24/2023 Green Hydrogen Systems - Minimum gross proceeds of DKK 225 million subscribed and rights issue expected to be completed

Company announcement 24/2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS AN INDICATION OF AN EXPECTATION ONLY AND SHOULD NOT BE INTERPRETED OR CONSTRUED AS A STATEMENT ON THE ACTUAL RESULT OF THE OFFER NOR A CONFIRMATION THAT IT WILL BE COMPLETED. SEE THE DISCLAIMER BELOW.

Minimum gross proceeds of DKK 225 million subscribed and rights issue expected to be completed

Kolding, Denmark, 27 June 2023 – Green Hydrogen Systems A/S (“Green Hydrogen Systems” or the “Company”) today announces subscription for the minimum gross proceeds of DKK 225 million and that it is expected that the rights issue announced by the Company on 13 June 2023 (the “Offering”) will be completed. The Company will consequently be eligible to draw on certain term loans for DKK 250 million. Reference is made to the prospectus dated 13 June 2023 (the “Prospectus”).

Shareholder and management subscription commitments, additional gross proceeds subscribed for pursuant to the subscription rights transfer agreement with Danske Bank A/S as described in the Prospectus and exercise of pre-emptive rights and/or subscription for remaining shares from Danske Bank customers bring the subscribed for or committed total gross proceeds to exceed DKK 225 million. This does not include proceeds for any subscription made via other custodian banks than Danske Bank and the proceeds will further be increased by subscriptions made in the remaining part of the subscription period.

The subscription period will end on 30 June 2023 at 17.00 CEST, the result of the Offering is expected to be announced on 4 July 2023 and information about the potential completion of the Offering will be announced on 6 July 2023, all as set out in the Prospectus.

For more info please contact:

Investors:
Jens Holm Binger, Head of Investor Relations,
[phone], [e-mail]

Media:
Jesper Buhl, Head of Public Affairs and Media Relations,
[phone], [e-mail]

Green Hydrogen Systems in brief

Green Hydrogen Systems is a leading provider of standardised and modular electrolysers to produce green hydrogen solely based on renewable electricity. With its wide range of possible applications, green hydrogen plays a key role in the ongoing fundamental shift in our energy systems towards a net-zero emission society in 2050. As a result, the demand for green hydrogen is surging, requiring a significant scale-up of electrolysis capacity. Founded in 2007 and building on more than 10 years of technology development, Green Hydrogen Systems today has a commercially proven and cost-competitive electrolysis technology endorsed by leading energy, as well as industrial companies.