The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Utilities Electricity, Gas, Steam And Air Conditioning Supply Electricity, Gas, Steam And Air Conditioning Supply 35.2 - Manufacture Of Gas; Distribution Of Gaseous Fuels Through Mains
100 jobs Number of planned job losses
Announcement Date
9 October 2024
Employment effect (start)
9 October 2024
Foreseen end date
Description
Green Hydrogen Systems (GHS), a Danish hydrogen company, is laying off up to 100 employees to cut costs due to slower-than-expected market adaptation to hydrogen technology.
The company is implementing cost-reduction and restructuring measures while adjusting its financial expectations for 2024. As part of the restructuring, GHS plans to cut 100 jobs, reducing its workforce by around one-third.
Despite expecting a revenue of 105-145 million DKK this year, the company anticipates a loss of 300-400 million DKK in 2024, including one-time expenses of 100-150 million DKK. The board is seeking investors to inject 300 million DKK short-term and an additional 300 million DKK long-term to sustain operations. The company’s stock has fallen by 85% since its June 2021 IPO
The company will now focus solely on commercializing its X-Series product, discontinuing sales of its A-Series. These changes are expected to be completed by the first quarter of 2025
Eurofound (2024), Green Hydrogen Systems, Internal restructuring in Denmark, factsheet number 201729, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201729.
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