TOPSOE A/S

What TOPSOE A/S does

Topsoe A/S is a privately held Danish environmental technology company founded in 1940 by Haldor Topsøe and headquartered in Kongens Lyngby, Denmark, with approximately 2,800 employees globally. The company is built on 80+ years of catalysis science and industrial process innovation, holding 600+ patent families and offering an integrated platform that combines proprietary heterogeneous catalysts (including DNK-series for ammonia and ammonia-cracking and TK-series for hydrotreating), licensed process technologies (SynCOR, HydroFlex, H2Bridge, H2Retake, eREACT, ModuLite eMeOH, G2L), and high-temperature solid oxide electrolyzer cells (SOEC) for green hydrogen production. The Herning SOEC factory (500 MW nameplate) was Europe's first industrial-scale solid oxide electrolyzer manufacturing plant, opened in October 2024 and placed into hibernation in May 2026 amid weak clean hydrogen demand.

Topsoe serves refineries, fertilizer and ammonia producers, sustainable aviation fuel (SAF) and e-fuel developers, marine fuel operators, chemical companies, power-to-X project developers and emerging automotive applications. Its customers span global enterprises and consortia including SkyNRG, Montana Renewables, Cepsa, Petrobras, Tangshan Jinlihai, Abundia, NXT Clean Fuels, Rashtriya Chemicals, Blue Point Number One (CF Industries/JERA/Mitsui JV), Hive Hydrogen South Africa, Cerilon GTL, Hynfra, ACWA Power, Synergen Green Energy, and the Ørsted FlagshipOne project.

The business model is B2B enterprise licensing of proprietary process technologies, sale of proprietary heterogeneous catalysts, and supply of engineered SOEC modules and stacks supported by the Topsoe Service Warranty Program (with New Energy Risk performance insurance). Revenue is split across recurring licensing/royalty streams (process technology), hardware sales (catalysts — the majority contributor in 2024 alongside technology), project-based equipment supply (large engineered contracts such as the ~$1bn Coega project and Blue Point Number One), and service/performance-guarantee fees. FY2024 revenue was DKK 8,373 million (down 11% versus FY2023), with 23% of revenue (DKK 1,967m) from low-carbon/renewable/e-fuels businesses; FY2025/2026 revenue guidance sits at DKK 7.6-8.4bn. Distribution is direct enterprise sales supplemented by EPC implementation partners (Technip Energies, Fluor), the Zaffra JV with Sasol for e-SAF/Fischer-Tropsch, and strategic licensing partners across China, India, Brazil, South Africa, the Middle East and the United States. The Topsøe founder family remains represented on the Board (Jakob Haldor Topsøe as Vice Chairman, Christina Teng Topsøe as Director), indicating continued family-influenced control.

Name

TOPSOE A/S

Legal name

Topsoe A/S

Website

https://topsoe.com

Company type

Private

Founded year

1940

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Topsoe A/S is a Danish privately held environmental technology company founded in 1940 that develops proprietary catalysts, process technologies (HydroFlex, H2Bridge, H2Retake, SynCOR, eREACT), and solid oxide electrolyzer cells (SOEC) serving refineries, fertilizer/ammonia producers, SAF and e-fuel developers, marine operators and chemical companies globally.

Ownership category

akta.pro rank

Product category

Industrial Catalysts and Process Technology Licensing

NAICS

Chemical Manufacturing (325), Petrochemical Manufacturing (32511), Power Boiler and Heat Exchanger Manufacturing (332410), Oil and Gas Field Machinery and Equipment Manufacturing (333132)

SIC

Chemicals & Allied Products (2800), Petroleum Refining (2911), Miscellaneous Chemical Products (2890)

akta.pro primary industry

Chemical Synthesis Catalysts (Hydrogenation/Oxidation/Acid-Base) (IMAEAIAD)

akta.pro secondary industries

Hydrotreating, Hydroprocessing & Desulfurization (HDS/HDT) (EUALAGAE), Biofuel Plant EPC, O&M & Process Technology Providers (EUAAAHAK), Environmental & Emissions Control Catalysts (DeNOx/DeSOx/DOC/CO Oxidation) (IMAEAIAC), Capture Solvents, Sorbents & Catalysts Supply (Formulation, Manufacturing, Reclamation) (EUABAGAJ)

