HydrogenPro ASA

Investor Presentation • Feb 14, 2023

Q4 2022 presentation

Tarjei Johansen, CEO Martin Thanem Holtet, CFO 14 February 2023

Disclaimer

The following applies to this document, the oral presentation of the information in this document, and any question-and-answer session that follows the oral presentation (collectively, the "Information"). By receiving and/or attending a meeting where this presentation is made and in accessing the Information, you agree to be bound by the terms and conditions and limitations set out herein. This presentation (the "Company Presentation") has been prepared by HydrogenPro ASA (the "Company").

The Company Presentation is strictly confidential and may not be reproduced, redistributed, published or passed on to any other person, directly or indirectly, in whole or in part. If this document has been received in error, it must be returned immediately to the Company.

The Company Presentation and any information provided is only preliminary and indicative and does not purport to contain the information that would be required to evaluate the Company. The Company Presentation and the Information does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company.

The Company Presentation have been prepared for the exclusive use of persons attending an oral briefing and meeting to which these materials relate given by a representative of the Company and/or persons to whom these materials have been provided directly by an authorized representative of the Company. Further, the materials are strictly confidential and by reviewing it, you acknowledge its confidential nature and agree to the terms of this notice The materials may not be copied, distributed, reproduced, published or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient, to any other person (whether within or outside such person's organization or firm) by any medium or in any form for any purpose.

No liability: The Company Presentation has been prepared by the Company. The Company does not accept any responsibility whatsoever, or make any representation or warranty, express or implied, for the contents of the Company Presentation, including its accuracy, completeness or verification or for any other statement made or purported to be made in connection therewith the Company. The information in this Company Presentation and any other material discussed is subject to change.

Any forward-looking statements contained in this Company Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts and 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 forward-looking statements. The Company does not provide any assurance that the assumptions underlying such statements 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.

Except where otherwise expressly indicated, this Company Presentation speaks as of the date set out on its cover. The delivery of this Company Presentation shall, under no circumstances, be construed to indicate or imply that there has been no change in the affairs of the Company since the date hereof. The Company does not assume any obligation to update or revise the Company Presentation or the Information.

The Company Presentation is subject to Norwegian law, and any dispute arising in respect of thereof is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as first venue.

Agenda

• I. Highlights
• II. Financials
• III. Becoming #1 provider of large-scale green hydrogen plants
• IV. Summary
• V. Appendix

I. Highlights

Quarterly highlights

Setting a new industry standard

• The initial test of the world's largest high-pressure alkaline electrolyser at the Herøya Industrial Park located in Porsgrunn, Norway is completed
• Our single 5,5 megawatt (MW) electrolyser has been validated to produce 1,100 Nm3/h hydrogen at normal current density. This equals 100 kg of pure green pressurised hydrogen per hour, which sets a new standard for the industry
• The test provides proof-of-concept that our electrolyser and gas separator technologies will produce hydrogen on a large scale
• Further testing to optimise electrolyser efficiency on-going

HQ and test center at Herøya, Porsgrunn

HydrogenPro has grown >10x since IPO (October 2020)

1) As of 7 February 2023

Strong foundation for further growth

Key priorities 2023

Final verification of 3rd Gen electrode

1) Advanced Clean Energy Storage

FEED study near completion at DG Fuels project in Louisiana - Final Investment Decision (FID) expected in 2023

• alkaline electrolysers for DG Fuels' plant in Louisiana
• 9• HydrogenPro is chosen as the supplier for high-pressure • HydrogenPro's contract with DG Fuels is worth >USD 500 million, excluding life cycle services
• DG Fuels has sold out 100% of the expected initial production at the Louisiana plant in the US >\$50m

Progressing on delivery to ACES¹ project: the world's largest green hydrogen energy hub

• 220 MW electrolysis plant
• HydrogenPro has also signed a 10-year service and support agreement
• The Advanced Clean Energy Storage Hub will use renewable energy sources
• HydrogenPro will complete the manufacturing of the electrolyser systems in H2 2023, followed by on-site work with completion in late 2024

Current footprint – building a global brand

II. Financials

Q4 2022 financials

(NOK mill)

• Q4 2022 results impacted by R&D expenses (through increased COGS), organisational build-up to deliver on purchase orders and COVID-19 measures in China
• Step-up in revenue recognition from Q1 2023 of the ACES² project (> USD 50 mill. contract value for HydrogenPro)
• Re-iterating guidance: HydrogenPro plan to recognise ~90% of the ACES project revenues by the end of 2023 with a positive margin impact
• Change in backlog is mainly impacted by negative FX fluctuations of NOK 76 mill. and recognised revenues of NOK 26 mill.

