Green Hydrogen Systems provides product status update

Certain technical issues have been identified in the HyProvide® A-Series platform, which required a redesign of certain product components and functions and further testing and validation for the initial A-Series electrolysers to perform according to contracted specifications.

Since April, these issues have been reviewed and root causes identified. In close coordination with key suppliers, implementation plans for corrective actions and subsequent tests and validation have been established and are progressing positively.

Part of the validation work requires certain studies leading to third-party verification and certification of the product versions. These studies are expected to be completed during the summer, which will form the basis for reviewing and updating Green Hydrogen Systems’ product delivery plan and, consequently, the guidance for 2022.

In parallel with this work, Green Hydrogen Systems is progressing its engagement with customers concerning the production, test, and delivery of the existing order backlog.

To leverage the Board of Directors’ capabilities, the Board will establish a new Manufacturing & Technology Committee. Subject to the election, Anders Vedel and Dr Armin Schnettler will become part of the Committee. The Committee’s first engagement will be to oversee the ongoing technology and correction work and the basis for updating the product delivery plan.

On that basis, the company’s guidance for 2022 and its medium-term targets for 2025 are expected to be updated during Q3 2022.

Meanwhile, the company announced changes to the Board of Directors and will nominate Anders Vedel, Chief Science Advisor and former CTO at Vestas Wind Systems, Dr Armin Schnettler, former Executive Vice President at Siemens Energy, and Karen Dyrskjøt Boesen, CFO at Sonnedix as candidates for the Board of Directors of Green Hydrogen Systems.