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HydrogenPro AS – Second quarter 2021 report and presentation

Porsgrunn, 23rd of August 2021. HydrogenPro (OSE: HYPRO) reports a second quarter net loss of NOK 13.1 million.

CEO Mårten Lunde stated as follows: “During the quarter we have invested to maintain our position as a technology front-runner. This includes completion of the fabrication plant for the next-generation electrodes in Denmark – on time and on budget, our R&D test center at Herøya in Norway is now in operation and we are securing production capacity and continuing our global fabrication and supply chain plans. Our projects are maturing and we see a significant growth in our sales pipeline with projects coming closer to investment decisions.” Q2 2021 highlights:

  • Fabrication plant for next-generation electrode technology in Denmark completed – starting full-scale test production
  • Test and R&D center in operation at Herøya (Porsgrunn, Norway)
  • Securing production capacity and continuing to plan international fabrication and supply chains
  • Company’s key contract opportunities further maturing
  • Further expanding co-operation potential in France with H2V and Mitsubishi Power
  • Increasing prospect pipeline to even higher levels and projects being further matured
  • Accelerated focus on energy transition: “Fit for 55”, IPCC report, IPCEI funding, Biden initiatives etc.
  • Scaling up organization, incl. appointment of Chief Commercial Officer (starting 1 Sep 2021)
  • ISO certification process ongoing with expected completion Q4 2021
  • Robust balance sheet with cash position of NOK 471.2m as of 30th of June 2021

The second quarter 2021 report and presentation are enclosed and available through www.newsweb.no (OSE: HYPRO) and www.hydrogen-pro.com. A live streamed webcast presentation will be held by CEO Mårten Lunde and CFO Martin T. Holtet at 10:00 CET today.

Link to webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20210823_3/

For more information, please contact:
Mårten Lunde, CEO
+47 48 14 84 51
marten@hydrogen-pro.com

HydrogenPro in brief:
HydrogenPro was founded in 2013 and the Company’s principal business is to provide customised turn-key plants for large-scale production of green hydrogen to global industrial clients. The Company’s activities include design, engineering and optimization of such plants, purchasing of parts, components and sub-systems for integration into complete plants and systems for hydrogen production. The activities also include commissioning and testing of such plants before they are accepted by clients of the Company. As part of its business model, the Company will also seek to secure service and maintenance agreements related to such hydrogen production plants.

The Company aims to be a world leading designer and supplier of alkaline electrolyser technology plants and solutions that meet the highest requirements for safety, reliability and long lifetime at competitive cost.

By combining in-depth knowledge from the electrolyser industry with innovative design and technologies, HydrogenPro continuously aspire to pioneer game-changing ideas and solutions to realise and maximise new opportunities in a smarter, sustainable and hydrogen powered future. The Company has been chosen supplier for several important contracts within the large-scale segment of the electrolyser market during the last couple of years and is now preparing itself for execution of these projects. HydrogenPro will shortly embark on a program to strengthen its organisation and recruit new talent interested in building a company which offer truly sustainable energy solutions for the future.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

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