HydrogenPro ASA

Regulatory Filings • Jun 24, 2024

HydrogenPro investing in capacity to increase production of Gen3 electrodes

HydrogenPro investing in capacity to increase production of Gen3 electrodes

PORSGRUNN, June 24, 2024 - HydrogenPro ASA (OSE: HYPRO) to invest in a new

production line for its Gen3 electrodes. Total annual capacity will be a minimum

of 90-100 MW and the production is expected to start Q1 2025.

HydrogenPro ASA has over a long period of time developed a unique Gen3 electrode

technology that enables electrolyzers to produce with industry-leading

efficiency and reducing the Levelized Cost of Hydrogen. The new production line

will quadruple the production capacity of large electrodes.

CEO Jarle Dragvik, says in a statement that he is very pleased with the

decision. "The technology that we have developed is unique and is now ready for

commercialization. There is a very strong demand for this technology as we

experience increased request for quotation of Gen 3 electrodes.  It is therefore

a good timing for investing in order to deliver from 2025 and onward. With the

very good results we have seen testing Gen3 electrodes, we are pleased to take

this important step"

The total investment is stipulated to 70 MNOK and the experience obtained will

be very important also in the planning of a "H2-GIGA factory". Earlier this year

HydrogenPro announced the approval of a grant from the Export and Investment

Fund of Denmark for the planning also for this factory.

For further information, please contact:

Olaf Thommessen, Head of Communications & Corporate Affairs

+47 97 54 85 85

Martin Thanem Holtet, CFO

+47 922 44 902

About HydrogenPro AS:

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.