HydrogenPro ASA

Regulatory Filings • Oct 23, 2024

HydrogenPro awarded EUR 16.5 million grant for large scale production of next-generation electrode technology

HydrogenPro awarded EUR 16.5 million grant for large scale production of next-generation electrode technology

23 October 2024 - HydrogenPro ASA's (OSE: HYPRO) Danish subsidiary, HydrogenPro

ApS, has been awarded a grant from the EU Innovation Fund of EUR 16.5 million

for large scale production of next generation electrode technology that enables

our well established and efficient high-pressure alkaline electrolysers to

produce with industry-leading efficiency and reduce the Levelized Cost of

Hydrogen further.

"This confirms EU's commitment to the energy transition and its acknowledgement

of the importance of Hydrogen, their belief in our technology and their

commitment to supporting the development of hydrogen equipment manufacturing.

The awarded grant is a significant milestone for HydrogenPro's commercialisation

of our unique electrode technology as lever for maintaining our position as a

technology frontrunner and a positive signal to our present and future

customers", says CEO of HydrogenPro Jarle Dragvik.

The grant is a key component to financing of the H2-GIGA project and comes in

addition to the DKK 35 million awarded in May 2024 by the Export and Investment

Fund of Denmark. Combined these grants represents more than 50% of the total

investment scope for the project.

A full-scale production line is currently under installation at the R&D centre

in Denmark and is expected to be operational by Q1 2025 with 350 MW capacity

annually. The H2-GIGA large-scale factory will leverage off the experience from

the full-scale production line and be designed to deliver additional capacity of

500MW, with room to scale up significantly to meet further demand from

customers.

For further information, please contact:

Martin Thanem Holtet, CFO

+47 922 44 902

About HydrogenPro:

HydrogenPro is a technology company and an OEM for high pressure alkaline

electrolyser systems for large-scale green hydrogen plants, 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.