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Maersk-backed green hydrogen firm set for June IPO

Tuesday, 08 June 2021 | 16:00

Green Hydrogen Systems, which makes electrolysers to produce “clean” hydrogen derived from renewable power, said on Monday it aims to raise $163 million at its stock debut in Copenhagen this month.

The Danish firm said its initial public offering will be priced at 40 crowns ($6.54) per share, valuing the company at about 3 billion Danish crowns.

A.P. Moller Holding, the owner of shipping giant Maersk, owns 18% of the company and has committed to buy shares worth 37 million crowns. Maersk is aiming to put the world’s first vessel powered by carbon-neutral fuel into operation in 2023.

Hydrogen, the universe’s most abundant element, is now mostly extracted from fossil fuels, emitting carbon dioxide in the process.

“We expect it will take a good decade before we reach broad competitiveness in relation to fossil fuels,” Chief Executive Sebastian Koks Andreassen told Reuters.

“Then green hydrogen will become the cheaper alternative to, for example, diesel or petrol,” he added.

Green Hydrogen Systems’ current customers include the world’s biggest offshore wind farm developer Orsted and top wind turbine maker Siemens Gamesa. The firm is also in dialogue with Maersk.

Electrolysis is required to split water into its components of hydrogen and oxygen, and doing so cheaply is often described as the holy grail of green energy transition.

Green Hydrogen Systems has also secured backing from state pension fund ATP, the Danish growth fund and Nordea. Its peers include Norway’s Nel, British ITM Power and France’s MCPHY.
Source: Reuters (Reporting by Stine Jacobsen; Editing by Louise Heavens and Jan Harvey)

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