Topsoe to mothball Danish SOEC facility; cuts 440 jobs

The company will cut around 440 roles globally and take impairment and restructuring charges of $545 million-$607 million.
In view of the challenging market outlook for clean hydrogen, tech firm Topsoe has announced a revised pathway for the development and commercialisation of its Solid Oxide Electrolyser Cell (SOEC) and derived technologies.

The announcement follows a review announced in March 2026, focused on defining the path for industrial scale development and commercialisation of SOEC technology.

Going forward, the company says it will seek to commercialise the SOEC and derived technologies through exploration of key partnerships, focused development activities and by demonstrating system and value chain reliability and performance through demonstration projects.
In addition, Topsoe will prove commercial-scale manufacturing capabilities from its factory in Herning, Denmark, after which the factory will be hibernated until demand is robust.

All near-term SOEC manufacturing activities will be focused in Denmark. As a result, the company will not proceed with previously announced plans for a second SOEC factory in the US.

Combined with a continued focus on reducing the cost base in light of the current general global market uncertainty, Topsoe intends to initiate a restructuring that is expected to impact around 440 roles globally. This is anticipated to mainly impact the Power-to-X business, but also other global functions, primarily in Denmark. This includes contemplated redundancies, offshoring and vacant roles that will not be filled.

In Denmark, Topsoe will now start an information and consultation process with relevant employee representatives and will notify employees by end of May in line with Danish legal requirements.

When fully implemented, the restructuring is expected to deliver an annualised cost saving of DKK450-550 million. The company expects one-off restructuring cost, including impairment of Power-to-X assets, in the range of DKK3,500 – 3,900 million. The impairment and restructuring costs are expected to be treated as special items, the majority of which will be included in the financial results for the first half of 2026.

Topsoe maintains its full year revenue guidance of DKK 7,600 – 8,400 million. The EBIT before special items margin guidance is revised to 4.0-9.0% from 0.0-5.0%.