HydrogenPro ASA

Investor Presentation • Sep 12, 2024

Pareto Securities' Energy Conference

11-12 September 2024

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HydrogenPro is a global provider of market-leading, largescale green hydrogen technology & systems

THE WORLD'S LARGEST ELECTROLYZER

• 5.5 MW single stack suitable for renewable energy input
• A modular system that can be scaled to any size for large-scale industrial applications
• Pressurized hydrogen ready for industrial use

GAME-CHANGING ELECTRODE TECHNOLOGY

• Significant lower energy need for same H2 output
• Reduced cooling water need
• Reduced OPEX from H2 production

Market-leading levelized cost of hydrogen

Serving industrial applications and hard-to-abate sectors

• 5.5 MW single stack suitable for renewable energy input
• Modular system that can be scaled to any size for large-scale industrial applications
• Pressurized hydrogen ready for industrial use

Selected industries

Power-to-gas	Steel production	Refinery decarbonization	Synthetic fuel	Balancing the grid	Fertilizer / ammonia
 Transports 10-20x more energy than electrical cable  Can be converted to accomodate hydrogen at a minimal cost	 Replacing coal with green hydrogen could significantly reduce carbon emissions by up to 90%	 ~50% of current hydrogen production is used by refineries  Refinery companies are focusing on green hydrogen to reduce their CO2 footprint	 Sustainable Aviation Fuel results in up to 85% lower lifecycle greenhouse gas emissions versus conventional jet fuel	 Convert surplus energy into hydrogen and back into electricity when needed	 ~40% of Europe's hydrogen production is consumed for ammonia production, primarily as fertilizers

Transformational growth since IPO in October 2020

1. 31 December 2020

HydrogenPro delivers 2 of the 10 largest projects (excl. China) estimated to come online in 2025

(Electrolyser capacity MW p.a.)

Source: IEA "Hydrogen production projects" database

HydrogenPro – among top industry leaders

Source: VNZ Insights, Company websites, reports and press releases.

1. Firm orderbook includes projects which have reached FID or where purchase order has been given while Non-firm orderbook includes pipeline in advanced FEED stages or where project has received funding increasing probability of realisation. Orderbook does not includes Framework Agreements & MoU; Credit to the players for the logos.

A scalable and flexible business model with recurring revenues

Global presence with expansion opportunities

Pillars of HydrogenPro's global fabrication strategy

Develop organizational flexibility to serve each individual region

Through HydrogenPro's own manufacturing sites and sales offices, joint ventures, licensing agreements as well as through other partnership structures

Dynamic, flexible supply chain and logistics

Current manufacturing and production strategy enables development of local supply chains, secure service and aftersales, reduced shipping cost, tolls and fees, as well as securing national political support

Substantial expansion possibilities across the globe

Planning to expand European footprint through partnership agreements

Manufacturing capacity of 3rd generation technology increased to 350 MW p.a. – operational in Q1 2025

• › Optimization work conducted
  • Increase number of flight bars
  • Increase drying positions evt. Baths
  • Evaluate the process time in each bath
  • Evaluate the use of the control system
• › Annual capacity increased to approx. 350 MW
• › No extra investment beyond total capex of NOK 70 million
• › On-going work for even further capacity expansions
• › Operational in Q1 2025

500 MW manufacturing site – Tianjin

Key facility facts

Modern electrolyzer manufacturing facility in Tianjin

Established in 2021. Specializes in manufacturing and assembly of hydrogen systems, including steel systems structures and high-pressure piping

Substantial value-add to the Group

Tianjin facility brings significant system assembly capacity and valuable industry know-how, complementing the existing capabilities, improving control of the value chain and accelerating time to market

Positioning HydrogenPro to meet growing demand

500 MW manufacturing capacity with flexibility to adapt to increasing production demand and dynamic needs

Proven track record of facility scalability

Tianjin facility has demonstrated ability to scale up production from 300 MW to 500 MW

Market-leading capex per MW

Cost-efficient production of key components throughout the value chain enables HydrogenPro to increase output levels and scale production while maintaining sustainable margins

Production Data System

Full traceability of all aspects of components, processes and products, by use of QR / bar-codes and scanners, real-time insight into quality and production parameters, paper-less production, cloud-based database (Amazon), flexible and scalable system

Tianjin

Winning the publicly funded Salzgitter project proves the strength in our business model

SALZGITTER PROJECT

SIZE & USE	• 100 MW • Green steel production
PUBLIC FUNDING	• The first development stage of SALCOS receives around € 700 million in federal funding and € 300 million from the state government. Approved by the EU Commission in accordance with the subsidy regulations.
SCOPE	• Electrolyser stacks Partly 3rd • generation technology
DELIVERY MODEL	• Design and engineering by HydrogenPro in Norway • Electrodes manufactured at HydrogenPro's facility in Aarhus, Denmark • Manufacturing of cell stack components at HydrogenPro's faciltiy in Tianjin, China • Assembly and stacking in Erfurt, Germany • Installation and commissiong at Salzgitter's project site in Germany
NEXT STEPS	• Manufacturing to be completed in Sep/Oct 2024 • Installation and commissioning in 2025

Large global sales pipeline

Note: All numbers exclude DG Fuels 1. Value is equivalent to €9.9bn and €2.2bn.

HydrogenPro's superior positioning vs. other technologies

HydrogenPro is trailblazing the electrolyzer technology revolution

Key investment highlights

Vast TAM and massive growth potential for green H2 underpinned by secular tailwinds Favorable government policies provide critical support; new end markets unlock a bigger TAM for green H2

HydrogenPro's 3rd-generation technology drives significant LCOH reductions Technology developed for 10+ years with extensive R&D efforts

Substantial commercial traction with ACES hub and ANDRITZ contracts Manufacturing for 220MW ACES project completed; 100MW ANDRITZ project in progress

Manufacturing capacity in place to service demand today with plans to expand globally Existing 500MW capacity in China; investing in electrode capacity in Denmark

Scalable business model positioned to grow Recurring revenue and optimized production systems

World-class leadership team with deep industry knowledge Management team brings valuable insights and execution capabilities in the hydrogen sector

Market leading global provider of large-scale green hydrogen technology & systems