Hydrogenera

Hydrogenera, operating under the formal name Green Innovation AD, is a Bulgarian-based company that has been actively developing hydrogen technologies since its establishment in 2016. The company was founded by Dragomir Ivanov, an engineer with over 16 years of expertise in the hydrogen sector, who currently serves as the CEO and holds two patents in the field. The founding team also included two other engineers, known as Bobi and Acho, who shared a vision of leveraging hydrogen to disrupt the energy status quo. Their journey began not in a formal lab, but in a Sofia parking lot, where they successfully powered a hand-assembled electrolyzer using a car dynamo, a testament to their hands-on, problem-solving approach.

The company's core business revolves around providing end-to-end hydrogen solutions, covering the entire value chain from production, compression, and storage to distribution and integration. Hydrogenera's business model is centered on delivering customized, turnkey systems rather than mass-produced products, ensuring that each solution is tailored to the specific project needs of its industrial clients for maximum efficiency. This client base primarily consists of larger polluters and industrial enterprises within sectors like food, construction, transport, and power and heating. Hydrogenera's revenue is generated through the design, manufacture, installation, and commissioning of these bespoke hydrogen systems. The firm has successfully deployed over 92 projects in countries including Bulgaria, Poland, and Turkey.

Hydrogenera specializes in alkaline electrolyzers, which are noted for their reliability and energy efficiency. The company offers two main product lines: the E Series and the Z Series. The E Series provides customized systems that produce a hydrogen-oxygen blend on-site to be integrated into conventional fuel combustion processes, thereby increasing energy efficiency. The Z Series consists of modular, containerized alkaline electrolyzers designed for scalable, high-capacity production of high-purity (99.999%) green hydrogen, suitable for industrial, transport, and Power-to-X applications. A key feature of these systems is their high efficiency of over 85% without requiring additional cooling systems. In 2022, the company further enhanced its capabilities by acquiring metal hydride technology for hydrogen storage.

The company has achieved significant financial milestones, including a €2 million funding round in late 2022 from investors like Karoll, Impetus Capital, and MFG Invest. Following this, Hydrogenera pursued an Initial Public Offering (IPO) on the Bulgarian Stock Exchange in June 2025, raising €4.07 million to expand production capacity and scale operations into Germany and Poland. The firm reported a five-fold revenue increase between 2022 and 2024, reaching nearly BGN 8 million with over BGN 1 million in pre-tax profit in 2024.

Keywords: hydrogen production, alkaline electrolyzers, green hydrogen, energy efficiency, custom energy solutions, hydrogen storage, hydrogen technology, Dragomir Ivanov, industrial decarbonization, turnkey hydrogen systems, Power-to-X, electrolysis, hydrogen for transport, renewable energy storage, modular electrolyzers, metal hydride storage, clean fuel, hydrogen economy, Bulgarian Stock Exchange, Green Innovation AD