CVRdatabase
Menu

IRD Fuel Cells A/S

Public limited companyCVR 14689605Odense SØActive

IRD Fuel Cells A/S is a public limited company, based in Odense SØ, active in research and experimental development on natural sciences and engineering, founded in 1990. The company made a loss in both 2024 and 2025, most recently DKK 107.7m. With 35 employees, the company is about 7 times larger than the industry median. Equity grew to DKK 244.1m in 2025.

Follow
PDF reportCompare

Key figures · financial year 2025

Gross profitDKK 23.8m−14.2% vs. 2024
Net profit−DKK 107.7m−444.8% vs. 2024
EquityDKK 244.1m+20.6% vs. 2024
Employees35latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • Gross profit fell 14% (2024 → 2025), to DKK 23.8m.
  • The loss grew: from DKK 19.8m to DKK 107.7m (2024 → 2025).
  • Equity rose 21% (2024 → 2025), to DKK 244.1m.

Employees

  • 46 fewer employees than a year earlier: 35 (08/2026) against 81 (08/2025).

Management and owners, last 24 months

  • New in management: Sheng Xu (chair of the board, 12/02/2025), Feng Xu (board member, 12/02/2025) and Gang LI (board member, 12/02/2025) (+7).
  • Stepped down: Madeleine Odgaard (ceo, 28/10/2025), Xiaodong Wang (chair of the board, 11/02/2025) and Madeleine Odgaard (board member, 20/10/2025) (+7).

Registrations, last 24 months

  • 21/03/2025: Share capital changed from 109,691,035 DKK to 127,321,035 DKK
  • 28/01/2025: Share capital changed from 105,791,035 DKK to 109,691,035 DKK
  • 01/01/2025: Industry changed to Research and experimental development on natural sciences and engineering (721000)

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 thousand

Equity and net profit

−DKK 150m−DKK 100m−DKK 50mDKK 0DKK 50mDKK 100mDKK 150mDKK 200mDKK 250m202020212022202320242025
EquityNet profit
Financial figures for IRD Fuel Cells A/S
202020212022202320242025Change
Revenuenot statednot statednot statednot statednot statednot stated–
Gross profit−5,815−4,53723,99823,30027,76423,835−14.2%
Operating profit (EBIT)−21,456−26,246−2,101−5,360−9,201−42,381−360.6%
Profit before tax−24,014−27,577−5,815−17,092−22,796−111,535−389.3%
Net profit−24,014−27,577−20,129−17,056−19,765−107,685−444.8%
Total assets72,839133,669297,214374,650406,042319,588−21.3%
Equity45,901118,324206,134219,977202,428244,102+20.6%
Liabilities26,93715,34591,079154,673203,61575,486−62.9%
Cash and cash equivalents12,31755,54259,60927,59721,59718,346−15.1%
Average number of employees363636707079+12.9%

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

−DKK 10m−DKK 5mDKK 0DKK 5mDKK 10mDKK 15mDKK 20mDKK 25mDKK 30m202020212022202320242025
Gross profitMedian, the industry (431 companies)

Signals from the financial statements

calculated from the 2025 figures

  • Loss 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.

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
Annual reports for IRD Fuel Cells A/S
Financial yearPeriodPublishedFigures forDocuments
202501/01/2025 – 31/12/202523/07/2026The companyPDF not statedXBRL
202401/01/2024 – 31/12/202415/07/2025The companyPDFXBRL
202301/01/2023 – 31/12/202314/07/2024The companyPDFXBRL
202201/01/2022 – 31/12/202203/07/2023The companyPDFXBRL
202101/01/2021 – 31/12/202130/06/2022The companyPDFXBRL
202001/01/2020 – 31/12/202010/06/2021The companyPDFXBRL

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 CVR
02040608010009/2310/2311/2312/2301/2402/2403/2404/2405/2406/2407/2408/2409/2410/2411/2412/2401/2502/2503/2504/2505/2506/2507/2508/2509/2510/2511/2512/2501/2602/2603/2604/2605/2606/2607/2608/26
Employees

Position in the industry

431 companies in the database

Comparison with the other companies in research and experimental development on natural sciences and engineering based on the latest financial year.

Gross profitDKK 23.8mNo. 49 of 421
Better than 89% of the companies in the industry
EquityDKK 244.1mNo. 17 of 431
Better than 96% of the companies in the industry
Number of employees35No. 26 of 431
Better than 94% of the companies in the industry

Industry median: gross profit DKK 616k, net profit −DKK 892k, equity DKK 2m, 5 employees.

