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ABG - ABG Sundal Collier Holding ASA News Story

NOK9.73 0.2  2.4%

Last Trade - 26/07/21

Sector
Financials
Size
Mid Cap
Market Cap £352.8m
Enterprise Value £251.3m
Revenue £230.0m
Position in Universe 588th / 1848

UPDATE 1-Electrolyser maker Green Hydrogen Systems plans Copenhagen IPO

Thu 27th May, 2021 11:45am
(Adds details, chairperson comment)
    COPENHAGEN, May 27 (Reuters) - Green Hydrogen Systems, which
makes electrolysers to produce green hydrogen, said on Thursday
it plans to raise around 1 billion Danish crowns ($164 million)
in an initial public offering (IPO) in Copenhagen.
    The Danish company, which has already secured backing from
state pension fund ATP, the Danish growth fund, Nordea
 NDAFI.HE  and Maersk-owner A.P. Moller Holding, plans to use
the proceeds for research and development and to ramp up
production capacity.
    "Green Hydrogen Systems is well-positioned to become a
leading supplier of electrolysers for the production of hydrogen
based on renewable electricity," Thyge Boserup, chairperson of
Green Hydrogen Systems, said in a statement.
    "However, it requires further investments to unfold the full
potential of the company, and therefore an IPO is a natural next
step," he said.
    New and current shareholders have undertaken to subscribe
for shares worth 656 million crowns, valuing the company at
around 2 billion crowns.
    Green hydrogen is a zero-carbon fuel generated from
renewable energy sources. It is an option for heavy industry
that cannot convert easily to electricity as part of the
transition to greener energy.
    The European Union late last year announced a plan to boost
investment in green hydrogen capacity to reach 1 million tonnes
a year in 2024 - a six-fold increase from the capacity at that
point.  urn:newsml:reuters.com:*:nL8N2EF2K1
    Green Hydrogen Systems expects to increase revenue this year
more than four-fold to between 40 and 60 million crowns.
    The company plans in the coming years to expand capacity at
its plant in Denmark to 400 megawatts (MW) per year from 75 MW
now. 
    ABG Sundal Collier, Carnegie Investment Bank and J.P. Morgan
will be managing the IPO.
    ($1 = 6.0997 Danish crowns)

 (Reporting by Jacob Gronholt-Pedersen and Tim Barsoe. Editing
by Jason Neely and Mark Potter)
 ((copenhagen.newsroom@thomsonreuters.com; +45 3274 2001;
Reuters Messaging:
jacob.pedersen.thomsonreuters.com@reuters.net))
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