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H2APEX Group: Driving Green Hydrogen with Third Quarter 2024 Growth

AInvestSunday, Dec 1, 2024 4:05 am ET
4min read


H2APEX Group, a leading developer and operator of green hydrogen plants, reported robust revenue growth in the first three quarters of 2024, showcasing the potential of clean energy investments. The company achieved a remarkable sixfold increase in revenue, reaching EUR 25.2 million compared to EUR 3.7 million in the same period last year.

The company's expansion in hydrogen plant development and scaling of storage production significantly contributed to this revenue growth. H2APEX's project business, specifically implementing hydrogen plants for industrial and energy companies, accounted for a substantial portion of this growth. Despite significant investments and increased personnel costs, the company's adjusted EBITDA remained negative due to its growth strategy.

H2APEX's growth strategy has influenced its headcount and personnel costs over time. The company's headcount grew to 143 employees in Q3 2024, up from 110 in Q4 2023. This 30% increase reflects the company's commitment to developing proprietary hydrogen plants and scaling storage production. Consequently, personnel costs have risen, with adjusted EBITDA for the first three quarters of 2024 at EUR -12.6 million, compared to EUR -12.0 million in 2023.

Supply chain challenges and delayed project timelines led H2APEX to revise its revenue forecast for 2024 to at least EUR 28 million, reflecting an 83% growth compared to 2023. To mitigate these challenges, H2APEX is actively participating in tenders for electrolyzer plants, expects awards for projects ranging from 20 MW to 70 MW, and is on track with the development of proprietary hydrogen plants, with final investment decisions slated for early 2025.



The company's focus on clean energy technologies and strategic investments in growth have positioned it as a key player in the green hydrogen sector. As the demand for sustainable energy solutions continues to grow, H2APEX's innovative approach and strong financial performance make it an attractive investment opportunity for those seeking to capitalize on the clean energy transition.



In conclusion, H2APEX Group's third quarter 2024 earnings report highlights the company's commitment to driving green hydrogen production and storing capacity. Despite facing supply chain challenges, the company's robust revenue growth and strategic investments in growth position it well for future success in the clean energy market.
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