HydrogenPro ASA

HydrogenPro (OSE: HYPRO) meets the European Hydrogen Bank regulations

On September 27, 2024, the European Hydrogen Bank introduced new terms where

prospective projects will not be allowed to source more than 25 percent of

electrolyser stacks - covering surface treatment, cell unit production, and

stack assembly-from China. This week, the European Commission shared a letter

that further clarifies the regulations.

Based on dialogue with investors and analysts, HydrogenPro observes that this

has created uncertainty and has led to misunderstandings of the complex supply

chain involved in the production of electrolysers.

Therefore, HydrogenPro would like to clarify the following: HydrogenPro fully

complies with the European Hydrogen Bank's funding requirements for our European

projects. Any necessary adjustments to our supply chain will be minimal.

Jarle Dragvik, CEO of HydrogenPro ASA, comments: ''We have thoroughly analyzed

our supply chain based on the EU regulations, which includes our electrode

production in Denmark and assembly at our collaboration and EPC partner ANDRITZ

AG's site in Germany, and we are confident we will comply with all regulations."

HydrogenPro leads the global green hydrogen industry, being the exclusive

supplier for two of the largest green hydrogen projects globally. Working

closely with ANDRITZ, we will continue to deliver the largest projects in

Europe.

For further information, please contact:

Martin Thanem Holtet, CFO +47 922 44 902

About HydrogenPro:

HydrogenPro, established in 2013, specializes in pioneering green hydrogen

technology solutions in partnership with global collaborators and suppliers. Our

flagship products are high-pressure alkaline electrolysers, featuring some of

the most advanced technology available. Our team comprises highly skilled

professionals, including key experts in global hydrogen technology. Currently,

we operate R&D, sales, and manufacturing facilities across Denmark, Germany, the

US, and China, with plans for further global expansion.

Headquartered at Herøya, Norway, our proudest achievement lies in developing

cutting-edge high-pressure alkaline electrolyzers, including proprietary

electrode technology that enhances our global competitiveness. Designed for

scalability with renewable energy inputs, our electrolysers offer cost-effective

solutions crucial for enhancing sectors like wind, solar, and other renewables

in the energy transition.

Green hydrogen, as a versatile energy carrier, plays a pivotal role in advancing

the green energy shift. At HydrogenPro, we are dedicated to leading the green

hydrogen industry forward with our innovative technology and expertise, driving

towards a sustainable future.

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