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HydrogenPro AS – Fourth quarter 2021 report and presentation

15th of February 2022. – HydrogenPro AS (OSE: HYPRO) today published its fourth quarter 2021 report. The company increased its sales pipeline by 46 percent during the quarter, signed an agreement to control key technology and IP and set up a production facility in Tianjin, China.

“2021 was a transformative year for HydrogenPro. We now own world-leading electrode technology that significantly reduces the cost of producing green hydrogen. In November, we signed an agreement to acquire 75 percent of a production facility in China. With these two steps, we are now an OEM with a scalable business model where we have full control over IP and core technology for our highly efficient large-scale electrolysers. On the 3rd of February 2022, we signed one of the world’s largest electrolyser system contracts with an initial value in excess of USD 50 million. We are now preparing the company for further global up-scaling,” said Elling Nygaard, CEO of HydrogenPro.

Financial highlights for the quarter (Q3 2021 in brackets):

  • Revenues of NOK 11.1 million (8.2 million)
  • Net profit of negative NOK 16.8 million (negative 11.4 million)
  • Cash position of NOK 382.3 million (443.4 million)

HydrogenPro now has an active sales pipeline of 12.0 GW consisting of 84 projects, compared to 8.2 GW (66 projects) at the end of the third quarter. The accumulated average size per project is 143MW. For new projects in the fourth quarter, the average size was 211 MW, clearly demonstrating an increased demand for large-scale green hydrogen plants.

“During 2021, the role of green hydrogen in decarbonizing the world became even clearer. On the political side, a growing number of countries commit to renewable energy plans with hydrogen as a key component. On the business side, technological progress continues to make hydrogen electrolysers more efficient, while price increases for natural gas and CO2 quotas make grey hydrogen more expensive. This is a game changer,” said Mr. Nygaard.

The fourth quarter 2021 report and presentation are enclosed and available through (OSE: HYPRO) and 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:

About HydrogenPro:
HydrogenPro designs and supplies customized hydrogen plants in cooperation with global partners and suppliers, all ISO 9001, ISO 45001 and ISO 14001 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 disclosure requirements pursuant to the Market Abuse Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian Securities Trading Act.