Case Study

Transformation of Green Energy Scaleup

Transformation of an engineering firm specialising in chemical energy storage applications into a global green hydrogen/ammonia project developer

Problem Statement

An innovative but loss-making engineering firm was acquired by one of the leading private equity firms in energy storage. The challenge was how to transform this entity into a profitable business with a recurring revenue stream, take advantage of the rising demand for green hydrogen/ammonia around the world and thereby support the energy transition.


The majority PE shareholders wanted to see a transformation of this loss-making engineering firm specialising in chemical energy storage after its founder stepped down as CEO. Additional funding was only approved after a new strategy had been developed and approved, and far-reaching restructuring had taken place.


A new growth strategy was developed focusing on green ammonia solutions to achieve a constant stream of base revenue. In addition, a plan was developed to acquire new business in large-scale industrial infrastructure development, resulting in asset ownership and recurring revenue streams. The strategy transformed the company from a niche engineering player to a world-leading green hydrogen/ammonia developer and investor.

Various measures and processes were implemented in order to achieve short-term profitability and a positive cash flow, such as cash flow management, funnel management, focused business development and timely invoicing.

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