HydrogenPro ASA

Earnings Release • May 9, 2023

Pure Performance Pure Efficiency Pure Power

Q1 2023 presentation

9 May 2023

CEO Tarjei Johansen

CFO Martin Thanem Holtet

Disclaimer

This presentation contains forward-looking statements and information, including assumptions, opinions and views of the Company or third-party sources, and are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forwardlooking statements or information. The Company does not provide any assurance that the assumptions underlying such statements or information are free from errors nor accept any responsibility for the future accuracy of opinions expressed herein or as part of the Information, or the actual occurrence of forecasted developments.

HydrogenPro is a global provider of market-leading, largescale green hydrogen technology & systems

The world's largest electrolyser

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Game-changing electrode technology

Market-leading levelised cost of hydrogen

Achievements and major developments

Revenues of NOK 83 million up 230% from Q4 2022

Building global manufacturing capacity across three continents

1 2 3 DG Fuels to start FEL 3 study in June, FID expected in early 2024

Final 1000 hours test of 3rd generation technology to be concluded in July 2023 4 5

Lab tests of 4th generation electrolyser shows higher efficiency

Global expansion well underway

Announced short-term expansion plans

Target 5 GW manufacturing capacity in 5 years

Increasing manufacturing capacity in China from 300 to 500 MW

Partnership with ANDRITZ to take a leading position in Europe

• Best-in-class green hydrogen technology & systems
• Industry-leading R&D
• Extensive engineering and project expertise

• Use HydrogenPro's technology in its EPC offering of green hydrogen solutions
• Unmatched global competence within manufacturing & assembly

Texas, US: Site selection planned by end of Q3 2023, operational by end of 2024

First big step into our top priority market: the US

• Texas selected as location after extensive strategic review
• Initial capacity 500 MW, room to scale up to several GWs
• Brownfield site enables swift ramp-up to operate in 2024
• Capital investment of MUSD 30 (minimum scope) to MUSD 50 (full scope)
• Existing pipeline in the US > 5 GW
• Build-up of US organisation ongoing

Texas is THE GREEN HYDROGEN HUB in the US¹

Fully operational manufacturing in China – progressing with contract deliveries

• First electrolyser from the upgraded manufacturing site in Tianjin, China delivered
• Manufacturing running at full current capacity of 300 MW
• Capacity to be upgraded to 500 MW by the end of Q2 2023
• Ongoing manufacturing for ACES¹ project: the world's largest green hydrogen energy hub (220 MW)

DG Fuels' FEL 3 study expected to start in June

Exclusive supplier of >800MW electrolysers for DG Fuels' Sustainable Aviation Fuel plant in Louisiana, US

1) Advanced Clean Energy Storage

Q1 2023 financials

UNAUDITED FIGURES

• Adj. gross margin of 22.9% in Q1 2023¹
• Backlog of NOK 648 million as of 31 March 2023

1) Reported gross margin of 15% in Q1 2023 . Adjusting for NOK 6.1 million in one-off R&D expenses) related to validation of the world's largest electrolyser: gross margin of 22.9% in Q1 2023.

2) Excl. non-cash impact of incentive program

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Q1 2023 financials (cont.)

UNAUDITED FIGURES

P&L outlook: Q2 – Q4 2023

• Revenues on ACES contract recognised in line with percentage of completion principle
• Step-up in revenue recognition as manufacturing activity increases
• HydrogenPro to recognise ~90% of the ACES contract revenues (>\$50M) by the end of 2023 - with a healthy project margin

Focused investments to generate industry-leading returns

Focused capital deployment plan

• Global manufacturing & assembly capacity
• Technology and innovation front-runner
• Scale-up of the organisation
• Working capital on large-scale projects

Green hydrogen is all about large scale

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High-pressure alkaline is the best suited green hydrogen technology for large-scale users

Suitable for renewable energy input – not necessary to connect to grid

Easily scalable with no use of noble materials, rare-earth elements or PFAS

No need for compressor – deliver hydrogen at minimum 15 bar

Well proven technology

Taking the lead role in the technology revolution

² World's nd generation largest electrolyser

• Core technology based on 2 nd generation technology with HydrogenPro's signifcant scale upgrades
• One scalable module: 5.5 MW single stack configuration
• Module-based to easily meet customer requirements for MW- to GW-sized projects
• Hydrogen and oxygen delivered at 15 bar
• Produces 1,100 Nm³ /h hydrogen at normal current density (100 kg hydrogen per hour)
• Market-leading efficiency of ~80%¹

Delivering BIG stuff – creating BIG impact

Next-generation electrode technology

Introducing the next technology revolution

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th generation

Technology roadmap

On track to deliver on 2023 key priorities

1) Advanced Clean Energy Storage

provider of large-scale green hydrogen technology & systems