DKK 100kDKK 2.5mDKK 63.4mDKK 1.6bnDKK 13.7bnHere
Distribution of gross profit for 250 companies in the industry (latest financial year, logarithmic scale). Amber bar: where this company sits.

Compared with similar companies

size, age and company form
Rank among similar companies
GroupGross profitEquity
Companies with 20–49 employees9,922 companies in the comparison
No. 2,126of 9,892
Better than 79%
No. 172of 9,922
Better than 98%
Same industry and 20–49 employees64 companies in the comparison
No. 11of 62
Better than 84%
No. 6of 64
Better than 92%
Companies that are at least 30 years old10,276 companies in the comparison
No. 2,501of 10,152
Better than 75%
No. 672of 10,275
Better than 93%
All companies of type A/S18,025 companies in the comparison
No. 5,207of 17,786
Better than 71%
No. 1,239of 18,024
Better than 93%

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

Research and experimental development on natural sciences and engineering
Gross profit
  1. IRD Fuel Cells A/SDKK 23.8m
  2. Carlsberg A/SDKK 40.2bn
  3. Zealand Pharma A/SDKK 9.2bn
Net profit
  1. IRD Fuel Cells A/S−DKK 107.7m
  2. Carlsberg A/SDKK 7bn
  3. Zealand Pharma A/SDKK 6.5bn
Equity
  1. IRD Fuel Cells A/SDKK 244.1m
  2. Carlsberg A/SDKK 30.7bn
  3. Zealand Pharma A/SDKK 14.8bn
Employees
  1. IRD Fuel Cells A/S35
  2. Carlsberg A/S107
  3. Zealand Pharma A/S569

Latest financial year per company. Choose up to three companies from the largest in the industry.

Owners and group

from the Public Ownership Register
Owners
  • Weifu Holding ApS100%
IRD Fuel Cells A/S

Management

7 active registrations

Executive management

Executive management at IRD Fuel Cells A/S
NameRoleAppointed
Liangyu CaoCEO12/01/2026

Board of directors

Board of directors at IRD Fuel Cells A/S
NameRoleAppointed
Sheng XuChair of the board12/02/2025
Feng XuBoard member12/02/2025
Gang LIBoard member12/02/2025
Liangyu CaoBoard member12/02/2025
Shi HuiBoard member20/10/2025
Hui XUBoard member20/10/2025
Founders
A/S Pse Nr. 1680
Former management (52)
Former management at IRD Fuel Cells A/S
NameRoleAppointedResigned
Frederik Lønborg CroneBoard member01/08/199027/10/1998
Caj Eric CarstensDirector01/08/199029/02/1996
Per Emil Hasselbalch StakemannDirector01/08/199005/07/1991
Ulla ØhlenschlægerBoard member01/08/199025/08/1998
Jørgen Grønlund NielsenBoard member29/02/199622/04/1997
Leif Pilgaard MøllerBoard member29/02/199622/04/1997
Christian Foldberg RovsingBoard member29/02/199622/04/1997
Arne GillinBoard member29/02/199622/04/1997
John Emil EngellBoard member22/04/199727/10/1998
Birgitte Krogsgaard DanøBoard member27/10/199814/05/2007
Steen Skov StorgaardChair of the board27/10/199831/08/2005
John Oswald ThomasBoard member22/10/200114/05/2007
Morten StøvringBoard member23/08/200401/10/2014
Morten RiisCEO01/12/200528/11/2008
Arne KnudsenBoard member28/04/200614/05/2007
Søren Henrik Nielsen RathmannChair of the board14/05/200724/10/2011
Arne Anton ClausenBoard member14/05/200728/11/2008
Anders Jørgen BankeBoard member14/05/200701/10/2014
Jørgen Schjerning LundsgaardCEO28/11/200831/03/2009
Bent AgerholmBoard member28/11/200801/10/2014
Bjørn ThorsenDirector01/04/200929/02/2012
Knud Bent Steen LarsenChair of the board24/10/201113/06/2017
Theiss Ditlev StenstrømCEO01/03/201226/11/2018
Jørgen Schjerning LundsgaardDeputy chair18/09/201301/10/2014
Thorkild Steen SørensenBoard member18/09/201301/10/2014
Tommy LykkegaardBoard member01/10/201424/08/2017
Jens Christian SørensenBoard member01/10/201412/06/2017
Jens Christian SørensenChair of the board13/06/201701/01/2018
Pernille IversenBoard member13/06/201730/07/2018
Tommy LykkegaardDeputy chair25/08/201702/05/2018
Lars Bonderup BjørnChair of the board02/01/201826/11/2018
Jens Christian SørensenBoard member02/01/201802/05/2018
Tommy LykkegaardBoard member03/05/201826/11/2018
Jens Christian SørensenDeputy chair03/05/201831/07/2018
Pernille IversenDeputy chair31/07/201826/11/2018
Torben Ude PetersenDirector26/11/201816/04/2019
Xiao LiChair of the board26/11/201823/04/2019
Chen CongBoard member26/11/201824/04/2019
Qingxi ShiBoard member26/11/201824/04/2019
Madeleine OdgaardCEO26/11/201828/10/2025
Xiao LiBoard member24/04/201930/10/2020
Xiaodong WangChair of the board24/04/201911/02/2025
Jinjun LiuBoard member24/04/201921/02/2023
Madeleine OdgaardBoard member30/10/202020/10/2025
Gang LiBoard member30/10/202021/02/2023
Yunfeng XuBoard member30/10/202012/02/2025
Luc Ghislain WantenBoard member21/02/202312/02/2025
Dajun DongBoard member21/02/202312/02/2025
Sheng XuBoard member21/02/202311/02/2025
Xiaodong WangBoard member12/02/202520/10/2025
Shi HuiCEO28/10/202512/01/2026
Liangyu CaoDirector28/10/202511/01/2026

