HydrogenPro ASA

M&A Activity • Apr 19, 2023

HydrogenPro enters partnership with ANDRITZ for green hydrogen solutions in Europe

HydrogenPro enters partnership with ANDRITZ for green hydrogen solutions in Europe

OSLO/GRAZ, APRIL 19, 2023. HydrogenPro (OSE: HYPRO), a leader within green

hydrogen technology and systems, and international technology group ANDRITZ have

entered into a partnership to collaborate on scaling up manufacturing and

assembly of electrolysers for the European market.

The collaboration will bring together HydrogenPro's expertise in high-pressure

alkaline electrolyser (AEL) technology with ANDRITZ's competence in

manufacturing and assembly. This non-exclusive partnership will allow ANDRITZ to

include HydrogenPro's technology in its EPC offering of green hydrogen

solutions. HydrogenPro, as a fast-growing global green hydrogen technology

company, will be able to speed up its technology offering to the European

market.

Sami Pelkonen, Executive Vice President Green Hydrogen at ANDRITZ GROUP, states:

"ANDRITZ aims to become a leading global provider of complete green hydrogen

plants and solutions based on different electrolysis technologies. We look

forward to working with HydrogenPro to contribute to the increase in

electrolysis capacities needed to support the emerging green hydrogen economy in

Europe. Our expertise in plant engineering and turnkey projects will help us to

successfully execute complete projects for our customers."

Tarjei Johansen, CEO of HydrogenPro, adds: "This strategic partnership unlocks a

significant potential as it combines our pioneering electrolyser design and

expertise in underlying technologies with ANDRITZ's operational excellence and

experience as an EPC supplier. With this partnership HydrogenPro will have a

solid global footprint, in Europe, the US and Asia respectively. Further, it is

an important move to reach our ambition of more than 5 GW of electrolysis

capacity in five years. We look forward to building on this relationship."

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 plants, 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.

About Andritz Group:

International technology group ANDRITZ offers a broad portfolio of innovative

plants, equipment, systems, services and digital solutions for a wide range of

industries and end markets. Sustainability is an integral part of the company's

business strategy and corporate culture. With its extensive portfolio of

sustainable products and solutions, ANDRITZ aims to make the greatest possible

contribution to a sustainable future and help its customers achieve their

sustainability goals. ANDRITZ is a global market leader in all four of its

business areas - Pulp & Paper, Metals, Hydro and Separation. Technological

leadership and global presence are cornerstones of the group's strategy, which

is focused on long-term profitable growth. The publicly listed group has around

29,100 employees and over 280 locations in more than 40 countries.

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

-12 the Norwegian Securities Trading Act