Keywords

• Heterogeneous catalysts
• Process technology licensing
• Solid oxide electrolysis
• Sustainable aviation fuel
• Low-carbon ammonia

Headquarters

HQ city

Kongens Lyngby

HQ country

Denmark

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Operations, Personnel, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Process technology licensing: Recurring and project-based revenue from licensing proprietary process technologies (SynCOR, HydroFlex, H2Bridge, H2Retake, ModuLite eMeOH, SOEC) to refineries, ammonia/methanol/SAF producers and Power-to-X developers. Customers include SkyNRG, Petrobras, Tangshan Jinlihai, BioVeritas/Abundia, Cerilon, Rashtriya Chemicals, Blue Point Number One, etc.
2. Catalyst sales: Sale of proprietary heterogeneous catalysts (e.g., DNK series for ammonia and ammonia cracking, TK-series for hydrotreating, guard catalysts, sulfur removal catalysts) for use in refineries, ammonia plants, methanol plants and renewable fuel facilities. Contributed the majority of revenue alongside technology in 2024 (DKK 8,373 million total revenue).
3. Equipment, services and performance guarantees: Revenue from supply of engineered SOEC modules and stacks (Herning, Denmark manufacturing) plus service offerings (Topsoe Service Warranty Program) with performance guarantees, uptime support, and tailored maintenance.
4. Project-based technology and equipment supply: One-time, milestone-driven revenue from large engineered project contracts such as the ~$1 billion electrolyzer/ammonia equipment deal for the Coega project in South Africa and the Blue Point Number One ammonia ATR contract.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels9 records

Core offering

Topsoe A/S develops, manufactures and licenses proprietary heterogeneous catalysts, process technologies, and solid oxide electrolysis (SOEC) systems that enable refineries, ammonia producers, fertilizer plants, aviation/marine fuel developers, and Power-to-X projects to produce renewable fuels, low-carbon hydrogen, green/blue ammonia, e-methanol, and sustainable aviation fuel. The company sells catalysts directly, licenses process technology packages (HydroFlex™, H2Bridge™, H2Retake™, SynCOR™, ModuLite™ eMeOH, eREACT™), and manufactures SOEC modules at its 500 MW Herning facility, generating revenue through one-time licensing fees, project-based equipment supply, recurring catalyst replacement, and a Service Warranty Program with performance guarantees.

Product overview

Topsoe A/S offers an integrated technology, catalysts, and process licensing portfolio for the energy transition rather than a single unified product. The platform centers on catalysts (over 80 years of R&D leadership) and proprietary process technologies, with flagship offerings including SOEC solid oxide electrolysis cells for green hydrogen, HydroFlex™ and H2Bridge™ for renewable fuels, H2Retake™ for ammonia cracking, SynCOR™ and ModuLite™ for syngas/ammonia/methanol synthesis, G2L™ power-to-liquid (joint with Sasol), eREACT™ synthetic fuel reactors, and dynamic ammonia synthesis loops. These technologies are delivered via licensing, equipment supply (notably through the 500 MW SOEC factory in Herning, Denmark), proprietary catalysts, and engineering services. Adjacent offerings include Topsoe Academy™ for training and the world's first dynamic green ammonia plant in Ramme, Denmark. Solutions target refineries, aviation, marine, chemicals, agriculture, metals & cement, and power & utilities sectors, with industry verticals including blue/green hydrogen, blue/green ammonia, e-methanol, SAF, renewable fuels, RNG, sulfuric acid, and battery materials.

