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HydrogenPro ASA – Second quarter 2023 results

HydrogenPro ASA – Second quarter 2023 results

Delivering strong results in technology development, revenue, and manufacturing, creating a solid foundation for further global expansion.

15 August 2023 – HydrogenPro (OSE: HYPRO): Today, HydrogenPro published its Q2 2023 report and presentation that includes a detailed description of the revised priorities.


  • Revenues of NOK 137 million, up 64% vs. Q1 2023 (NOK 83.4 million) and up >17x vs. Q2 2022 (NOK 7.8 million)
  • Gross margin of 21.6%, stable development from Q1 2023
  • Completed private placement of NOK 120 million for initial phase of US expansion
  • Test of 3rd generation technology shows results in line with expectation
  •  Manufacturing capacity increased from 300 to 500 MW
  • FEED contract with ANDRITZ on 200 MW factory, expected FID first quarter of 2024
  • DG Fuels FEL 3 study for 839 MW Louisiana plant fully financed and initiated
  • Strategic shift of CEO due to revised priorities and full focus on the US

Financials (Q1 2023 numbers in brackets)

  • Revenues of NOK 137 million (NOK 83.4 million)
  • Adj. EBITDA of NOK -4.4 million (NOK -15.8 million)
  • Net profit of NOK 6.5 million (NOK -9 million)
  • Backlog of NOK 548 million (NOK 648 million) as of 30 June 2023. Engaged in FEED studies totaling >1250 MW

“Stepping into the role as CEO during such an important time for HydrogenPro is both invigorating and inspiring”, says new CEO Jarle Dragvik. “The organization delivered an all-time high revenue of NOK 137 million in the second quarter with a gross margin of 21.6%. At the same time progress has been made on several fronts: We have increased our manufacturing capacity, the first FEED with our European partner ANDRITZ for a 200 MW factory is secured only four months after the partnership was announced and test of 3rd generation technology shows results in line with expectations.  Further we completed a NOK 120 million private placement for the initial phase of our planned US expansion. This comes at the same time as DG Fuels is reporting good momentum on their path to FID in early 2024. HydrogenPro is ready to leverage its leading technology and focus heavily on the rapidly growing green hydrogen market in the US”.

The Q2 2023 report and presentation are enclosed. A live streamed webcast presentation will be held at 10:00 CET, followed by a Q&A session with questions to be posted online during the presentation. Link to webcast: