Quest One initiates program to strengthen competitiveness and reduce costs

The management of Quest One has initiated a program to strengthen the company’s competitiveness, which focuses on significant cost reductions. The company is reacting to an overall tense economic situation and a ramp-up of the German and international hydrogen economy that has lagged behind expectations. The aim of the program is to increase the company’s competitiveness and to align internal capacities with the current market situation.

“The market environment will remain challenging for the foreseeable future,” said Michael Meister, CEO of Quest One. “So far, the growth of the global hydrogen economy has lagged well behind the industry’s expectations and the planned steps of the German and European hydrogen strategies. The entire industry cannot escape the resulting economic effects, and Quest One is no exception. We have to act and to take difficult decisions. With the program, we are actively strengthening Quest One’s ability to react to fluctuations in the market. We are convinced of the success of the hydrogen economy and electrolysis industry. There is no getting around green hydrogen for the decarbonization of industry. We remain firmly committed to Quest One’s target to avoid one percent of global greenhouse gas emissions by 2050 through the use of our products.”

One goal of the program is to review and optimize existing processes to increase efficiency within the company. The management assumes that the implementation of the program will result in a reduction of around 120 jobs at the company’s sites in Hamburg and Augsburg. This job reduction should be carried out without redundancies if possible.

The program will create the framework conditions for greater customer proximity, stronger competitiveness and more profitable growth. The company simplifies procedures, structures and processes. Quest One expects savings in the low to mid double-digit million range.

The management has already started discussions with the works council about the program and its impact on employees. “The current market and competitive situation call for rapid action,” said Markus Weber, CFO of Quest One. “We are in close contact with our employee representatives to find solutions. Our shared understanding is that the program is necessary and will be implemented with a balanced approach. Through the resulting focus, Quest One will emerge stronger and better equipped to face the challenges of the market.”