Green Instruments fast growth on Danish Media
A number of media in Denmark including Maritime Denmark, Electronic Supply DK, Søfart DK and Shippingwatch Denmark have written about Green Instruments' growth. Here is the article on the Maritime Denmark in English:
Fast growth in Green Instruments A/S
Green Instruments is in smooth waters with the green shipping agenda. Green Instruments develops and manufactures measuring instruments to monitor the particulate matters and other environmentally harmful emissions. The company has doubled its turnover since 2012 and now focus on its growth ambition.
From left: Rasmus Pedersen, Consultant Brønderslev, Oluf Sigh, Director of Green Instruments, and Allan Hejslet, Marine Commercial Consultant MARCOD.
The tightening of international standards and local regulations on the emissions of environmentally harmful gasses and particulate matters from marine shipping in the recent years can be clearly seen in the growth rate of Green Instruments A/S. The company produces measuring instruments to measure soot and oxygen content of the flue gas as well as sulfur particles in the exhaust gas and in the wash water from the exhaust gas cleaning systems which cleans 98 % sulfur oxides in the exhaust gas.
The increasing need for monitoring of sulfur content in the exhaust gases especially gives an advantage for Green Instruments. The turnover has been doubled since 2012 and the company had a gross profit of DKK 17.1 million in 2015. Green Instruments has 20 employees now compared with only six employees in 2008.
“We have seen a clearly increasing number of enquiries because ship owners shall document compliance with the currently regulated limits for emissions. Earlier we had an objective to double our turnover from 2012 to 2017, but it was already happened. We have therefore a growth ambition of 30 % growing per year from now to 2020” says Oluf Sigh, the Director of Green Instruments, who participates in the UN International Maritime Organization - IMO’s working group on air and water pollution to be ahead in the product development.
Green Instruments measuring equipment are designed for the maritime market. The company therefore works closely with classification societies for the product approvals. The majority of Green Instruments customers are European manufacturers that supply scrubber systems, i.e. the exhaust gas cleaning systems. The largest customer segment in the USA is the cruise industry, in which many cruise ships have installed measuring instruments on boards. Thus Green Instruments has recently opened a new sales and service office in Florida.
Future development plan
Green Instruments is among the only 30 maritime SMEs in North Jutland, which have been included in the Maritime Growth Program administered by the maritime center MARCOD in close co-operation with the local chamber of commerce. Over 100 companies have been screened to find the 30 most promising companies that can grow by 20 % in the number of employees over the next three years.
Allan Hejslet, the maritime business consultant in MARCOD say about Green Instruments potential: “With the increasing focus and the requirements for reducing emissions of the environmentally harmful substances in the shipping industry, there is no doubt that Green Instruments with their green technology products is well placed to further develop and increase its growth rate.”
Green Instruments has received DKK 112000 support from the Maritime Growth Program to get an external consultant examining the company's ambitious growth plan. It has given a great focus on product development and an increasing attention in developing the market for land-based industries at a time when oil prices affect the maritime market.
“We are clearly aware that ship owners’ incentive to install the exhaust gas cleaning systems has been slowed down since it is now significantly cheaper to buy the sulfur-free oil. So far in 2016, we are ahead of our budget. Therefore, we are not nervous, but we will of course look at the possibility to develop the market for land-based industries as well. It could be in China, where they become more aware of the environment and emissions” says Oluf Sigh the director of Green Instruments.