Struggling Danish hydrogen firm names new CEO

Green Hydrogen Systems has appointed René Umlauft as the new CEO, taking over from Peter Friis. The company, developing systems to split water into hydrogen and oxygen, faces financial difficulties with third-quarter revenues at 33.7 million DKK. They aim to maintain projected revenues between 105 and 145 million DKK by 2024 after a recent downward revision. To save costs by 40 to 50 percent, up to 100 employees may be laid off. Current reserves will deplete by early 2025 without further funding, prompting the firm to plan raising 300 million DKK by the end of 2024. Negotiations with shareholders and lenders are ongoing, and a general meeting will discuss potential new share issuances. Since its 2021 IPO, the stock has dropped nearly 90 percent, though news of Umlauft’s lead boosted shares by 13 percent.