HydrogenPro ASA

Earnings Release • May 9, 2023

HydrogenPro ASA - First quarter 2023 results

HydrogenPro ASA - First quarter 2023 results

9 May 2023 - HydrogenPro ASA (OSE: HYPRO) today published its Q1 2023 report and

presentation.

Highlights:

· Revenues for the quarter is NOK 83 million, up 230% from fourth quarter 2022

· In 2023, HydrogenPro has made several major decisions to establish a leading

global position, with a strong foothold on three continents:

· Initiated process to increase manufacturing capacity in China from 300 to

500 MW

· Announced plan to establish 500 MW of manufacturing capacity in Texas, US,

with an estimated investment cost of USD 30-50 million

· Entered into a strategic partnership with global EPC-supplier ANDRITZ to

collaborate on scaling up assembly and manufacturing in Europe

· The manufacturing site in Tianjin, China is fully operational and

progressing with contract deliveries

· Last 1000 hours test of 3[rd] generation electrodes to be concluded in July

2023

· Initial lab tests of 4[th] generation electrolyser show higher efficiency

and zero loss of cooling water

Financials (Q4 2022 numbers in brackets)

· Revenues of NOK 83.4 million (NOK 25.3 million)

· Reported EBITDA of NOK -17.1 million (NOK -32.2 million)

· Net profit of NOK -9.0 million (NOK -23.2 million)

· Backlog of NOK 648 million (NOK 747 million)

"The first six months here at HydrogenPro has been exciting, with multiple

milestones being reached", says CEO Tarjei Johansen. "With the Texas

announcement, ANDRITZ partnership, and China expansion, we have taken important

steps towards establishing 5 gigawatt of manufacturing capacity within the next

5 years. Our R&D team has made significant progress in the lab, and initial

tests of our newly designed 4th generation electrolyser shows very promising

results. The 3[rd] generation electrode technology is in the final test stage,

and we expect to begin manufacturing before the end of the year. Simultaneously

we are progressing with manufacturing of 220 MW electrolysers to the world's

largest green hydrogen energy hub, with revenues of NOK 83 million in the

quarter and a gross margin of 22.9%, adjusted for one-off R&D expenses."

The Q1 2023 report and presentation are enclosed. A live streamed webcast

presentation will be held at 10:00 CET, followed by a Q&A session with questions

to be posted online during the presentation. Link to webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20230509_5/

For further information, please contact:

Martin Thanem Holtet, CFO, +47 922 44 902

Ida Eilertsen Nygård, Head of Investor Relations and ESG, +47 986 11 952

ir@hydrogen-pro.com

About HydrogenPro:

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

electrolyser and supplies large scale green hydrogen technology & systems, all

ISO 9001, ISO 45001 and ISO 14001 certified. 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 Section 5

-12 the Norwegian Securities Trading Act