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HydrogenPro AS (OSE: HYPRO) – Elling Nygaard appointed new CEO of HydrogenPro

25th of October 2021. HydrogenPro AS (OSE: HYPRO) – Elling Nygaard has been appointed new CEO of HydrogenPro. Mårten Lunde, who has been CEO since the IPO in October last year, has chosen to step down.

«The Board is extremely pleased that Elling has agreed to join HydrogenPro. He brings a profound understanding of hydrogen, large-scale industrial projects and global strategic partnerships. His background within industrial sales and business development, and his broad international network in the renewable energy sector is ideally-suited for HydrogenPro as we accelerate the development of our leading hydrogen technology,» said Ellen Hanetho, Chair of HydrogenPro.

Mr. Nygaard brings a demonstrated sales and business development experience from project-oriented technology businesses, where strategic partnerships have played a central role. For more than 20 years, he has held a number of senior management positions, lately working at ABB specifically on hydrogen, including developing a global partnership with HydrogenPro. He has also held the CEO position at several technology companies. He holds an electrical engineer degree, and economy- and market management from BI.

«I am looking forward to taking on the role as CEO of HydrogenPro, which I know well as a commercial partner of ABB. HydrogenPro is uniquely positioned to take the lead in developing large-scale hydrogen plants that will be instrumental in meeting the growing demand for energy, while realizing the de-carbonization strategies of the European Union, US and Asia. I see great opportunities for HydrogenPro’s highly-scalable electrolyser technology among industrial customers, and I am eager to accelerate the company’s commercial development,» said Mr. Nygaard.

Mr. Nygaard will join HydrogenPro as CEO on 1 November 2021. At the same time Mårten Lunde will step down but will support the company during a transition phase.

Mr. Lunde comments as follows: “The past year since the IPO in October 2020 has been active. We have transformed HydrogenPro in material respects and built a competent team with significantly increased capacity. Projects are ongoing, we have started to record revenues and the company is attractively positioned for several large green hydrogen projects to play a key role in the energy transition. I am very happy that Elling, who knows HydrogenPro well, will join the team. I am confident that he will be an excellent CEO for HydrogenPro and wish him all the best,» said Mr. Lunde.

“I would like to thank Mårten for his contributions to HydrogenPro, first as CFO and later as CEO. Through his vision and clear direction, HydrogenPro has successfully raised substantial capital, transitioned to become a publicly listed company and established the foundation for further commercialization and growth,» added Ms. Hanetho.

HydrogenPro’s core products are large-scale electrolysers used to produce hydrogen for industrial applications without depending on natural gas as input. The company recently completed its new plant for the production of its proprietary next-generation technology in Denmark, and sees significant increase in its sales pipeline, with several investment decisions expected in 2021 or 2022.

For more information, please contact:
Ellen Hanetho, Chair, +47 48 22 07 50
Mårten Lunde, CEO, +47 48 14 84 51

About HydrogenPro:
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.

This information is subject to the disclose requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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