Differentiator

Problem solved

Functional benefit

Brands

• SOEC (Solid Oxide Electrolyzer Cell): Topsoe's high-efficiency solid oxide electrolysis technology for green hydrogen production, branded as SOEC.
• H2Retake™
• HydroFlex™
• H2bridge™
• SynCOR™
• eREACT™
• Topsoe Academy™
• ModuLite™ eMeOH

Products and services

• SOEC (Solid Oxide Electrolyzer Cell) Solid oxide electrolysis technology engineered for high-efficiency green hydrogen production at the lowest levelized cost. Delivers up to 30% higher efficiency than low-temperature electrolysis when paired with waste-heat producing technologies, with a modular plug-and-play architecture scaling from a single 8-core section to multi-megawatt setups. Designed for integration with ammonia, methanol, and SAF production for Power-to-X applications, and bundled with a Service Warranty Program with performance guarantees backed by NER insurance.
• HydroFlex™ Hydrotreating technology licensed since 2004 that allows hydro-treating of various renewable feedstocks to produce renewable diesel, jet fuel and naphtha. Implementable in new or existing refinery units, processes a wide range of feedstocks (vegetable oils, waste, animal fats, plastic waste) alongside fossil fuels if required. Over 50 sold licenses worldwide.
• H2Bridge™ Circular hydrogen production technology fully integrating with HydroFlex™ to produce hydrogen from renewable LPG or naphtha by recycling off-gases from the hydrotreating process. Eliminates external fossil feedstock (natural gas), delivers greenhouse gas emissions savings, lowers CAPEX and OPEX with improved heat integration and the lowest water usage in the industry.
• H2Retake™ Industrially proven, highly energy-efficient ammonia cracking solution with 96% market-leading energy efficiency and hydrogen purity up to 99.999%. Flexible single-line capacity 100-3,400 MTPD. Backed by proprietary iron-cobalt (DNK-2R) and nickel-based (DNK-20, DNK-30) catalysts.
• SynCOR™ / SynCOR Ammonia Technology Proprietary large-scale autothermal reforming-based syngas and ammonia technology platform used for hydrogen production, gas reforming, ammonia synthesis, and Fischer-Tropsch conversion in gas-to-liquids applications. Enables >95% CO2 recovery for low-carbon/blue ammonia production.
• ModuLite™ eMeOH Renewables-optimized, modular e-methanol synthesis plant available in four capacities for green methanol production from green hydrogen and captured CO2. Built on Topsoe's decades of methanol synthesis leadership.
• eREACT™ Technology Power-to-liquid reactor technology for synthetic aviation fuel production that processes two different carbon sources (CO2 and biogas) simultaneously or sequentially while maintaining stable aviation-grade synthetic fuel output, supporting flexible and resilient e-SAF production.
• G2L™ (Gas-to-Liquid / Power-to-Liquid) with Sasol Power-to-liquid technology co-developed by Sasol and Topsoe that converts electricity and carbon dioxide into sustainable aviation fuel (e-SAF). Forms the basis of the Zaffra JV combining SynCOR/G2L with Sasol LTFT Fischer-Tropsch.
• Topsoe Catalysts Comprehensive range of high-performance proprietary heterogeneous catalysts for refining, petrochemical, ammonia, methanol, and renewable fuel applications. Includes proprietary DNK-2R iron-cobalt ammonia cracking catalyst, DNK-20/DNK-30 nickel-based catalysts, and TK-series hydrotreating and guard catalysts. Over 80 years of catalyst R&D.
• Topsoe Academy™ Knowledge and training platform offering over 80 years of accumulated Topsoe know-how, available as both a free version (consent-based) and a Premium version (paid, contract-based). Provides training on Topsoe's process licensing expertise and industry-leading technologies.

Quantifiable outcome

• Up to 20-30% higher efficiency in green H2 production with SOEC vs low-temperature electrolysis when paired with waste heat
• +6 more outcomes

Named customers18 records

Segments8 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature8 records

Partnerships

27 partnerships are on record, tiered flagship, core and minor.

