Green Innovation AD (Hydrogenera) Reports 74% Revenue Growth and Tripled Profit for the First Nine Months of 2025
Strong financial performance, successful IPO, and technological breakthroughs establish the company as a leading hydrogen systems manufacturer in the region.
Green Innovation AD (Hydrogenera) concluded the third quarter of 2025 with individual sales revenues of BGN 6.71 million, marking a 74% increase compared to the same period in 2024.
Pre-tax profit on an individual basis reached BGN 1.24 million, up from BGN 372 thousand in the same period of 2024.
Net individual profit for the period grew more than threefold to BGN 1.12 million, compared to Q3 2024.
For the reviewed period, the company reported EBITDA of BGN 1.463 million, compared to BGN 487 thousand for the same period in 2024.
Successful IPO
In July 2025, Green Innovation AD (Hydrogenera) completed its Initial Public Offering (IPO) on the Bulgarian Stock Exchange (BSE), increasing its share capital from BGN 4.25 million to BGN 4.65 million.
By Decision No. 432-PD of the Financial Supervision Commission (FSC), the company was registered as a public company and subsequently admitted to trading on the BSE Main Market, Standard Segment, under the ticker HYDR.
Thanks to the active participation of both individual and institutional investors, over 50% of the capital is freely tradable, ensuring excellent liquidity.
Technological Achievements and Business Expansion
Green Innovation AD (Hydrogenera) continues to strengthen its position as one of the pioneers in alkaline electrolyser manufacturing in Central and Eastern Europe.
As of September 2025, the company has completed over 100 projects across Bulgaria, Poland, Italy, Switzerland, and Turkey.
Key technological milestones during the period include:
Saint-Gobain Group
The company completed a one-year testing cycle at Saint-Gobain’s plant, achieving an average energy efficiency of 29% over the entire period.
The results were validated by the industrial partner, paving the way for the deployment of Hydrogenera’s technology across the group's other production sites.
This marks a key step in establishing Hydrogenera as a trusted industrial supplier of energy-efficiency solutions.
Project with Volkswagen Group
During Q3 2025, Green Innovation AD (Hydrogenera) made significant progress in its collaboration with Volkswagen Poznań, having been officially approved as a VW Group supplier and receiving a positive S-Rating Green evaluation.
Participation in FBK Italy Tender (IPCEI Hy2Tech)
Hydrogenera achieved strong results in an international tender organised by the Bruno Kessler Foundation (FBK) under the European IPCEI Hy2Tech initiative, financed by Italy’s National Recovery and Resilience Plan.
The company competed in three lots, ranking among the top candidates:
- Lot 1 – Electrolyser: 86.83 points – first place, according to the published ranking.
- Lot 3 – Purification Unit: 89.89 points – second place.
The evaluations reflect the high technological expertise and competitiveness of Hydrogenera’s solutions.
Contract awarding is expected in November 2025, with the project covering the delivery and installation of equipment for a new hydrogen infrastructure in Trento, Italy.
Partnership with Safran
In 2025, Hydrogenera strengthened its international presence by integrating its metal hydride hydrogen storage systems into Safran’s technological solutions – a global leader in aerospace and aviation technologies.
Hydrogenera’s MH systems will be used in navigation (PNT) systems, where reliability and safety are critical.
This partnership recognises the quality of Hydrogenera’s technology and marks its entry into high-tech industrial sectors beyond energy.
Hydrogen Europe Membership
The company joined Hydrogen Europe, the leading European association bringing together industry and institutions in support of the hydrogen economy.
This membership places Hydrogenera among the active participants shaping European hydrogen policies and standards, while opening doors to strategic partnerships and EU-level green hydrogen initiatives.
ISO Certification in Six International Standards
Hydrogenera implemented an integrated management system, certified under six international standards:
ISO 9001, ISO 14001, ISO 45001, ISO 27001, ISO 37001, and ISO 50001.
Following this achievement, the company is now proceeding with ISO 22734 certification, which will confirm that its products comply with the highest global standards for safe hydrogen production via electrolysis.
Strategic Progress and Partnerships
In October 2025, the company signed a grant agreement with the European Bank for Reconstruction and Development (EBRD) to support innovation development and the expansion of technological capacity.
Hydrogenera is also preparing the next stage – the large-scale deployment of hydrogen solutions and the construction of hydrogen storage and refuelling infrastructure for industry and transport sectors.
Management Comment
“The nine-month results confirm the stable growth and potential of Green Innovation AD (Hydrogenera).
The successful IPO, strong financial performance, and technological innovations demonstrate that the company is on the right track and is establishing itself as a leading player in building a sustainable hydrogen economy in the region.”
Said Dragomir Ivanov, CEO of Green Innovation AD (Hydrogenera).