Signing rule: Selskabet tegnes af formanden, af formanden og et andet bestyrelsesmedlem, af formanden sammen med en direktør eller af den samlede bestyrelse

Address and production units

2 active production units

Emil Neckelmanns Vej 15A
5220 Odense SØ

Odense Municipality · Postcode 5220

Production units
Production unitAddressEmployeesP number
IRD Fuel Cells A/SEmil Neckelmanns Vej 15A, Fraugde, 5220 Odense SØ351020307869
IRD Fuel Cells A/SC.F. Tietgens Boulevard 22, 5220 Odense SØ–1029837070

Purpose

Selskabets formål er at producere og levere komponenter og/eller brændselsceller og/eller beslægtede komponenter og systemer og hertil knyttede teknologiske og kommercielle ydelser og, at udøve rådgivning, forskning og anden eksperimentel udvikling inden for brændselscelleteknologi at være interessent eller aktionær i øvrige selskaber beskæftiget hermed, og at drive al form for virksomhed, hvor virksomhedens viden og kompetencer kan udnyttes for derigennem at skabe forretningsmæssig værdi. Selskabsaktiviteterne kan udøves i såvel indland som udland.

The purpose is quoted from the register in Danish.

Changes year by year

158 registered events
20264 changesaccounts 1 · management 3
  • Annual report for 2025 published
  • Liangyu Cao appointed ceo
  • Shi Hui stepped down as ceo
  • Liangyu Cao stepped down as director
202521 changesmanagement 17 · accounts 1 · capital 2 · industry 1
  • Liangyu Cao appointed director
  • Shi Hui appointed ceo
  • Madeleine Odgaard stepped down as ceo
  • Hui XU appointed board member
  • Shi Hui appointed board member
  • Xiaodong Wang stepped down as board member
  • Madeleine Odgaard stepped down as board member
  • Annual report for 2024 published
  • Share capital changed from 109,691,035 DKK to 127,321,035 DKK
  • Gang LI appointed board member
  • Liangyu Cao appointed board member
  • Xiaodong Wang appointed board member
  • Feng Xu appointed board member
  • Sheng Xu appointed chair of the board
  • Dajun Dong stepped down as board member
  • Luc Ghislain Wanten stepped down as board member
  • Yunfeng Xu stepped down as board member
  • Sheng Xu stepped down as board member
  • Xiaodong Wang stepped down as chair of the board
  • Share capital changed from 105,791,035 DKK to 109,691,035 DKK
  • Industry changed to Research and experimental development on natural sciences and engineering (721000)
20241 changeaccounts 1
  • Annual report for 2023 published
20238 changesaddress 1 · accounts 1 · capital 1 · management 5
  • Moved to Emil Neckelmanns Vej 15A, Fraugde, 5220 Odense SØ
  • Annual report for 2022 published
  • Share capital changed from 101,080,000 DKK to 105,791,035 DKK
  • Dajun Dong appointed board member
  • Sheng Xu appointed board member
  • Luc Ghislain Wanten appointed board member
  • Gang Li stepped down as board member
  • Jinjun Liu stepped down as board member
20223 changesaccounts 1 · capital 2
  • Annual report for 2021 published
  • Share capital changed from 89,600,000 DKK to 101,080,000 DKK
  • Share capital changed from 86,600,000 DKK to 89,600,000 DKK
20212 changesaccounts 1 · capital 1
  • Annual report for 2020 published
  • Share capital changed from 85,600,000 DKK to 86,600,000 DKK
20207 changesmanagement 4 · ownership 3
  • Gang Li appointed board member
  • Yunfeng Xu appointed board member
  • Madeleine Odgaard appointed board member
  • Xiao Li stepped down as board member
  • Weifu Holding ApS registered as owner (100%)
