Mandatory notification of transfer of shares by primary insider to closely related party
Porsgrunn, 22nd November 2021. – primary insider, Jarle Dragvik, member of the board of HydrogenPro AS, has today sold 2 200 privately owned shares, to Jardis Invest AS, a closely related party owned 60% by Jarle Dragvik and 40% by his wife, Frøydis Solberg Dragvik, at NOK 19,50/share.
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.