HydrogenPro ASA

DG Fuels on track to Final Investment Decision with HydrogenPro as pre-selected supplier

HydrogenPro's collaborative partner, DG Fuels, announced on Tuesday, 25 July,

that their sustainable aviation fuel project (SAF) has been fully financed

throughout FEL3, with two Japanese companies and an undisclosed investor

securing the funding. HydrogenPro has been contracted as the supplier of

electrolyzers for the project in a potential 500 million USD deal, excluding

life cycle services.

The minimum investment-goal to cover the remaining FEED study expenses has now

been secured, and the next step following the completion of the FEED study is a

final investment decision, expected to be made early in 2024. The Louisiana

facility is expected to serve as a blueprint for several other plants to be

constructed across North America. The project has already secured one hundred

percent capacity.

Compared to conventional fuel, the use of SAF can reduce emissions by an average

of 80% and is considered more energy-efficient, providing airlines with

operational advantages in addition to environmental benefits.

"SAF will play a crucial role in decarbonizing the aviation industry,

especially as it can be blended with conventional fuel today without airlines

needing to make significant investments in engines or fuel tanks. We look

forward to delivering the green hydrogen technology that will drive the

transformation in the aviation sector and to continuing our collaboration with

DG Fuels," says Tarjei Johansen, CEO of HydrogenPro.

For additional information, please contact:

Martin Thanem Holtet, Chief Financial Officer

Phone: +47 922 44 902

Ida Eilertsen Nygård, Head of Investor Relations and ESG

Phone: +47 986 11 952

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.

AI Terminal