AP Møller Holding, the parent company of Maersk shipping, will invest €20M (US$24M) in the form of a convertible loan into Green Hydrogen Systems, a Danish company seeking to scale up its electrolyser technology
In total, Green Hydrogen Systems has secured €28M (US$34.5M) in funding. In addition to AP Møller Holding, the company has also raised funds from shareholder Nordic Alpha Partners to the tune of €7M (US$8.6M) and shareholder Norlys Holding will invest a further €1M (US1.2M).
“There is an unprecedented momentum in the market for green hydrogen supported by industrial demand and political decisions to sharply increase installed hydrogen capacity in the coming years,” said Green Hydrogen chief executive Sebastian Koks Andreassen.
“The additional funds enable us to scale-up our existing production facilities to meet the surging demand. The investment from AP Møller Holding is a vote of confidence in our company and the incredible market potential we are looking into.”
AP Moller Holding chief investment officer Jan T Nielsen said “We see hydrogen as an important part of the future green energy mix for industry, shipping and heavy transport. Green Hydrogen Systems has a compelling technology platform for electrolytic hydrogen production based on green energy and we are excited to support them in developing this platform further.”
As part of the investment agreement, the company has appointed AP Møller Holding principal Sibon Ibsen to the board of directors of Green Hydrogen Systems.
The move comes at a time when the EU has announced an ambitious hydrogen strategy targeting 6 GW of installed capacity by 2024 and 40 GW by 2030 scaling up significantly from the reigion’s current capacity of around 300 MW.
AP Møller Maersk is also part of an ambitious project partnering with Ørsted, Copenhagen Airports, DSV Panalpina, DFDS and SAS to develop an industrial-scale facility to produce sustainable fuels for road, maritime and air transport.
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