We’re Going Public: Hydrogenera’s
Path to a Hydrogen-Powered Future
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.
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.
We’re Going Public: Hydrogenera’s Path
to a Hydrogen-Powered Future
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.
- 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 approximately 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.
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:
These results demonstrate Hydrogenera’s capacity to generate shareholder value while maintaining a strong balance sheet as demand for green hydrogen accelerates across Europe.
- 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.
About Green Innovation AD (Hydrogenera)
Founded in 2016, Green Innovation AD (Hydrogenera) has emerged as one of Eastern Europe’s
most innovative hydrogen-solutions providers. Our mission is to develop, build and operate
infrastructure that enables the cost-effective production, storage and utilisation of green
hydrogen. Headquartered in Sofia, Green Innovation AD (Hydrogenera) is dedicated to:
most innovative hydrogen-solutions providers. Our mission is to develop, build and operate
infrastructure that enables the cost-effective production, storage and utilisation of green
hydrogen. Headquartered in Sofia, Green Innovation AD (Hydrogenera) is dedicated to:
- Advancing Clean Energy: Innovating technologies to lower hydrogen production costs.
- Democratising Access: Ensuring hydrogen is accessible to industries such as steel, cement, chemicals, food production, and many more.
- Driving Innovation: Collaborating with the Sofia Technical University to advance scientific research beyond current capabilities.
Further Information:
General Inquiries: ir@hydrogenera.eu
Head Office: Green Innovation AD (Hydrogenera)
12, "Mihail Tenev" str.
1784 Sofia, Bulgaria
For the latest updates as we approach the listing date, please visit our website and follow our
social-media channels. We welcome both local and international investors to join us on this
transformative journey towards a cleaner, hydrogen-powered future.
Disclaimer: All information contained herein is subject to the terms and conditions set forth in
our official prospectus. This article does not constitute investment advice; interested parties
should seek independent counsel before making any investment decisions.
* - This translation of the Prospectus and the summary was prepared on 09.06.2025 solely for the convenience of investors.
The offering is conducted only in Bulgaria, and the Bulgarian version of the Prospectus is the governing document
Head Office: Green Innovation AD (Hydrogenera)
12, "Mihail Tenev" str.
1784 Sofia, Bulgaria
For the latest updates as we approach the listing date, please visit our website and follow our
social-media channels. We welcome both local and international investors to join us on this
transformative journey towards a cleaner, hydrogen-powered future.
Disclaimer: All information contained herein is subject to the terms and conditions set forth in
our official prospectus. This article does not constitute investment advice; interested parties
should seek independent counsel before making any investment decisions.
* - This translation of the Prospectus and the summary was prepared on 09.06.2025 solely for the convenience of investors.
The offering is conducted only in Bulgaria, and the Bulgarian version of the Prospectus is the governing document