Ballard Power Systems Europe A/S
Public limited companyCVR 30804996HobroActive
Ballard Power Systems Europe A/S is a public limited company, based in Hobro, active in repair of electrical equipment, founded in 2007. The company made a loss in both 2024 and 2025, most recently DKK 82.7m.
Key figures · financial year 2025
Gross profit−DKK 19.1m+45.7% vs. 2024
Net profit−DKK 82.7m+61.2% vs. 2024
EquityDKK 104.4m−8.4% vs. 2024
Employees20latest month from CVR
What has changed
calculated from recorded figures and datesFinancials: 2025 against 2024
- The loss got smaller: from DKK 213.1m to DKK 82.7m (2024 → 2025).
- Equity fell 8% (2024 → 2025), to DKK 104.4m.
Employees
- 37 fewer employees than a year earlier: 20 (08/2026) against 57 (08/2025).
Management and owners, last 24 months
- New in management: Kate Renee Igbalode (chair of the board, 29/01/2026), Oben Uluc (board member, 29/01/2026) and Ralph Clayton Robinett (ceo, 09/09/2026) (+6).
- Stepped down: Jesper Thomas Holmegaard Themsen (ceo, 31/12/2024), Jesper Thomas Holmegaard Themsen (board member, 31/12/2024) and Robert Randall MacEwen (chair of the board, 07/07/2025) (+6).
Registrations, last 24 months
- 01/08/2025: Share capital changed from 5,525,500 DKK to 5,544,300 DKK
- 20/03/2025: Moved to Lupinvej 4, 9500 Hobro
- 01/01/2025: Industry changed to Repair of electrical equipment (331400)
- 12/12/2024: Share capital changed from 5,504,100 DKK to 5,525,500 DKK
Calculated from the latest two annual reports in sequence and from registrations in CVR. A figure that is missing in either year gives no line, and we derive no figures.
Financial statements
Financial years 2020–2025 · amounts in DKK thousandEquity and net profit
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change | |
|---|---|---|---|---|---|---|---|
| Revenue | not stated | not stated | not stated | not stated | not stated | not stated | – |
| Gross profit | −1,907 | 6,277 | −18,068 | −35,201 | −35,221 | −19,111 | +45.7% |
| Operating profit (EBIT) | −46,934 | −61,388 | −127,722 | −173,596 | −216,748 | −84,736 | +60.9% |
| Profit before tax | −55,149 | −67,401 | −129,484 | −173,237 | −218,593 | −82,665 | +62.2% |
| Net profit | −49,649 | −61,901 | −123,984 | −167,737 | −213,093 | −82,665 | +61.2% |
| Total assets | 43,985 | 114,298 | 204,569 | 266,433 | 227,884 | 130,445 | −42.8% |
| Equity | −164,336 | 41,605 | 103,914 | 169,505 | 113,984 | 104,408 | −8.4% |
| Liabilities | 207,657 | 71,148 | 96,419 | 90,223 | 66,361 | 13,841 | −79.1% |
| Cash and cash equivalents | 1,305 | 12,159 | 17,085 | 34,683 | 29,065 | 20,732 | −28.7% |
| Average number of employees | 63 | 88 | 145 | 177 | 181 | 80 | −55.8% |
Source: annual reports filed with the Danish Business Authority (XBRL). Figures for the company (not the group); change is the latest year against the year before. “–” means the figure is not stated in the annual report. Revenue is not stated for 2020, 2021, 2022, 2023, 2024, 2025: smaller companies may omit it, and we do not derive it from other figures.
Download the figures as CSV · free with an account, amounts in whole DKK
Signals from the financial statements
calculated from the 2025 figuresLoss for 6 years in a row
Net result has been negative in 2020–2025.
How is this calculated?
Net result is negative in the two or more latest annual reports in a row.
Fewer employees
The number of employees fell 56% from 181 in 2024 to 80 in 2025.
How is this calculated?
