Green Hydrogen Systems
Green Hydrogen Systems A/S was a Denmark-based company that developed pressurized alkaline electrolysis technology and the X-series product line for industrial green hydrogen production, serving renewable energy and industrial customers before bankruptcy and asset sale to thyssenkrupp nucera in 2025.
- Company typePrivate
- Founded2017
- HeadquartersKolding, Denmark
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
What Green Hydrogen Systems does
Green Hydrogen Systems A/S was a Denmark-based (Kolding) publicly listed company specializing in pressurized alkaline water electrolysis technology for green hydrogen production. Its core technology centered on high-pressure alkaline electrolysis stacks, developed and validated at a Danish test facility housing a full-size electrolyser prototype, with the X-series product line intended as its commercial flagship for industrial and renewable-energy-sector customers seeking on-site green hydrogen generation for decarbonization and energy storage applications.
The company's go-to-market was sales-led, targeting enterprise industrial customers and renewable energy project developers via direct sales of capital equipment under a one-time/license sale model. Pricing was not publicly disclosed. Despite a strong proprietary technology narrative and prior backing from investors including A.P. Moller Holding, Nordic Alpha Partners, and Norlys (cumulative disclosed funding in the tens of millions of USD range), the company failed to convert its technology into commercial revenue at scale.
Beginning in 2024 the company entered acute financial distress: it changed CEO and CFO, executed a ~33% workforce reduction, secured a DKK 80 million emergency short-term loan in December 2024, and planned a 2025 rights issue contingent on landing initial X-series orders. None of these measures were sufficient, and the company entered bankruptcy proceedings. In September 2025, thyssenkrupp nucera acquired Green Hydrogen Systems' key technology assets — including the IP portfolio and the Danish test facility — and the company ceased independent operations.
Green Hydrogen Systems firmographics
Firmographics- Name
- Green Hydrogen Systems
- Legal name
- Green Hydrogen Systems A/S
- Website
- https://greenhydrogen.dk
- Company type
- Private
- Founded year
- 2017
- Operating status
- Closed
- Headcount range
- 101–250 employees
- Short description
- Green Hydrogen Systems A/S was a Denmark-based company that developed pressurized alkaline electrolysis technology and the X-series product line for industrial green hydrogen production, serving renewable energy and industrial customers before bankruptcy and asset sale to thyssenkrupp nucera in 2025.
- Ownership category
- akta.pro rank
Green Hydrogen Systems industry classification
Industry- Product category
- Industrial Electrolysis Equipment
- NAICS
- Electrical Equipment Manufacturing (3353)
- SIC
- Electrical Industrial Apparatus (3620)
- akta.pro primary industry
- Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM)
- akta.pro secondary industries
- Hydrogen (Industrial & Mobility) (IMAEACAB), Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC)
Keywords
Where Green Hydrogen Systems is headquartered
LocationHeadquarters
- HQ city
- Kolding
- HQ country
- Denmark
- HQ region
- Europe
Offices1 record
Markets served
Green Hydrogen Systems business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Supply Chain, Personnel, Operations, Marketing or Sales
Revenue model
- Electrolysis Systems Sales: Sale of pressurized alkaline electrolysis systems for green hydrogen production
Go-to-market motion1 record
Distribution channels1 record
Green Hydrogen Systems product offering
Product offeringCore offering
Green Hydrogen Systems designs, develops, and manufactures high-pressure alkaline electrolysis systems for industrial-scale production of green hydrogen. Its X-series pressurized alkaline electrolyzers produce hydrogen directly at elevated pressure, removing the requirement for downstream mechanical compression and simplifying plant integration for industrial energy buyers and renewable hydrogen project developers.
Product overview
Green Hydrogen Systems was a Danish company specializing in pressurized alkaline electrolysis for green hydrogen production. The company developed the X-series product line and related electrolysis technology. In 2025, the company faced bankruptcy and its key technology assets (intellectual property and test facility) were acquired by thyssenkrupp nucera.
Differentiator
Problem solved
Functional benefit
Products and services
- X-series pressurized alkaline electrolysis system
Quantifiable outcome
- Technology acquired by thyssenkrupp nucera to boost position in alkaline water electrolysis and green hydrogen technology
Companies that use Green Hydrogen Systems
Customer profileSegments1 record
Ideal customer profiles2 records
Green Hydrogen Systems technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Green Hydrogen Systems partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- thyssenkrupp nuceracorethyssenkrupp nucera acquired key technology assets from Green Hydrogen Systems in September 2025. The deal included intellectual property and a test facility with a full-size electrolyser prototype, designed to boost thyssenkrupp nucera's position in alkaline water electrolysis and green hydrogen technology.
