Hydrogenera’s Path to a Hydrogen-Powered Future

Source: www.gulfoilandgas.com 6/9/2025, Location: Europe

Green Innovation AD (Hydrogenera) has obtained the necessary regulatory clearance to launch its initial public offering (IPO) on the Bulgarian Stock Exchange (BSE). The company plans to proceed with the offering in mid-June 2025, marking a key milestone in its strategy to accelerate the adoption of hydrogen solutions across Eastern Europe.

Capitalising on the Hydrogen Revolution
As Europe commits more than €2 billion annually to hydrogen research and infrastructure, Hydrogenera’s end-to-end expertise, from electrolysis-driven hydrogen generation to large-scale industrial deployment, positions it at the forefront of this expanding sector.
- Comprehensive Capabilities: Green Innovation AD (Hydrogenera) designs, constructs, and operates hydrogen technology, including advanced electrolysers and hydrogen storage solutions, delivering cutting-edge hydrogen infrastructure.
- Strong Track Record: In 2024, the company posted BGN 8 million in revenue and achieved over BGN 1 million in pre-tax profit, reflecting a five-fold increase in turnover since 2022.
- Strategic Alliances: Green Innovation AD (Hydrogenera)maintains a network of integrator partners across Europe, including the UK, Germany, Turkey, and Poland, supporting the deployment of over 92 hydrogen projects across the continent.

Listing on the BSE will provide Green Innovation AD (Hydrogenera) with the capital needed to expand its hydrogen production capacity, enter new territories, and undertake major industrial initiatives that require significant investment.

Financial Performance & Growth
Hydrogenera’s rapid expansion rests on solid financial foundations:
- Revenue Growth (2022–2024): A five-fold increase, culminating in approximately BGN 8 million of revenue in 2024.
- Profitability: Over BGN 1 million in pre-tax profit during 2024, highlighting robust operational efficiency.
- R&D Investment: Continued development of hydrogen-fuelled internal combustion engines and high-pressure metal-hydride compressors, underscoring our commitment to advancing hydrogen technology and improving system efficiency.

These results demonstrate Hydrogenera’s capacity to generate shareholder value while maintaining a strong balance sheet as demand for green hydrogen accelerates across Europe.

Key IPO Details
- Expected Listing Period: the public offering of shares is expected to take place in the second half of June 2025.
- Price Range: The minimum issue value per share is between BGN 12 and the maximum issue value per share will be BGN 20.

CEO Commentary
“Securing regulatory approval to list on the Bulgarian Stock Exchange represents a landmark achievement for Green Innovation AD (Hydrogenera),” said Dragomir Ivanov, Chief Executive Officer. “This IPO will equip us with the capital required to scale our operations, expand into new markets and deliver state-of-the-art hydrogen solutions across Europe. We look forward to welcoming new shareholders as we drive the clean-energy transition forward.”


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