Pure Performance Pure Efficiency Pure Power
Pareto Securities' 26th annual Power & Renewable Energy Conference
18 January 2024
Disclaimer
This presentation contains forward-looking statements and information, including assumptions, opinions and views of the Company or third-party sources, and are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forwardlooking statements or information. The Company does not provide any assurance that the assumptions underlying such statements or information are free from errors nor accept any responsibility for the future accuracy of opinions expressed herein or as part of the Information, or the actual occurrence of forecasted developments.
HydrogenPro is a global provider of market-leading, largescale green hydrogen technology & systems
The world's largest electrolyser
- 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
- Pressurised hydrogen ready for industrial use
Game-changing electrode technology
- 14% lower electricity need for same H2 output
- Reduced cooling water need
- Reduced OPEX from H2 production
Market-leading levelised cost of hydrogen
HydrogenPro targets industrial applications and hard-to-abate sectors – enables the energy transition through hydrogen
Revenues, gross profit, and Adj. EBITDA
UNAUDITED FIGURES
- Revenues are up 61% from last quarter and >14x same quarter last year
- Outlook: HydrogenPro to recognise ~90% of the ACES contract revenues (>\$50M) by the end of 2023 - with a positive project margin
Revenues Gross profit Adj. EBITDA
- COGS increased in the quarter following variation orders and writedowns of obsolete goods due to temporarily challenges in manufacturing process
-
Gross margin of 10.2% percent in Q3, 14.6% year to date
-
Personnel expenses increased due to an increase in number of employees and increased social security and pension costs
- Other OPEX impacted by:
- Recognition of R&D grants
- Warranty provisions of NOK 11.5 million
Four strategic pillars to become #1 provider of large-scale green hydrogen technology & systems
Completed manufacturing of the world's largest (220MW) electrolyser purchase order
ACES1 hub provides a complete end-to-end solution to produce, store, and convert renewable hydrogen to support carbon-free year-round power for Western US
THE CONTRACT
- >50\$M contract value for 220MW electrolysis plant
- In addition: a 10-year service and support agreement
- High-pressure alikaline electrolysers, suitable for renewable energy input
DELIVERY MILESTONES
April 2022 – firm purchase order signed
- August 2023 first batch of equipment delivered on site
- December 2023 manufacturing process completed
- H2 2024 Installation and commissioning
HydrogenPro electrolysers at the ACES project site in Utah, US
ACES HUB, Delta (Utah)
1) Advanced Clean Energy Storage
Delivering 100MW (18 electrolysers) to Andritz for low-CO2 steel production at Salzgitter, Germany
- The confirmed Purchase Order equals 18 of HydrogenPro's 5.5 MW cell stacks (100 MW)
- ANDRITZ will build a 100 MW electrolysis plant at the Salzgitter Flachstahl GmbH site on an EPC basis, incorporating pressurized alkaline electrolyzer technology from HydrogenPro
- First stage of project expected to be operational by 2026. Manufacturing during H1 2024
Salzgitter
Building a global brand
Efficient manufacturing of high quality products meeting international standards
International certifications
- ASME
- ISO9001
- ISO 14001
- ISO 45001
Manufactured in line with international standards
- ASME (US)
- EN, CE (Europe)
- KHK (Japan)
Advanced Production Data System
- Full traceability of all aspects of components, process 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
Delivering to projects across geographies and industries
HydrogenPro technology leadership
|
PEM |
Alkaline |
Alkaline |
|
|
|
High-pressure |
Atmospheric
pressure |
High-pressure |
|
3
rd
Gen |
| Plant efficiency |
Low |
Medium |
Medium |
|
High |
Suitable for renewable
energy input |
Yes |
No |
Yes |
|
Yes |
| Cooling need |
High |
Medium |
Medium |
|
Low |
| Use of noble materials |
Yes |
No |
No |
|
No |
High pressure on O
2 |
Medium |
No |
Yes |
|
Yes |
HydrogenPro's 3 rd Gen electrode technology increases efficiency and reduces OPEX
Levelised cost of hydrogen
Advanced electrodes is a game changer for production of green hydrogen
- HydrogenPro's 3 rd Gen technology reduces consumption of electricity by 14%
- Increasingly higher advantage with high energy prices
- Significant reduction of cooling water need
14% OPEX savings of 3rd Gen technology equals saving of > 50% of capital cost @ USD 20/MWh electricity price
Taking a leading role in the global electrolyser industry
Large-scale
track
record |
Completed
manufacturing
of
world's
largest
(220MW) purchase
order
✓
✓
Awarded 100 MW purhcase
order with
Andritz, to be manfucatured
H1 '24 |
Technology
frontrunner |
✓
Strong
focus
on
technology
leadership
with
next
generation
electrolyser
technology |
Positioned
for rapid
growth |
✓
Focused strategy and technology offering to scale up fast with no
dependence on noble metals |
| Global presence |
✓
Building a global brand seeking to optimize global supply chain
competitiveness |
Cost
competitiveness |
✓
Focused capital deployment plan & global cost competitiveness:
positioned to generate industry-leading returns |
Significant
market
opportunities |
Momentum building up with several FEED studies currently.
✓
A very clear market trend with increased demand for large-scale offerings.
✓ |
provider of large-scale green hydrogen technology & systems