240m to -210m (-$34.7m to -$30.3m) to DKK -280m to -240m (-$40.4m to -$34.7m).

Speaking to H2 View, former Green Hydrogen Systems CEO, Sebastian Koks Andreassen, said it experienced delays in subparts for systems and component challenges.

Additionally, he said the company had to change a nickel coating within the A-Series system to stainless steel after it did not perform as anticipated.

Read more: Green Hydrogen Systems CEO discusses supply chain and product challenges

The company’s unaudited results for 2023 showed a revenue from customer contracts of DKK 42m ($6m), EBITDA of DKK -268m (-$38.7m), CAPEX of DKK 279m ($40.3m) and a total order backlog of 15MW.

In October (2023), the company appointed Peter Friis as its interim CEO.


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