ImpactAlpha, Dec. 22 – Green Hydrogen Systems, a maker of electrolyzers that split hydrogen from water molecules, is cashing in on the green hydrogen trend. The funding – a convertible loan of €20 million euros from AP Moller Holding, as well as an additional €7 million investment by existing investor Nordic Alpha Partners and €1 million from Norlys Holding – will enable the company to scale its production as the European Union looks to ramp up green hydrogen.
“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 Systems’ Sebastian Koks Andreassen in announcing the round.
The E.U. has laid out ambitious plans to develop green hydrogen as an alternative fuel and a way to decarbonize high-intensity sectors such as chemicals and steel. It’s goal: 6 gigawatts of installed hydrogen capacity by 2024 and 40 gigawatts by 2030, up from around 300 megawatts today.