The hydrogen energy provider has raised $34.3m, more than two thirds coming in the form of convertible debt financing from AP Moller Holdings.

Denmark-based hydrogen production technology developer Green Hydrogen Systems (GHS) secured €28m ($34.3m) in debt and equity financing from investors including AP Moller Holding, the holding company for shipping and infrastructure group AP Moller.

AP Moller provided €20m in convertible note financing while Nordic Alpha Partners, the growth equity fund that is GHS’s majority shareholder, supplied €7m in funding and energy utility Nordlys Holding put up €1m.

Co-founded in 2007 by automation technology provider Nordtec Optomatic, GHS has developed electrolysis technology that converts renewable energy to hydrogen for use in clean power.

AP Moller Holding is taking a board seat at GHS in connection with its investment. Jan T. Nielsen, its chief investment officer, said: “We see hydrogen as an important part of the future green energy mix for industry, shipping and heavy transport.

“Green Hydrogen Systems has a compelling technology platform for electrolytic hydrogen production based on green energy and we are excited to support them in developing this platform further.”

The company has not disclosed details of earlier funding but said Nordlys and Nordic Alpha Partners were both existing investors, along with Nordtec Optomatic and private equity firm Borean Innovation.