Denmark-based electrolyser manufacturer GreenHydrogen has secured funding and backing from Danish venture fund Nordic Alpha Partners, and aims to ‘conquer’ the global market for its technology.
Over the past 12 years, GreenHydrogen has invested more than DKK 100m ($14.8m) in making green hydrogen financially viable by developing highly efficient electrolysers.
The timing to expand these capabilities into the global market could not be better, now that the whole world is talking about how to get its hands on enough green energy to replace conventional, polluting sources of power and fuel.
With the assistance of Nordic Alpha Partners, GreenHydrogen is now ready to do just that and ‘conquer the global market’.
The objective of the partnership between GreenHydrogen and Nordic Alpha Partners is to achieve a leading position in a market that was valued at DKK 6bn ($889.5m) in 2018 and continues to see strong growth. It will assist GreenHydrogen in globalising sales and scaling production.
The two companies believe there is not only the potential to create a great many new jobs in Denmark, but that GreenHydrogen’s high-tech electrolysers can also help to make Denmark a pioneering country in the fields of green energy and energy efficiency – and help the Danish government achieve its ambitious goal of having at least 50% of the country’s energy requirements covered by renewable sources in 2030.
According to Jakob Fuhr Hansen, one of the two partners from Nordic Alpha Partners working with GreenHydrogen, the fund is convinced that the enterprise has the potential to achieve a leading global position because it has succeeded in developing an innovative and effective electrolyser for the extraction and storage of green hydrogen that is both cheaper and more efficient than those of its competitors.
For GreenHydrogen, the biggest challenge it has faced has actually been to find investors who understand that the industry is complex and needs more than simply ‘ramping up the marketing initiatives’. CEO Niels-Arne Baden said, “I’ve talked to a great many interested investors in recent years, looking for someone to help us develop and scale our business. But in most cases, the investors are either too small, and thus not geared to contributing anything other than capital, or they’re so big that they’re only interested in investing in enterprises that have already established a global presence.”
“The challenge we were facing is that, like many other Danish tech companies, we’re somewhere in between. We are among the best of the best in the world in our complicated, high-tech area, but we also need to become the best at cultivating our business on a global level. This is precisely where Nordic Alpha Partners can help. They fill the vacuum in the investment market that innovative companies need if they’re going to make it on the global stage and compete with big multinational players.”
Nordic Alpha Partners expects GreenHydrogen to increase turnover exponentially over the coming years. However, this will require that the company establishes a network of partners in record time, backed by a service concept and production capacity that make GreenHydrogen’s electrolysers available wherever there is demand for green hydrogen.