HydrogenPro ASA

HydrogenPro partner with a large contract in Finland

HydrogenPro's strategic partner, Andritz, announced yesterday that they have

entered into an agreement on a FEED study for the establishment of a significant

hydrogen factory of 200 MW in Kristinestad, Finland. The customer is Koppö

Energia, a joint venture between the German Asset Management company Prime

Capital and CPC Finland, a subsidiary of CPC Germany, which develops and

produces green energy. The FEED study will include a complete hydrogen factory,

including the high-pressure alkaline electrolyser technology of HydrogenPro.

This is the first agreement in the strategic collaboration between HydrogenPro

and Andritz.

"We are very pleased to be part of this historic agreement together with

ANDRITZ. This order is a clear sign that the industry is moving in the right

direction, also in the Nordics. We are proud to be able to contribute with our

expertise and technology to make this project a success", says CEO of

HydrogenPro, Tarjei Johansen.

HydrogenPro and the Austrian giant Andritz announced their strategic partnership

in April this year. This involves, among other things, a collaboration for the

assembly of electrolysers for the European market, as well as a possible scale

-up of production. This FEED study, which is expected to have a final investment

decision in Q1 2024, is the first project in this collaboration, and the first

step in making the companies leaders on the European market.

"We are happy that our collaboration is materialising itself so quickly, and it

shows that our technology is very competitive. We have already increased

production capacity by 66 per cent this year, and have expectations of more

European contracts", says Johansen.

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.

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