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HydrogenPro AS – Third quarter 2021 report and presentation

22nd November 2021. – HydrogenPro AS (OSE: HYPRO) today published its third quarter 2021 report. The company significantly increased its sales pipeline, reported a key purchase order and advanced its global fabrication strategy, gaining control of key technology and IP and setting up a production facility in Tianjin, China.

«The recently announced investment in a 75 percent-owned technology and production facility in China is a major milestone. It means we have full control over IP and core technology and that we will be ready for volume production of our highly efficient large-scale electrolysers in the second quarter of 2022. Meanwhile, we’re actively pursuing several major business opportunities, as illustrated by an active sales pipeline, which has increased by almost 70 percent in half a year,” said Elling Nygaard, CEO of HydrogenPro.

Financial highlights for the quarter (Q2 2021 in brackets):
• Revenues of NOK 8.2 million (0.1 million)
• Net profit of negative NOK 11.4 million (negative 13.1 million)
• Cash position of NOK 443.4 million (471.2 million)

In August, Mitsubishi purchased the world’s largest single-stack high-pressure alkaline electrolyser system, to be installed at Herøya Industrial Park in Norway. HydrogenPro is also working with Mitsubishi on a second development site.

A number of other key contract opportunities are moving closer to final investment decision and contract award. HydrogenPro now has an active pipeline of 8.2GW, compared to 6.9 GW at the end of the second quarter. The average size per project is 124MW.

«The significant price increase of CO2 quotas has made clear the need to decarbonize the global hydrogen production. Also, increased energy prices means a growing advantage for efficient electrolysers, and our electrolysers are substantially more efficient that current technology. In order to reach IEA’s 2050 Net Zero Emission Scenario, global electrolyser capacity must expand rapidly in the near future, and our technology fits the bill perfectly,» said Mr. Nygaard.

The third 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 Elling Nygaard and CFO Martin T. Holtet at 10:00 CET today. Link to webcast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20211122_1

For more information, please contact:
Elling Nygaard, CEO, +47 90 84 41 94, elling@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 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.

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