• Sasol (Zaffra JV)flagshipStrategic or Co-development PartnerZaffra is the Topsoe-Sasol joint venture combining Topsoe SynCOR/G2L technology with Sasol LTFT Fischer-Tropsch for e-SAF and Fischer-Tropsch applications. In June 2026, Zaffra signed an MoU with MB Energy to explore hydrogen supply and fuel distribution for European e-SAF buildout, initially focused on the €500m Brandenburg e-SAF project at PCK Schwedt, Germany (>30,000 t/yr from 2030; €350m state funding).
• Skovgaard EnergyflagshipStrategic or Co-development PartnerCo-developer (alongside Vestas) of the world's first dynamic green ammonia plant in Ramme, Denmark, operational since December 2025. Plant has 5,000 t/yr capacity, 50 MW new solar panels and 12 MW existing Vestas wind turbines. Total DKK 81 million (~EUR 11 million) project supported by EUDP. Topsoe provides dynamic ammonia synthesis technology.
• VestasflagshipStrategic or Co-development PartnerWind turbine partner in the Ramme dynamic green ammonia plant (Skovgaard-Topsoe-Vestas consortium). Also referenced in the Topsoe/Skovgaard Energy/Vestas renewable ammonia facility in Denmark cited by Openpr market report.
• New Energy Risk (NER)coreStrategic or Co-development PartnerNER selected as preferred insurance partner for Topsoe SOEC hydrogen electrolyzer products. Partnership enables technology performance insurance for commissioning, ramp-up and operations, de-risking SOEC deployment and improving bankability for green hydrogen and Power-to-X projects. NER completed detailed technical due diligence of Topsoe's SOEC technology.
• ACWA PowercoreStrategic or Co-development PartnerAmmonia licensing collaboration signed at ACWA Power Innovation Days 2026 in Riyadh (part of 27 strategic partnerships covering green hydrogen, desalination, storage and industrial AI). Also referenced in Yanbu green ammonia project with EnBW and ITOCHU.
• Hynfra P.S.A. (Jordan Green Ammonia)coreStrategic or Co-development PartnerTopsoe signed a FEED agreement with Hynfra for the Jordan Green Ammonia project at Port of Aqaba (100,000-200,000+ t/yr; ~$1bn; FID target Sept 2027, operations ~2030). Topsoe contracted for FEED work and could supply ammonia synthesis technology. JV with Jordan's Fidelity Group.
• BioVeritascoreStrategic or Co-development PartnerAgreement signed to allow fuel producers to license Topsoe's HydroFlex technology alongside BioVeritas's process, enabling utilization of second-generation feedstocks such as waste and sustainable biomass for SAF and renewable fuels.
• Cerilon GTL ND Inc.coreOEM/ Whitelabel/ Licensing PartnerDefinitive agreement for single-point technology licensing covering Topsoe SynCOR hydrogen production and gas reforming plus Sasol LTFT Fischer-Tropsch conversion for Cerilon's GTL facility in Williams County, North Dakota (Group III+ base oils, ultra-low sulphur diesel, naphtha). Contingent on project financing.
• Hive Hydrogen South Africa (Hive Energy + BuiltAfrica)flagshipOEM/ Whitelabel/ Licensing Partner~$1 billion contract for ~850 MW SOEC electrolyser cells and ammonia synthesising equipment for the Coega green ammonia plant (1 million t/yr) in South Africa's Eastern Cape. SOEC uses 25-30% less electricity than alkaline electrolysers; reduces wheeling costs by 25%; cuts renewables capex by €0.5bn+.
• Abundia Global Impact GroupcoreOEM/ Whitelabel/ Licensing PartnerMulti-project licensing agreement to deploy Topsoe HydroFlex low-carbon upgrade technology at plastic waste-to-renewable fuels facilities, including first facility in Baytown, Texas (~1,500 bpd each); supports Abundia's 2026 commercialization plan.
• SkyNRGflagshipOEM/ Whitelabel/ Licensing PartnerSkyNRG's DSL-01 plant at Delfzijl chemical park (Netherlands) uses Topsoe HydroFlex technology for 100,000 t/yr SAF plus 35,000 t/yr bio-based co-products. KLM is principal offtaker; first commercial-scale SAF plant to secure non-recourse project financing from 13 international banks. Operations expected mid-2028.
• Tangshan Jinlihai BiotechnologycoreOEM/ Whitelabel/ Licensing PartnerSelected Topsoe Hydroflex technology for a 300,000 t/yr SAF project at Caofeidian Petrochemical Industry Base, Tangshan, China. ~$210m investment, ~700,000 t/yr CO2e avoidance. Construction H2 2026, operations H2 2028 - Topsoe's sixth SAF contract in China.
• PetrobrasflagshipOEM/ Whitelabel/ Licensing PartnerTopsoe selected by Petrobras to supply HydroFlex technology, equipment and catalysts for a proposed SAF and renewable diesel facility at Boaventura Energy Complex in Itaboraí, Rio de Janeiro. Plant to process up to 1 million t/yr feedstock (vegetable oils, waste, animal fats). Subject to FID and regulatory approvals.
• Technip Energies (for Blue Point Number One)coreImplementation/ SI/ Consulting PartnerTechnip Energies awarded €1bn+ contract by Blue Point Number One (CF Industries/JERA/Mitsui JV) for the Blue Point Number One ATR Project in Donaldsonville, Louisiana - using Topsoe's SynCOR Ammonia technology. Plant will produce ~1.4 mtpa of low-carbon ammonia with >95% CO2 recovery.
• ABB and FluorcoreStrategic or Co-development PartnerIn June 2024, Topsoe, ABB and Fluor entered into an alliance to use learnings from the Herning SOEC factory to build the next SOEC factory more efficiently through a standardized concept. Aimed at improving overall cost curve for SOEC deployment.
• Zhongneng YidaminorOEM/ Whitelabel/ Licensing PartnerSelected Topsoe's advanced SAF technology for a sustainable aviation fuel project in China.
• Rashtriya Chemicals and Fertilizers (India)coreOEM/ Whitelabel/ Licensing PartnerRs 5.14 billion (~₹514.6 cr) deal with Topsoe for ammonia plant revamp, approved July 2024.
• MB EnergycoreStrategic or Co-development PartnerMoU signed with Topsoe-Sasol JV Zaffra to explore hydrogen supply, logistics and fuel distribution infrastructure for e-SAF production in Europe. Initially focused on the €500m Brandenburg e-SAF project at PCK Schwedt, Germany.
• Ørsted (FlagshipOne)coreStrategic or Co-development PartnerFlagshipOne (Ørsted's green eMethanol project acquired 2022) combines Topsoe, Siemens and Alfa Laval technology to produce 50,000 t/yr eMethanol by 2025.
• Green Fuels for Denmark consortiumcoreGTM or Marketing PartnerConsortium of Danish companies including Topsoe, Ørsted, A.P. Møller-Mærsk, DSV, DFDS, SAS, and Copenhagen Airport aiming for 1.3 Gigawatt capacity for e-SAF/e-fuels in Denmark.
• Electrolysers for Europe (E4E) coalitioncoreGTM or Marketing PartnerCoalition of major European electrolyser manufacturers (Topsoe, Nel, ITM Power, John Cockerill, Sunfire, Thyssenkrupp Nucera) welcoming the EU Industrial Accelerator Act's Made in Europe criteria and lobbying for stronger 'Made in Europe' rules.
• Hygenco (India)minorStrategic or Co-development PartnerTopsoe selected as technology provider by Indian green ammonia frontrunner Hygenco to develop a green ammonia plant in Odisha using Topsoe's dynamic ammonia technology.
• NXT Clean FuelscoreStrategic or Co-development PartnerCollaboration on world-scale renewable fuels complex planned for Oregon targeting 540 million gallons per year with 55.8% SAF content and 10.1 g C/MJ ultra-low carbon intensity. Integrates Topsoe H2Bridge technology for zero-CI biogenic hydrogen. FID mid-2026, operations 2029.
• German Aerospace Centre (DLR) & GriesemanncoreStrategic or Co-development PartnerSasol, Topsoe, DLR and Griesemann signed a cooperation agreement to enable construction and R&D activities at the €130m Technology Platform Power-to-Liquid Fuels (TPP) at Leuna - Europe's largest e-fuels demonstration plant using Sasol/Topsoe G2L™ PtL technology. Capacity 2,500 t/yr, operation Q4 2027.
• First AmmoniaminorOEM/ Whitelabel/ Licensing PartnerOriginal 2024 supply and service agreement for 100 MW SOEC electrolyser modules for First Ammonia's 200 MW green ammonia project in Victoria, Texas. Mutually terminated in March 2026 after First Ammonia missed contractual milestones; the relationship ended before commercial deployment.
• Eberspaecher GroupminorStrategic or Co-development PartnerNew partnership between Denmark-based Topsoe and Eberspaecher (German automotive supplier) reported in Eberspaecher's 2025 annual results.
• Hydrogen EuropeminorGTM or Marketing Partner

