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HydrogenPro AS (OSE: HYPRO) – Air Liquide takes complete ownership of H2V’s Normandy project

22nd of October 2021. HydrogenPro AS (OSE: HYPRO) – H2V has sold the remaining ownership of the Normandy hydrogen project, initially planned for 100MW, to Air Liquide. This transaction was announced by Air Liquide in a news release issued Wednesday evening on 20 October 2021. Consequently, H2V has formally notified HydrogenPro that the ongoing co-operation on the Normandy project will cease.

The announced transaction has no impact on HydrogenPro’s work with H2V to mature the Dunkirk green hydrogen project, also initially for 100MW. The companies continue to mature the project and a public hearing is currently ongoing locally, with final public approval expected to be given during Q1 2022.

CEO Mårten Lunde comments:”Following the announcement of Air Liquide’s purchase of 40% of the Normandy project in February 2021, the deal announced was always a possible outcome. This is of course disappointing to us, but we continue our good co-operation with H2V on the Dunkirk project as well as other opportunities in France. During the last few months, we have also matured larger and more near-term contract opportunities than the Normandy project. As such, this recent development will have only a fractional short-term impact going forward”.

For more information, please contact:
Mårten Lunde, CEO, +47 48 14 84 51, marten@hydrogen-pro.com
Martin T. Holtet, CFO, +47 92 24 49 02, martin@hydrogen-pro.com

HydrogenPro in brief:
HydrogenPro designs and supplies customized hydrogen plants in cooperation with global partners and suppliers, all ISO 9001 certified.

The Company was founded in 2013 by individuals with background from the electrolysis industry which was established in Telemark, Norway by Norsk Hydro in 1927. We are an experienced engineering team of leading industry experts, drawing upon unparalleled experience and expertise in the hydrogen and renewable energy industry.

Our core product is the alkaline high-pressure electrolyser. With the new electrode technology, we are able to increase the efficiency of each unit by 14% to reach 93% of the theoretical maximum. This is a significant step forward as the cost of electric power, depending on market prices, amounts to 70-90% of the cost of producing hydrogen, the value of such increased efficiency equals approximately the investment cost for the entire plant in a Total Cost of Operation perspective. The Company is targeting a production cost for green hydrogen of USD 1.2 per kg in 2022.

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