The number of employees according to the annual report has fallen by at least 25%, and was at least 10 the year before.
The signals are rules applied to the figures in the annual reports. They are not an assessment or credit rating of the company. See Data and method.
Annual reports
6 financial years| Financial year | Period | Published | Figures for | Documents |
|---|---|---|---|---|
| 2025 | 01/01/2025 – 31/12/2025 | 10/05/2026 | The company | PDF not statedXBRL |
| 2024 | 01/01/2024 – 31/12/2024 | 29/04/2025 | The company | PDF not statedXBRL |
| 2023 | 01/01/2023 – 31/12/2023 | 18/06/2024 | The company | PDFXBRL |
| 2022 | 01/01/2022 – 31/12/2022 | 16/06/2023 | The company | PDFXBRL |
| 2021 | 01/01/2021 – 31/12/2021 | 24/05/2022 | The company | PDFXBRL |
| 2020 | 01/01/2020 – 31/12/2020 | 26/03/2021 | The company | PDFXBRL |
The figures from all the annual reports are shown on this page. The documents themselves (PDF and XBRL, the machine-readable edition) are downloaded with a Pro account: sign in or create a free account, and then choose Pro. XBRL is the edition the figures on the page are read from.
Employees
monthly figures from CVRPosition in the industry
77 companies in the databaseComparison with the other companies in repair of electrical equipment based on the latest financial year.
Gross profit−DKK 19.1mNo. 77 of 77
Better than 0% of the companies in the industry
EquityDKK 104.4mNo. 3 of 77
Better than 97% of the companies in the industry
Number of employees20No. 7 of 77
Better than 92% of the companies in the industry
Industry median: gross profit DKK 4.6m, net profit DKK 588k, equity DKK 3.5m, 9 employees.
Compared with similar companies
size, age and company form| Group | Gross profit | Equity |
|---|---|---|
| Companies with 20–49 employees9,922 companies in the comparison | No. 9,864of 9,892 Better than 0% | No. 330of 9,922 Better than 97% |
| Same industry and 20–49 employees12 companies in the comparison | No. 12of 12 Better than 0% | No. 1of 12 Better than 100% |
| Companies that are between 15 and 29 years old24,910 companies in the comparison | No. 24,762of 24,791 Better than 0% | No. 1,303of 24,909 Better than 95% |
| All companies of type A/S18,025 companies in the comparison | No. 17,731of 17,786 Better than 0% | No. 2,200of 18,024 Better than 88% |
The rank is calculated among companies in the database with a figure for the latest financial year, and is shown only for groups of at least ten companies.
Compare with the industry
Repair of electrical equipmentGross profit
- Ballard Power Systems Europe A/S−DKK 19.1m
- Zeppelin Danmark A/SDKK 315.3m
- Swire Renewable Energy A/SDKK 254.8m
Net profit
- Ballard Power Systems Europe A/S−DKK 82.7m
- Zeppelin Danmark A/SDKK 46.6m
- Swire Renewable Energy A/S−DKK 125.2m
Equity
- Ballard Power Systems Europe A/SDKK 104.4m
- Zeppelin Danmark A/SDKK 360.1m
- Swire Renewable Energy A/SDKK 84.6m
Employees
- Ballard Power Systems Europe A/S20
- Zeppelin Danmark A/S327
- Swire Renewable Energy A/S282
Latest financial year per company. Choose up to three companies from the largest in the industry.
