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HydrogenPro AS – Share options

Porsgrunn, 17th November 2021. – the Board of Directors of HydrogenPro AS (the “Company”) has today resolved to increase the Company’s share capital by NOK 221.864 through the issuance of 221 864 new shares, each with a nominal value of NOK 0.001. The resolution is based on an authorisation to increase the share capital granted by the general meeting on 31 May 2021.

The new shares are issued in connection with the Company’s incentive program whereof 170 713 share options are exercised by the former Chairman of the Board, Walter Qvam. The new shares are issued at a subscription price of NOK 7.00 per share.

Following registration of the share capital increase with the Norwegian Register of Business Enterprises, the Company will have a share capital of NOK 58 028.171, divided into 58 028 171 shares, each with a nominal value of NOK 0.001.

Ellen Hanetho was appointed Chair of the Board on 18th of October 2021. With Ellen Hanetho taking the role as the Chair of the Board the non-vested options previously awarded to Walter Qvam were today resolved transferred to Ms. Hanetho, in total 337 170 share options. The strike price is set to the closing price on date of appointment i.e. 18th of October 2021 of NOK 17.24/share. The vesting period for the awarded share options is three years with expiration after four years. Reference is made to the attached notification of insider trading for further details.

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 our 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 disclosure requirements pursuant to Section 5 -12 the Norwegian Securities Trading Act.