Topsoe, a world-leading provider when it comes to advanced technology and solutions for energy transition, announced on May 18, 2026, an updated strategic pathway for the development and commercialization of SOEC – Solid Oxide Electrolyser Cell as well as derived technologies.
This announcement comes after a Strategic Roadmap Review issued in March 2026 which concentrated on establishing the path for industrial-scale development and commercialization of SOEC technology in light of the difficult market prospects for clean hydrogen in key markets.
In the future, the company will take a look at commercialising the SOEC and derived technologies via important partnerships, targeted development initiatives, and by proving system and value chain performance and reliability by means of demonstration projects.
Topsoe will also showcase commercial-scale manufacturing capacities from its manufacturing facility based at Herning, Denmark, after which the plant will be hibernated up until demand is sufficiently high.
All near-term SOEC manufacturing operations are going to be performed in Denmark. Consequently, the company will not pursue the previously announced plans to build another SOEC factory in the US.
The new strategic direction is towards a more focused power-to-X business. Topsoe plans to initiate an organisational restructuring, which is expected to affect about 440 positions globally with a continued focus on cost base reduction in today’s general unpredictability of the global market. This is expected to primarily affect the Power-to-X business, as well as other worldwide functions, especially in Denmark. This includes planned redundancies, offshoring, and vacant positions that are not to be filled.
Topsoe will now enter into an information and consultation procedure with appropriate employee representatives in Denmark and notify employees before the end of May 2026 in accordance with Danish legal requirements.
The restructuring is expected to result in cost savings of DKK 450-550 million on a yearly basis when fully executed. A one-off restructuring cost, including the impairment of Power-to-X assets, is expected in the price range of DKK 3,500 – 3,900 million. The impairment and restructuring costs are anticipated to be booked as distinct items, mostly in the financial statements for the first half of 2026.
Topsoe has kept its full-year revenue guidance unchanged at DKK 7,600-8,400 million. The EBIT before special items margin guidance is changed to 4.0-9.0% from 0.0 to 5.0%.
According to the CEO of Topsoe, Elena Scaltritti, “The slower than expected development in targeted clean hydrogen markets, combined with global market uncertainty and general hesitation in the markets we serve, means that we must respond actively to stay profitable and competitive. Unfortunately, we expect that this will impact many dedicated and talented colleagues who have made significant contributions to our company. It is a tough but necessary decision to strengthen our position in the new market reality. Our commitment to being a technology leader in the energy transition remains. We will continue to prove the SOEC technology, progress its performance and align our investments with market development. We believe that e-fuels will be essential for a resilient, sustainable future, and our technology can be a strong enabler for that already capable of delivering 30 percent more hydrogen for the same amount of scarce, valuable renewable energy input.”