Danish technology company Topsoe is targeting 5 to 16% revenue growth this year with its solid oxide electrolyser cell (SOEC) factory set to open in Herning in the first half of 2025.
While gross profit was fractionally up in 2024 (DKK3.58bn ($498.1m), compared with DKK3.56bn ($495.3m) in 2023), revenues fell from DKK9.41bn ($1.309bn) to DKK8.37bn ($1.2bn), mainly down to catalyst business sales, and cashflow from operating activities dropped to DKK966m ($134.3m).
Around a quarter of revenue (23%) came from businesses related to technologies and solutions that enable the production of low-carbon, renewable fuels and e-fuels. Energy consumption decreased from 359,172MWh to 338,335 MWh.
Roeland Baan, CEO of Topsoe, said 2024 was a “solid year” with its catalyst and technology businesses continuing to support customer projects worldwide. He said the company is well placed to support all types of fuel solutions to meet growing energy demand. In the second quarter, Topsoe raised €200m through a green hybrid bonds issue.
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