Owners and group
from the Public Ownership RegisterOwners
- Ballard Power Systems Inc100%
Ballard Power Systems Europe A/S
Management
4 active registrationsExecutive management
| Name | Role | Appointed |
|---|---|---|
| Ralph Clayton Robinett | CEO | 09/09/2026 |
Board of directors
| Name | Role | Appointed |
|---|---|---|
| Kate Renee Igbalode | Chair of the board | 29/01/2026 |
| Oben Uluc | Board member | 29/01/2026 |
| Ralph Clayton Robinett | Board member | 30/09/2026 |
Former management (30)
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| Bjarke Brøns | Board member | 20/08/2007 | 30/11/2007 |
| Mikael Andersen | Board member | 20/08/2007 | 18/01/2010 |
| Nils Rosenkrands Olsen | Board member | 30/11/2007 | 31/10/2008 |
| Brian Thrane | Board member | 31/10/2008 | 18/01/2010 |
| Poul Arne Jensen | Board member | 18/01/2010 | 01/09/2010 |
| Per Albæk | CEO | 18/01/2010 | 17/03/2011 |
| Stig Poulsen | Board member | 18/01/2010 | 07/07/2010 |
| Michael William Goldstein | Board member | 18/01/2010 | 20/03/2012 |
| Niels Peter Christiansen | Board member | 07/07/2010 | 20/12/2012 |
| Torben Duer | Board member | 01/09/2010 | 27/01/2016 |
| Jesper Thomas Holmegaard Themsen | CEO | 17/03/2011 | 31/12/2024 |
| Oliver Finn Decarle McFall | Board member | 21/12/2011 | 08/03/2017 |
| Hongwei Mao | Board member | 27/05/2013 | 29/11/2013 |
| Xun Zhang | Board member | 29/11/2013 | 04/02/2015 |
| John William Sheridan | Board member | 24/02/2014 | 02/09/2014 |
| Anthony Robert Guglielmin | Chair of the board | 24/02/2014 | 19/03/2021 |
| Steven William Karaffa | Board member | 02/09/2014 | 16/03/2016 |
| Preben Tolstrup | Board member | 27/01/2016 | 08/03/2017 |
| Kevin Michael Colbow | Board member | 16/03/2016 | 19/02/2024 |
| Jesper Thomas Holmegaard Themsen | Board member | 08/03/2017 | 31/12/2024 |
| Robert Randall MacEwen | Chair of the board | 19/03/2021 | 07/07/2025 |
| Sarbjot Sidhu | Board member | 19/03/2021 | 19/02/2024 |
| Jan Louise Laishley | Board member | 19/03/2021 | 18/08/2021 |
| Paul Michael Dobson | Board member | 18/08/2021 | 23/10/2024 |
| Kate Renee Igbalode | Board member | 23/10/2024 | 28/01/2026 |
| Henrik Rise Christensen | Board member | 03/01/2025 | 07/07/2025 |
| Henrik Rise Christensen | CEO | 03/01/2025 | 07/07/2025 |
| Sarbjot Sidhu | Board member | 07/07/2025 | 30/09/2026 |
| Sarbjot Sidhu | CEO | 07/07/2025 | 09/09/2026 |
| Marty Tucker Neese | Chair of the board | 07/07/2025 | 29/01/2026 |
Signing rule: Selskabet tegnes af bestyrelsens formand i forening med den administrerende direktør (CEO) eller af den samlede bestyrelse.
Address and production units
2 active production unitsLupinvej 4
9500 Hobro
Mariagerfjord Municipality · Postcode 9500
Other companies at the address (1)
- Din Vinbutik Hobro ApSRetail sale of beverages
| Production unit | Address | Employees | P number |
|---|---|---|---|
| Ballard Power Systems Europe A/S Lupinvej 4 | Lupinvej 4, 9500 Hobro | – | 1029225261 |
| Ballard Power Systems Europe A/S Lupinvej 5 | Lupinvej 5, 9500 Hobro | – | 1029225296 |
Purpose
Selskabets formål er udvikling, produktion, salg og servicering af produkter som anvender brændselscelleteknologi og dermed beslægtet virksomhed.
The purpose is quoted from the register in Danish.
