Stiesdal Hydrogen A/SAktiv

Stiesdal Hydrogen develops, manufactures, and sells pressurised alkaline electrolyzers designed for industrial-scale green hydrogen production. The Stiesdal HydroGen Electrolyzer offers a low total system cost, a modular design with minimal balance-of-plant requirements, and rapid installation. Each 3.1 MW unit is delivered pre-assembled, fully self-contained, and suitable for outdoor installation without the need for dedicated buildings.All main components, including the stack, are currently manufactured in the EU, providing a foundation for a robust and scalable supply chain. The setup is designed to allow future localisation in key markets, supporting a competitive offering in the growing global market for cost-effective green hydrogen.The company is well-positioned to accelerate growth and contribute to the global scale-up of green hydrogen infrastructure and maintains confidence in the long-term prospects of the hydrogen market and the demand for cost-effective green hydrogen solutions.

In 2025, following the delivery of the four-unit pilot series in 2023–24, Stiesdal Hydrogen delivered its first updated 3.1 MW HydroGen Electrolyzer on commercial terms. The design update focused on meeting specified performance requirements and ensuring product robustness, while leaving the fundamental design unchanged. This represents a milestone in the transition of the company’s activities from a Research and Development focus towards commercialisation. Separately, Stiesdal Hydrogen delivered a detailed documentation package and supported a customer in finalising the detailed engineering for an undisclosed and conditional 31 MW hydrogen plant in Europe based on the company’s electrolyzer technology.Stiesdal Hydrogen’s flexible setup, based on industrial partnerships, proved advantageous during a year of low activity in core markets. This slowdown was primarily due to delays in the transposition of end-user targets for green hydrogen consumption under the Renewable Energy Directive III (RED III) into national law. The expected finalisation of RED III implementation in EU member states, led by Germany, during the first half of 2026 is anticipated to increase end-user commitment to off-taking green hydrogen. This is expected to create a more positive outlook for the maturation of hydrogen projects and for demand for electrolyzers.The company recorded a net loss of DKK 68 m in 2025 (2024: DKK 57.2 m). Equity stood at DKK 176.8 m as of 31 December 2025. Capitalised development

Uddrag af ledelsesberetningen i den seneste årsrapport.