  • FCCT ApS is no longer registered as owner
  • Weifu Holding ApS is no longer registered as owner
201912 changescapital 2 · management 7 · ownership 3
  • Share capital changed from 41,600,000 DKK to 85,600,000 DKK
  • Share capital changed from 2,000,000 DKK to 41,600,000 DKK
  • Xiaodong Wang appointed chair of the board
  • Jinjun Liu appointed board member
  • Xiao Li appointed board member
  • Qingxi Shi stepped down as board member
  • Chen Cong stepped down as board member
  • FCCT ApS registered as owner (33.33%)
  • Weifu Holding ApS registered as owner (50%)
  • Xiao Li stepped down as chair of the board
  • FCCT ApS is no longer registered as owner
  • Torben Ude Petersen stepped down as director
201826 changesaddress 2 · name 1 · management 19 · ownership 4
  • Moved to Emil Neckelmanns Vej 15A, Fraugde, 5220 Odense SØ
  • Name changed from EWII Fuel Cells A/S to IRD Fuel Cells A/S
  • Torben Ude Petersen appointed director
  • Madeleine Odgaard appointed ceo
  • Qingxi Shi appointed board member
  • Chen Cong appointed board member
  • Xiao Li appointed chair of the board
  • Pernille Iversen stepped down as deputy chair
  • Tommy Lykkegaard stepped down as board member
  • Lars Bonderup Bjørn stepped down as chair of the board
  • Theiss Ditlev Stenstrøm stepped down as ceo
  • FCCT ApS registered as owner (100%)
  • EWII A/S is no longer registered as owner
  • Pernille Iversen appointed deputy chair
  • Jens Christian Sørensen stepped down as deputy chair
  • Pernille Iversen stepped down as board member
  • EWII A/S registered as owner (100%)
  • EWII A/S is no longer registered as owner
  • Jens Christian Sørensen appointed deputy chair
  • Tommy Lykkegaard appointed board member
  • Jens Christian Sørensen stepped down as board member
  • Tommy Lykkegaard stepped down as deputy chair
  • Moved to Emil Neckelmanns Vej 15A, Fraugde, 5220 Odense SØ
  • Jens Christian Sørensen appointed board member
  • Lars Bonderup Bjørn appointed chair of the board
  • Jens Christian Sørensen stepped down as chair of the board
20176 changesmanagement 6
  • Tommy Lykkegaard appointed deputy chair
  • Tommy Lykkegaard stepped down as board member
  • Jens Christian Sørensen appointed chair of the board
  • Pernille Iversen appointed board member
  • Knud Bent Steen Larsen stepped down as chair of the board
  • Jens Christian Sørensen stepped down as board member
20163 changescapital 2 · name 1
  • Share capital changed from 8,000,000 DKK to 2,000,000 DKK
  • Name changed from IRD A/S to EWII Fuel Cells A/S
  • Share capital changed from 7,177,186 DKK to 8,000,000 DKK
20151 changeaddress 1
  • Moved to Emil Neckelmanns Vej 15A, Fraugde, 5220 Odense SØ
20149 changescapital 1 · ownership 1 · management 7
  • Share capital changed from 6,177,186 DKK to 7,177,186 DKK
  • EWII A/S registered as owner (100%)
  • Jens Christian Sørensen appointed board member
  • Tommy Lykkegaard appointed board member
  • Jørgen Schjerning Lundsgaard stepped down as deputy chair
  • Thorkild Steen Sørensen stepped down as board member
  • Bent Agerholm stepped down as board member
  • Anders Jørgen Banke stepped down as board member
  • Morten Støvring stepped down as board member
20133 changesmanagement 2 · capital 1
  • Jørgen Schjerning Lundsgaard appointed deputy chair
  • Thorkild Steen Sørensen appointed board member
  • Share capital changed from 5,777,186 DKK to 6,177,186 DKK
20122 changesmanagement 2
  • Theiss Ditlev Stenstrøm appointed ceo