Changes year by year
101 registered events42015
52016
72017
02018
02019
02020
82021
42022
22023
92024
122025
92026
20269 changesmanagement 8 · accounts 1
- ManagementRalph Clayton Robinett appointed board member
- ManagementSarbjot Sidhu stepped down as board member
- ManagementRalph Clayton Robinett appointed ceo
- ManagementSarbjot Sidhu stepped down as ceo
- AccountsAnnual report for 2025 published
- ManagementOben Uluc appointed board member
- ManagementKate Renee Igbalode appointed chair of the board
- ManagementMarty Tucker Neese stepped down as chair of the board
- ManagementKate Renee Igbalode stepped down as board member
202512 changescapital 1 · management 8 · accounts 1 · address 1 · industry 1
- CapitalShare capital changed from 5,525,500 DKK to 5,544,300 DKK
- ManagementSarbjot Sidhu appointed ceo
- ManagementMarty Tucker Neese appointed chair of the board
- ManagementSarbjot Sidhu appointed board member
- ManagementHenrik Rise Christensen stepped down as ceo
- ManagementHenrik Rise Christensen stepped down as board member
- ManagementRobert Randall MacEwen stepped down as chair of the board
- AccountsAnnual report for 2024 published
- AddressMoved to Lupinvej 4, 9500 Hobro
- ManagementHenrik Rise Christensen appointed ceo
- ManagementHenrik Rise Christensen appointed board member
- IndustryIndustry changed to Repair of electrical equipment (331400)
20249 changesmanagement 6 · capital 2 · accounts 1
- ManagementJesper Thomas Holmegaard Themsen stepped down as board member
- ManagementJesper Thomas Holmegaard Themsen stepped down as ceo
- CapitalShare capital changed from 5,504,100 DKK to 5,525,500 DKK
- ManagementKate Renee Igbalode appointed board member
- ManagementPaul Michael Dobson stepped down as board member
- CapitalShare capital changed from 5,484,900 DKK to 5,504,100 DKK
- AccountsAnnual report for 2023 published
- ManagementSarbjot Sidhu stepped down as board member
- ManagementKevin Michael Colbow stepped down as board member
20232 changescapital 1 · accounts 1
- CapitalShare capital changed from 5,424,900 DKK to 5,484,900 DKK
- AccountsAnnual report for 2022 published
20224 changescapital 3 · accounts 1
- CapitalShare capital changed from 5,400,000 DKK to 5,424,900 DKK
- CapitalShare capital changed from 5,382,845 DKK to 5,400,000 DKK
- AccountsAnnual report for 2021 published
- CapitalShare capital changed from 5,205,270 DKK to 5,382,845 DKK
20218 changescapital 1 · management 6 · accounts 1
- CapitalShare capital changed from 5,205,269 DKK to 5,205,270 DKK
- ManagementPaul Michael Dobson appointed board member
- ManagementJan Louise Laishley stepped down as board member
- AccountsAnnual report for 2020 published
- ManagementSarbjot Sidhu appointed board member
- ManagementJan Louise Laishley appointed board member
- ManagementRobert Randall MacEwen appointed chair of the board
- ManagementAnthony Robert Guglielmin stepped down as chair of the board
20177 changesmanagement 3 · ownership 4
- ManagementJesper Thomas Holmegaard Themsen appointed board member
- ManagementPreben Tolstrup stepped down as board member
- ManagementOliver Finn Decarle McFall stepped down as board member
- OwnershipBallard Power Systems Inc registered as owner (100%)
- OwnershipBallard Power Systems Europe A/S is no longer registered as owner
- OwnershipDansk Industri Invest A/S is no longer registered as owner
- OwnershipBallard Power Systems Inc is no longer registered as owner
20165 changesname 1 · management 4
- NameName changed from DANTHERM POWER A/S to Ballard Power Systems Europe A/S
- ManagementKevin Michael Colbow appointed board member
- ManagementSteven William Karaffa stepped down as board member
- ManagementPreben Tolstrup appointed board member
- ManagementTorben Duer stepped down as board member
