Danish electrolyser maker Green Hydrogen Systems plans to file for insolvency after failing to secure additional financing.
The company revealed on Sunday (March 9) that it would file for in-court restructuring on Monday (March 10) to assess survival options, including asset sales.
Green Hydrogen Systems has struggled to stay afloat since last October, when it launched a drastic restructuring plan to slash costs by up to 50%.
The company warned that it could exhaust its cash reserves by H1 2025, estimating restructuring costs at up to DKK 230m ($33.5m) and planning a rights issue of DKK 300m ($43.7m).
Company…