HydrogenPro ASA

M&A Activity • Apr 19, 2023

PRESS RELEASE

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.