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Sunfire: Sunfire is a direct competitor in SOEC electrolysis technology and e-fuel production (Power-to-Liquids), co-developing the DLR Leuna Power-to-Liquid Fuels platform alongside Topsoe and Sasol. Both companies target industrial-scale green hydrogen and synthetic fuel customers in Europe.
• ITM Power: ITM Power is a direct competitor to Topsoe's SOEC business as a UK-based PEM electrolyzer manufacturer and fellow E4E coalition member. Both companies target green hydrogen for industrial decarbonization and Power-to-X applications, competing for the same European offtake projects.
• Nel ASA: Nel is a direct competitor in the electrolyzer market (alkaline and PEM) and a fellow member of the Electrolysers for Europe (E4E) coalition with Topsoe. Both target green hydrogen offtake from industrial and Power-to-X projects, with Nel providing an alternative electrolyzer technology stack to Topsoe's SOEC.
• Honeywell UOP: Honeywell's UOP business is a direct competitor to Topsoe in refinery process licensing (including hydrotreating/HydroFlex competitors like Ecofining), catalyst supply, ammonia/hydrogen/methanol process technology, and renewable fuels. Both license proprietary process designs and catalysts to refiners and petrochemical operators globally.
• Clariant: Clariant's Catalysts business directly competes with Topsoe in specialty catalysts for ammonia synthesis, hydrotreating, and refining. Both supply proprietary heterogeneous catalysts to ammonia plants, refineries, and renewable fuel facilities with similar customer overlap and technology positioning.
• thyssenkrupp nucera: thyssenkrupp nucera is a direct competitor to Topsoe's SOEC business as a major electrolyzer manufacturer (alkaline and SOEC). Both serve green hydrogen and Power-to-X projects, with nucera scaling large alkaline/SOEC plants and competing for the same offtake agreements as Topsoe's SOEC customers.

