HydrogenPro ASA

Major Shareholding Notification • Jun 21, 2023

HydrogenPro ASA - Disclosure of shareholdings

HydrogenPro ASA - Disclosure of shareholdings

Oslo, 21 June 2023: Reference is made to the stock exchange announcement

published by HydrogenPro ASA ("HYPRO" or the "Company") on 13 June 2023

regarding a PDMR notification in relation to (i) the sale of shares by Vivian

Yanjin Chen Espeseth and Richard Espeseth of 250,000 shares in a private

placement of a total of 5,250,000 new and existing shares in the Company (the

"Private Placement") and (ii) a share lending agreement pursuant to which TM

Holding AS and Richard Espeseth has lent a total of 5,000,000 shares in the

Company to Pareto Securities AS, Bryan, Garnier & Co Limited and Bryan Garnier

Securities, in order to facilitate swift settlement of the Private Placement.

The borrowed shares in the Company have today been re-delivered to TM Holding AS

and Richard Espeseth.

Following the re-delivery of borrowed shares, TM Holding AS holds 9,635,182

shares in the Company, corresponding to 15.29 % of the total number of issued

shares in the Company based on the registered share capital after issuance of

new shares in the Private Placement. In addition, TM Holding AS holds 163,005

options to subscribe for one share each in the Company. When combining the

shares and options held by TM Holding AS, this represents a total of 9,798,187

shares and rights to shares in the Company, representing a total of 15.55 % of

the total number of issued shares in the Company based on the registered share

capital after issuance of new shares in the Private Placement, thus exceeding

the 15 % disclosure threshold.

Following the share sale, the total number of shares held by Vivian Yanjin Chen

Espeseth is reduced to 3,090,238 shares, equal to 4.90 % of the total number of

issued shares in the Company based on the registered share capital after

issuance of new shares in the Private Placement, thus dropping below the 5 %

disclosure threshold.

This information is subject to the disclosure requirements pursuant to Section 5

-12, cf. Section 4-2 of the Norwegian Securities Trading Act.

For additional information, please contact:

Martin Thanem Holtet, Chief Financial Officer

Email: martin@hydrogen-pro.com

Phone: +47 922 44 902

Ida Eilertsen Nygård, Head of Investor Relations and ESG

Email: ida@hydrogen-pro.com

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.