  • Bjørn Thorsen stepped down as director
20113 changescapital 1 · management 2
  • Share capital changed from 4,350,186 DKK to 5,777,186 DKK
  • Knud Bent Steen Larsen appointed chair of the board
  • Søren Henrik Nielsen Rathmann stepped down as chair of the board
20101 changecapital 1
  • Share capital changed from 3,256,250 DKK to 4,350,186 DKK
20092 changesmanagement 2
  • Bjørn Thorsen appointed director
  • Jørgen Schjerning Lundsgaard stepped down as ceo
20086 changescapital 1 · management 4 · industry 1
  • Share capital changed from 3,203,750 DKK to 3,256,250 DKK
  • Bent Agerholm appointed board member
  • Jørgen Schjerning Lundsgaard appointed ceo
  • Arne Anton Clausen stepped down as board member
  • Morten Riis stepped down as ceo
  • Industry changed to Anden forskning og eksperimentel udvikling inden for naturvidenskab og teknik (721900)
20077 changescapital 1 · management 6
  • Share capital changed from 1,250,000 DKK to 3,203,750 DKK
  • Arne Anton Clausen appointed board member
  • Anders Jørgen Banke appointed board member
  • Søren Henrik Nielsen Rathmann appointed chair of the board
  • Arne Knudsen stepped down as board member
  • John Oswald Thomas stepped down as board member
  • Birgitte Krogsgaard Danø stepped down as board member
20061 changemanagement 1
  • Arne Knudsen appointed board member
20052 changesmanagement 2
  • Morten Riis appointed ceo
  • Steen Skov Storgaard stepped down as chair of the board
20041 changemanagement 1
  • Morten Støvring appointed board member
20011 changemanagement 1
  • John Oswald Thomas appointed board member
20001 changecapital 1
  • Share capital changed from 750,000 DKK to 1,250,000 DKK
19985 changesmanagement 5
  • Birgitte Krogsgaard Danø appointed board member
  • Steen Skov Storgaard appointed chair of the board
  • John Emil Engell stepped down as board member
  • Frederik Lønborg Crone stepped down as board member
  • Ulla Øhlenschlæger stepped down as board member
19976 changesname 1 · management 5
  • Name changed from INNOVISION R&D A/S to IRD A/S
  • John Emil Engell appointed board member
  • Leif Pilgaard Møller stepped down as board member
  • Arne Gillin stepped down as board member
  • Christian Foldberg Rovsing stepped down as board member
  • Jørgen Grønlund Nielsen stepped down as board member
19967 changesname 1 · capital 1 · management 5
  • Name changed from ULTRASONIC PROCESSING SYSTEMS ApS to INNOVISION R&D A/S
  • Share capital changed from 80,000 DKK to 750,000 DKK
  • Leif Pilgaard Møller appointed board member
  • Arne Gillin appointed board member
  • Christian Foldberg Rovsing appointed board member
  • Jørgen Grønlund Nielsen appointed board member
  • Caj Eric Carstens stepped down as director
19912 changesname 1 · management 1
  • Name changed from ApS SPKR 4 NR. 3211 to ULTRASONIC PROCESSING SYSTEMS ApS
  • Per Emil Hasselbalch Stakemann stepped down as director
19905 changesfounded 1 · management 4
  • Registered as ApS SPKR 4 NR. 3211
  • Caj Eric Carstens appointed director
  • Ulla Øhlenschlæger appointed board member
  • Per Emil Hasselbalch Stakemann appointed director
  • Frederik Lønborg Crone appointed board member

Related companies

Same industry in Odense

See all →

Same people in management

Largest in the industry

See all →

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. The company is protected against advertising; contact details are not shown, and the data must not be used for marketing.

View in CVRReport a correction