Emerging players

• Bloom Energy: Bloom Energy is an emerging SOFC/SOEC player developing solid oxide electrolysis technology with overlaps to Topsoe's SOEC platform. Both target high-efficiency hydrogen production and have explored industrial-scale deployments, though Bloom has historically focused on stationary fuel cell power generation.

Broad incumbents

• Linde: Linde is a broad incumbent in industrial gases, hydrogen production, and engineering (formerly Linde Engineering/Praxair) that competes with Topsoe on large-scale hydrogen, ammonia, and syngas projects as both a technology licensor and an EPC partner. Overlaps in green/blue hydrogen and hydrogen carrier solutions.
• Air Products: Air Products is a broad incumbent in industrial gases and large-scale hydrogen/ammonia production that competes with Topsoe on green/blue ammonia process technology and project development (e.g., Blue Point Number One, large ammonia hubs). Offers overlapping hydrogen, ammonia and gasification capabilities as part of a much larger portfolio.
• BASF: BASF is a broad incumbent in chemical manufacturing and catalyst production (including ammonia and refinery catalysts) that competes with Topsoe across catalyst portfolios, process licensing, and emission-control chemistry. A much larger diversified chemical company whose catalyst division directly overlaps with Topsoe's core business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat8 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/topsoe
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Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TOPSOE A/S