HydrogenPro ASA

Board/Management Information • Aug 8, 2023

HydrogenPro ASA (OSE: HYPRO) - Revised priorities in HydrogenPro ASA

HydrogenPro ASA (OSE: HYPRO) - Revised priorities in HydrogenPro ASA

HydrogenPro and Tarjei Johansen have today agreed to end their collaboration

with immediate effect due to revised priorities in the Company's strategy. The

plan for building capacity in the US stays firm, but with the current market

sentiment raising funding in the market is an unattractive proposition from a

shareholder value perspective and the Company is actively working on alternative

ways to finance the expansion.

To facilitate the new strategic direction, Tarjei Johansen will step down as CEO

and Jarle Dragvik will serve as a CEO of HydrogenPro ASA. Mr. Dragvik is the

current CEO of TM Holding AS, the Company's second largest shareholder. Mr.

Dragvik knows HydrogenPro well as he served on the Board of Directors until May

2023 and has for years been chairman of the Company's China operations. He

brings 25 years of industrial experience from companies including Norsk Hydro,

Orkla/Sapa and Norske Skog.

"The Board wishes to thank Tarjei for the collaboration during his tenure at

HydrogenPro", says Ellen Hanetho, chair of the Board of Directors of

HydrogenPro.

"I wish Jarle Dragvik and all of HydrogenPros hard working employees the very

best on the journey ahead", says Tarjei Johansen.

On this backdrop, HydrogenPro has decided to:

1. Focus efforts on the North American market and take specific actions along

two avenues:

a. Commence preparations for a possible listing at the Nasdaq stock exchange

in New York in order to secure access to a larger investor universe.

b. Build up the US management team to become a strong force in the Company´s

US strategy and thereby draw on local business development knowledge and use of

financial resources, including working with the most progressive US states.

2. Maintain HydrogenPro's position as a technology leader to generate

shareholder value by continuing to develop next generation efficient, high

pressure electrolyzers.

3. Build a competent European organization to i) take good care of local

customers and successfully develop the ANDRITZ collaboration, ii) streamline the

current production facility in China and iii) develop the Middle East markets

with local partners.

For more details about strategy and priorities, please be referred to

"HydrogenPro Extended Revised Priorities" on our home page www.hydrogen-pro.com.

For additional information, please contact:

Ellen Hanetho, Chair of the Board of Directors

Email: ellen@hanetho.com

Phone: +47 48 220 750

Jarle Dragvik, CEO

Email: jarle.d@hydrogen-pro.com

Phone: +47 911 72 734

About HydrogenPro:

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

electrolyser and supplies large scale green hydrogen technology & systems. 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.

This information is subject to the disclosure requirements pursuant to the

Market Abuse Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian

Securities Trading Act.