In the first quarter, Green Hydrogen Systems saw an increase in the top line, driven in part by the sale of three of the company’s units, while the deficit also increased.

At the same time, the company has tested the performance of its X-series electrolyzers with the prospect of more tests and with the expectation of sales during 2024.

”We are pleased to continue showing positive momentum in customer deliveries, order intake, and product developments,” says CEO Peter Friis in the trading update.

”This momentum is the foundation for our planned accelerated roll-out of the A-Series electrolyser to customers throughout the year and our expected first sales of the X-Series product,” he continues.

Although Green Hydrogen Systems believes in the long-term potential of green hydrogen production technology, the first quarter saw challenges in the market.

”In the first quarter, Green Hydrogen Systems observed general market delays in bringinghydrogen and PtX-projects towards the final investment decision,” it says.

The company also reports that it has finalized version 1.1 of its A-series to improve the reliability and performance of the electrolyser.

Green Hydrogen Systems is documenting the performance of its X-series in the second quarter, which is planned to enable sales of the electrolyser during this year. Production is expected to begin in the third quarter of 2024.

”Green Hydrogen Systems is in positive dialogue with potential customers for the X-Series and has engaged in several letters of intent with potential customers. The first commercial sale is expected to be based on a risk-sharing model to mitigate risks for potential buyers and Green Hydrogen Systems. ,” it says.

Green Hydrogen Systems maintains its 2024 guidance of revenue in the range of DKK 125-165 million and an operating loss before depreciation and amortization, EBITDA, of DKK 220-260 million.