Scale indicators3 records
Recent moves3 records
Expansion highlights2 records
Green Hydrogen Systems competitors and assessment
Company assessmentDirect peers
- thyssenkrupp nucera: Global leader in alkaline water electrolysis technology. Acquired Green Hydrogen Systems' IP and test facility in September 2025 to strengthen its alkaline electrolysis portfolio, making it the most directly comparable peer and the explicit acquirer of the subject company's assets.
- Nel ASA: Norwegian-headquartered manufacturer of both alkaline and PEM electrolysers for green hydrogen production. Directly comparable to Green Hydrogen Systems as a publicly listed alkaline electrolyser specialist serving industrial and renewable energy customers.
- ITM Power: UK-based PEM electrolyser manufacturer serving industrial decarbonization and renewable hydrogen projects. Comparable as a publicly listed electrolyser pure-play targeting the same end-use cases as Green Hydrogen Systems' X-series product.
- McPhy Energy: French electrolyser manufacturer specializing in alkaline and PEM technology for industrial and mobility hydrogen applications. Comparable as a European electrolyser pure-play targeting similar green hydrogen production customers.
- Topsoe: Danish technology company with a strong portfolio in hydrogen production, including SOEC electrolyser technology. Comparable as a Denmark-based hydrogen technology developer operating in the same national ecosystem and competing for similar industrial offtake customers.
Emerging players
- Sunfire: German developer of solid oxide electrolyser cell (SOEC) technology for green hydrogen and Power-to-X applications. Comparable as a European electrolyser specialist pursuing industrial-scale green hydrogen offtakers, though differentiated by SOEC versus alkaline technology.
- Hydrogenious LOHC Technologies: German company developing liquid organic hydrogen carrier (LOHC) technology for hydrogen storage and transport. Adjacent to Green Hydrogen Systems' downstream hydrogen logistics value chain, though focused on storage/transport rather than production.
Broad incumbents
- Plug Power: US-based broad hydrogen solutions provider spanning electrolysers, fuel cells, and hydrogen infrastructure. Comparable as a larger incumbent operating across the hydrogen value chain that Green Hydrogen Systems also addressed via its X-series systems.
- Siemens Energy (Hydrogen business): Diversified global energy technology company with a significant hydrogen and electrolyser portfolio (including Silyzer PEM electrolysers). Comparable as a broad incumbent addressing industrial green hydrogen customers alongside multiple other energy offerings.
- Cummins (Accelera hydrogen business): Diversified power and hydrogen technology company with an Accelera segment covering PEM electrolysers and hydrogen fuel cell systems. Comparable as a broad incumbent offering electrolyser products into industrial and mobility hydrogen markets.
Market position
Weaknesses4 records
Competitive moat2 records
Key risks6 records
Key highlights5 records
Customer concentration
Green Hydrogen Systems social profiles
Digital presenceGreen Hydrogen Systems financial estimates
Financial estimateRevenue estimate
Valuation estimate
Green Hydrogen Systems leadership team
Management profileNumber of profiles
Profiles4 records
Green Hydrogen Systems funding detail
Funding detailFunding overview
Funding rounds4 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Green Hydrogen Systems M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Green Hydrogen Systems
What does Green Hydrogen Systems do?
Green Hydrogen Systems designs, develops, and manufactures high-pressure alkaline electrolysis systems for industrial-scale production of green hydrogen. Its X-series pressurized alkaline electrolyzers produce hydrogen directly at elevated pressure, removing the requirement for downstream mechanical compression and simplifying plant integration for industrial energy buyers and renewable hydrogen project developers.
Is Green Hydrogen Systems a public or private company?
Green Hydrogen Systems is a private company. It is classified as public and is currently closed.
When was Green Hydrogen Systems founded?
Green Hydrogen Systems was founded in 2017. It employs 101 to 250 people.
Where is Green Hydrogen Systems based?
Green Hydrogen Systems is headquartered in Kolding, Denmark, in the Europe region.
How does Green Hydrogen Systems make money?
One revenue line is on record: electrolysis Systems Sales.
Who are Green Hydrogen Systems's main competitors?
Direct peers on record are thyssenkrupp nucera, Nel ASA, ITM Power, McPhy Energy and Topsoe. Emerging players are Sunfire and Hydrogenious LOHC Technologies. Broad incumbents are Plug Power, Siemens Energy (Hydrogen business) and Cummins (Accelera hydrogen business).
Does Green Hydrogen Systems have an API?
No public API is recorded for Green Hydrogen Systems.
What industry is Green Hydrogen Systems in?
Green Hydrogen Systems's product category is Industrial Electrolysis Equipment. Its primary akta.pro industry code is IMAGAHAM, Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems), with a secondary code of IMAEACAB, Hydrogen (Industrial & Mobility). Its NAICS code is 3353 and its SIC code is 3620.