Restructuring events
European Restructuring Monitor (ERM)
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.
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.
Updated, 25/02/2025 The number of lay offs has been decreased to 90.
Eurofound (2024), Green Hydrogen Systems, Internal restructuring in Denmark, factsheet number 201729, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201729.
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