20154 changescapital 1 · ownership 2 · management 1
- CapitalShare capital changed from 5,783,633 DKK to 5,205,269 DKK
- OwnershipBallard Power Systems Europe A/S registered as owner (5%)
- OwnershipBeijing Azure Hydrogen Energy Science & Tech Corp is no longer registered as owner
- ManagementXun Zhang stepped down as board member
20144 changesmanagement 4
- ManagementSteven William Karaffa appointed board member
- ManagementJohn William Sheridan stepped down as board member
- ManagementAnthony Robert Guglielmin appointed chair of the board
- ManagementJohn William Sheridan appointed board member
20138 changesmanagement 3 · capital 2 · ownership 3
- ManagementXun Zhang appointed board member
- ManagementHongwei Mao stepped down as board member
- CapitalShare capital changed from 5,783,533 DKK to 5,783,633 DKK
- OwnershipDansk Industri Invest A/S registered as owner (33.33%)
- OwnershipBallard Power Systems Inc registered as owner (50%)
- OwnershipBeijing Azure Hydrogen Energy Science & Tech Corp registered as owner (10%)
- ManagementHongwei Mao appointed board member
- CapitalShare capital changed from 5,205,179 DKK to 5,783,533 DKK
20122 changesmanagement 2
- ManagementNiels Peter Christiansen stepped down as board member
- ManagementMichael William Goldstein stepped down as board member
20114 changesmanagement 3 · industry 1
- ManagementOliver Finn Decarle McFall appointed board member
- ManagementJesper Thomas Holmegaard Themsen appointed ceo
- ManagementPer Albæk stepped down as ceo
- IndustryIndustry changed to Manufacture of electric motors, generators and transformers (271100)
201012 changescapital 2 · management 10
- CapitalShare capital changed from 4,009,960 DKK to 5,205,179 DKK
- ManagementTorben Duer appointed board member
- ManagementPoul Arne Jensen stepped down as board member
- ManagementNiels Peter Christiansen appointed board member
- ManagementStig Poulsen stepped down as board member
- CapitalShare capital changed from 1,500,000 DKK to 4,009,960 DKK
- ManagementPer Albæk appointed ceo
- ManagementMichael William Goldstein appointed board member
- ManagementStig Poulsen appointed board member
- ManagementPoul Arne Jensen appointed board member
- ManagementBrian Thrane stepped down as board member
- ManagementMikael Andersen stepped down as board member
20091 changeaddress 1
- AddressMoved to Majsmarken 1, 9500 Hobro
20084 changesmanagement 2 · capital 1 · industry 1
- ManagementBrian Thrane appointed board member
- ManagementNils Rosenkrands Olsen stepped down as board member
- CapitalShare capital changed from 1,000,000 DKK to 1,500,000 DKK
- IndustryIndustry changed to Manufacture of non-domestic cooling and ventilation equipment (282500)
20076 changesmanagement 4 · capital 1 · founded 1
- ManagementNils Rosenkrands Olsen appointed board member
- ManagementBjarke Brøns stepped down as board member
- CapitalShare capital changed from 500,000 DKK to 1,000,000 DKK
- FoundedRegistered as DANTHERM POWER A/S
- ManagementMikael Andersen appointed board member
- ManagementBjarke Brøns appointed board member
Related companies
Same people in management
- Danfoss A/Svia Per Albæk
- Dantherm Denmark A/Svia Bjarke Brøns
- Desmi Pumping Technology A/Svia Bjarke Brøns
- Disa Industries A/Svia Torben Duer
- Creativ Company A/Svia Per Albæk
- CRH Products A/Svia Per Albæk
Largest in the industry
- Zeppelin Danmark A/SDKK 315.3m
- Swire Renewable Energy A/SDKK 254.8m
- Ven-to ApSDKK 146.2m
- Connected Wind Services Danmark A/SDKK 98.9m
- Muehlhan Wind Service A/SDKK 59.1m
- KK Partner A/SDKK 57.4m
Source and updates
The information comes from the Danish Central Business Register (Danish Business Authority) and from annual reports filed with the Danish Business Authority. Last synchronised 24/10/2026.