HydrogenPro ASA

Earnings Release • May 7, 2024

HydrogenPro ASA - First quarter 2024 results

HydrogenPro ASA - First quarter 2024 results

7 May 2024 - HydrogenPro ASA (OSE: HYPRO): HydrogenPro has today reported its

financial results for the first quarter.

Achievements and highlights:

· Secured strategic NOK 82.7m investment from Andritz

· New board elected, chaired by Dag J. Opedal

· Cash balance of NOK 185 mill per 31 March 2024 (increased by NOK 24 mill

during the quarter)

· On-going preparations on Salzgitter project - planned completion of

manufacturing by Q3 2024

· Awarded compensated 300 MW FEED study in Texas, USA

· On-going feasibility study of expansion of electrode manufacturing

Financials (Q1 2023 numbers in brackets):

· Revenues NOK 4 million (NOK 83 million)

· Gross profit NOK 0 million (NOK 13 million)

· Adj. EBITDA NOK -56 million (NOK -16 million)

· Reported EBITDA NOK -56 million (NOK -17 million)

· Net result NOK -47 million (NOK -10 million)

· Order backlog NOK 445 million (NOK 648 million)

· Cash balance NOK 185 million (NOK 208 million)

Jarle Dragvik, CEO of HydrogenPro, comments: "As we see it, the overall green

hydrogen market is developing positively, albeit experiencing some project

delays. Across Europe and North America we recognize an increase in new hydrogen

projects and players in the industry are becoming more mature. HydrogenPro is

well positioned to take advantage of these developments. As the projects are

becoming larger and more complex, HydrogenPro has demonstrated its ability to

deliver on large-scale industrial projects, making the company a preferred

partner for potential customers."

For further information, please contact:

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.