07/2022 Green Hydrogen Systems Announces Board Changes and Provides Product Status Update

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A/S Green Hydrogen Systems

Company Announcement 07/2022

Green Hydrogen Systems Announces Changes to board of directors and provides product status update

Kolding, Denmark, June 13, 2022 – With investor support received by the 2021 listing on the Nasdaq Copenhagen Stock Exchange, Green Hydrogen Systems has been working intensively towards a strategic transformation from an R&D-focused start-up to become a serial producer leading alkaline pressure electrolyzers.

Taking the next step in this important transformation influences the skills of the Board of Directors in the future. At today’s regular Board meeting, the Board concluded a process that was launched earlier this year to review and assess the dynamics of the hydrogen market as well as the challenges encountered related to the scaling up and industrialization of Green Hydrogen Systems’ technology. Based on this, the Board concluded by recommending a change in the composition of the Board of Directors with the aim of further strengthening its manufacturing, technology and hydrogen skills necessary to support the company in the pursuit of the execution of its strategy.

Subsequently, the Board will appoint Anders Vedel, Chief Scientific Officer and former CTO of Vestas Wind Systems, Dr. Armin Schnettler, former Executive Vice President of Siemens Energy, and Karen Dyrskjøt Boesen, Chief Financial Officer of Sonnedix as candidates for the board of directors. green hydrogen systems. Following the nominations of the new candidates, President Thyge Boserup decided to step down and transition his leadership to the next phase of development. Additionally, Board Member Karen-Marie Katholm thought for a while and today decided to step down from the Board to devote more time to her other executive commitments outside of Green Hydrogen Systems. Following this, the Board of Directors decided today to elect Christian Clausen as the new Chairman of the Board of Directors.

Christian Clausen, new Chairman of the Board of Directors, says:

We have over the past few months intensely assessed how we, the Bcouncil of Ddirectors, may continue at conduct Green Hydrogen Systems with the most relevant skills and decided to regroup and to bring New abilities to the blackboard.

Anders Vedel, Doctor Armin Schnettlerand Karen Dyrskjot Boesen will bring vast executive live as good as eenergy, manufacturing, technology and hydrogen Overview of their posts throughout the energy sector. Jhey go bevvaluable contribution to our association experience and skills as Green hydrogen systems takeit’s next step towards the scale of industrial production.

Next the past years’ complete work bringthe company research and developmentdevelopment t-phaseThanks to a public listing and now well advanced in commercialization and industrialization, I have a lot respect what Thyge has achieved over the past 2½ years intense years and now his decidedion to step down from our board of directors. Thyge helped bring the company to where it is today and I will take over as president of a grouped together Plank fit for work, challenges, and opportunities ahead of usfor which we thank Thyge.

Likewise, I want to thank Karen Marie for his time on the Council. His industrial live was invaluable thanks to the recent phase of the industrialization of technology, and we understand its reason withdraw and need to fully commit to it New executive role at AkzoNobel apart from green hydrogen systems.

Thyge Boserup, outgoing Chairman of the Board, said:

“There is a time for everything, and with the range of skills and insight in the industry, we were able to attract the Badvice ohF Ddirectorsit’s a good time for me to make the leadership transition and ask Christian to take the company to the next phase of development.

It has been a distinct pleasure and an exceptional opportunity for me to lead the company over the past 2 and a half years in an accelerated phase where the technology developed by the company and the extraordinary market conditions have presented a unique opportunity to evolve and grow the business. in a short timecreate more than 230 New jobs and lay the foundation for a Denmark-based business that competess worldwide in the hydrogen industry space, which is of crucial importance in the fight against climate change.

I want to express a humble and sincere thank you very much to the investors for the trust and strong support I have had along the way, and I would also like to express my thanks and deepest respect to the company’s management team for the high level of competence, the persistent and dedicated efforts and the open and cooperative way of working. I enjoyed every minute of my time with Green Hydrogen Systems.

The planned changes in the board of directors will require the convening of an extraordinary general meeting in a separate press release from the company.

HyProvide® A-Series Platform Status Update and New Manufacturing and Technology Committee

With reference to Company Announcement 04/2022, some technical issues have been identified in the HyProvide® A-Series platform. The issues required a redesign of certain product components and functions, as well as additional testing and validation for the initial A-Series electrolyzers to perform to contract specifications.

Since April, these issues have been reviewed and the root causes identified. In close coordination with key suppliers, corrective action implementation plans and subsequent testing 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 product versions. These studies are expected to be completed over the summer, which will form the basis for reviewing and updating Green Hydrogen Systems’ product delivery plan and, therefore, guidance for 2022.

Along with this work, Green Hydrogen Systems is making progress in its engagement with customers regarding production, testing and delivery of the existing backlog.

As part of leveraging the capabilities of the Board of Directors, the Board will establish a new Manufacturing and Technology Committee. Subject to election, Anders Vedel and Dr. Armin Schnettler will serve on the Committee. The first engagement of the committee will be to oversee ongoing technology and remediation work as well as the basis for updating the product delivery plan. Based on this, the company’s guidance for 2022 and its medium-term objectives for 2025 are expected to be updated during the third quarter of 2022.

For more information, please contact:

Investors and media: Jens Holm Binger, IR Manager, +45 6065 6525, [email protected]

Information re. new president and notcandidates for the board of directors ohf Administrators

Christian Clausen, born in Copenhagen, is a Danish national and has been a board member of Green Hydrogen Systems since December 2020. Christian Clausen holds a Master of Science in Economics from the University of Copenhagen supplemented by further education from INSEAD. Christian Clausen is currently a board member of ia Sampo Plc., BW Group and Blackrock Group Ltd. and brings extensive leadership experience in finance and capital markets.

Anders Vedel, born in Humlebæk, is a Danish national and studied mechanical engineering at Ingeniørhøjskolen in Horsens, Denmark. Anders Vedel has deep industry knowledge and executive management experience in various positions at Vestas Wind Systems, hereafter as Vestas CTO and role in Vestas technology and manufacturing scale in the manufacture of wind turbines.

Dr. Armin Schnettler, born in Hagen, is a German national with a doctorate in electrical engineering from the Technical University of Dortmund in Germany. Dr. Armin Schnettler brings a professorship from RWTH Aachen University and industry and hydrogen leadership experience at ABB, Siemens and Siemens Energy.

Karen Dyrskjøt Boesen, born in Køge, is a Danish national with a Masters in Business Administration and Commercial Law from Copenhagen Business School. Karen Dyrskjøt Boesen has extensive experience in the energy sector through various commercial and financial management positions at DONG Energy (now Ørsted), Maersk Oil, TotalEnergies, from her current role as Group Finance Director at Sonnedix, a global producer of photovoltaic solar energy, and as a non-executive member of the Board of Directors and of the Audit and Risk Committee.

Green Hydrogen Systems in brief

Green Hydrogen Systems is a leading supplier of standardized and modular electrolyzers to produce green hydrogen solely from renewable electricity. With its wide range of possible applications, green hydrogen plays a key role in the ongoing fundamental transition of our energy systems to a net-zero emissions society by 2050. As a result, the demand for green hydrogen is increasing, requiring a significant scale- increase in electrolysis capacity. Founded in 2007 and backed by over 10 years of technology development, Green Hydrogen Systems today has commercially proven and competitive electrolysis technology trusted by leading energy and industrial companies.

Source: Green Hydrogen Systems
Mnemo: GREENH
Tag: company announcement

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