Clean fuel company Green Hydrogen Systems (GHS), backed by AP Moller Holding, is plotting an initial public offering worth DKK 1bn ($164m).
The Danish company, which makes electrolysis equipment for the production of hydrogen from renewable energy, aims to "ramp up" production facilities and research efforts to further reduce costs.
The listing will take place on Nasdaq Copenhagen by 22 June.
The Nordager-based company, with 90 staff, is offering shares at DKK 40 each, valuing the operation at DKK 3bn.
AP Moller Holding, the main shareholder of boxship giant AP Moller-Maersk, has nearly 18% of GHS and will buy shares worth DKK 37m.
That comes as Maersk is aiming to put the world’s first vessel powered by carbon-neutral fuel into operation in 2023.
Cash earmarked for research
GHS said about DKK 450m of the IPO proceeds would go to research, with another DKK 400m to be spent on stepping up production.
The rest will be used for organisational expansion.
"We expect it will take a good decade before we reach broad competitiveness in relation to fossil fuels," GHS chief executive Sebastian Koks Andreassen told Reuters.
"Then green hydrogen will become the cheaper alternative to, for example, diesel or petrol."
Clients include Danish offshore wind farm developer Orsted and wind turbine maker Siemens Gamesa.
With its current production facility, the company expects to be able to deliver a manufacturing capacity of around 25 MW per year by the end of 2021.
Capacity is expected to reach 150 MW in the coming years, but its site could eventually reach 1,000 MW per year.
Nordic Alpha Partners is the controlling shareholder with a fraction over 50% of the equity currently.
