Mitsubishi confirms Purchase Order for 40 electrolyser systems from HydrogenPro
4th of April 2022. – HydrogenPro AS (OSE: HYPRO) announced today that the purchase contract for an initial delivery of 40 electrolyser systems from Mitsubishi Power Americas, Inc. (Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI)) has been converted into a firm purchase order.
The stock exchange notice dated 2 February 2022 announced the purchase contract for this order.
A firm purchase order has now been entered into between the parties.
The initial value of the contract exceeds USD 50 million for HydrogenPro’s scope of delivery. The engineering, procurement and construction (EPC) and other system deliverables for a turn-key electrolyser green hydrogen production plant will be supplied by other companies.
A nonrefundable commitment was made by Mitsubishi Power in February, enabling HydrogenPro to prepare for production.
“This is one of the largest electrolyser system contracts ever, and it illustrates the accelerating green energy transition currently taking place in the United States. This presents tremendous market potential for the hydrogen industry, said Elling Nygaard, CEO of HydrogenPro.
For more information, please contact:
Martin T. Holtet, CFO, +47 92 24 49 02, martin(at)hydrogen-pro.com
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.