Danish hydrogen firm lays off up to 100 staff
Despite confidence in the long-term potential of hydrogen as an energy source, the adoption of the technology and development of hydrogen-based production projects are slower than expected. Green Hydrogen Systems, a Danish corporation, is hence planning to lay off up to 100 employees to reduce costs. The company, headquartered in Kolding, specializes in developing systems that split water into hydrogen and oxygen. With the revenue projected to be between 105 and 145 million DKK this year, the company anticipates a deficit of 300 to 400 million DKK in 2024 after accounting for one-time costs related to the layoffs. The firm is currently seeking investors for a short-term injection of 300 million DKK, with an additional 300 million DKK required for longer-term operations. Since its IPO in June 2021, its stock value has plummeted by approximately 85 percent.