1) Excl. non-cash impact of incentive program.

2) Advanced Clean Energy Storage 13

Q4 2022 financials (cont.)

(NOK mill)

• Build-up of inventory of NOK 34 mill during the quarter for manufacturing on awarded purchase orders

14 Breakdown: increase in inventory (NOK -34 mill.), increase in accounts payables (NOK 15 mill.), increase in accounts receivables (NOK -17 mill.), agio/disagio (NOK -9 mill.), other (NOK 2 mill.).

Focused investment plan to scale up globally and generate industry-leading returns

Focused capital deployment plan Main short-term cash flow items

• Global manufacturing & assembly capacity
• Technology and innovation front-runner
• Scale-up of the organisation

• Working capital on large-scale projects

• Q1 2023: working capital to deliver on purchase orders

• Payments received in line with manufacturing progress
• R&D expenses and scale-up of organisation
• Growing presence in the US and Europe

Adequate cash position at current activity level

III. Becoming #1 provider of largescale green hydrogen plants

Four strategic pillars to become #1 provider of large-scale green hydrogen plants

HydrogenPro takes the lead role in the technology revolution

HydrogenPro technology leadership

	PEM	Alkaline	Alkaline
	High-pressure	Atmospheric pressure	High-pressure		rd 3 Gen
Plant efficiency	Low	Medium	Medium		High
Suitable for renewable energy input	Yes	No	Yes		Yes
Cooling need	High	Medium	Medium		Low
Use of noble materials	Yes	No	No		No
High pressure on O 2	Medium	No	Yes		Yes

Technology Leader

HydrogenPro's 3 rd Gen electrode technology increases efficiency and reduces OPEX

Increased momentum for green hydrogen in the US

US Congress passed the Inflation Reduction Act (IRA) August 12, 2022

Wind/solar/hydro power is a pre-requisite to maximise tax credit

High-pressure alkaline or PEM electrolysis

IRA boosts demand for clean hydrogen¹

Low carbon hydrogen² final energy demand by end use (million metric tons per year)

Tax incentives and clean H² demand makes HydrogenPro's high-pressure alkaline electrolysers attractive for US market

Expanding our presence

Pillars of HydrogenPro's global fabrication strategy:

• Develop organisational flexibility to serve each individual region
• HydrogenPro, JVs, licensing, other partnership models
• Dynamic, flexible supply chain and logistics
• Develop local supply chains, secure service and aftersales, reduce cost from shipping, tolls and fees, and secure national political support
• Currently preparing expansion of footprint in Europe, North America and MENA

Electrolysis capacity target of >5 GW p.a. within five years

Fabrication facility for electrodes in Denmark

Tianjin factory (300MW capacity)

= Factory established

= In preparation

A scalable and flexible business model combined with a scalable and modular product offering

Life cycle model increases recurring revenues

Significant potential	Remote and digital services
for additional after
sales revenues	Rapid response support

Product optimisation

Predictive modelling

IV. Summary

Q4 2022 - Executive summary

Backlog of NOK 747 mill.

Offtake agreements on entire volume for DG Fuels' SAF plant in Louisiana secured. Estimated FID in 2023 - value to HydrogenPro is >USD 500 million

Global electrolysis capacity target of >5 GW p.a. within five years

Significant up-lift in revenues from ACES¹ project, starting from Q1 2023

Pure Performance Pure Efficiency Pure Power

Appendix

HydrogenPro delivers large-scale green hydrogen plants

Renewables

Water

LARGE-SCALE HYDROGEN PLANTS H2 O2 +

HydrogenPro delivers

World-class R&D resulting in market leading efficiency & optimised Balance of Plant

Client receives

Best-in-class OPEX and CAPEX

www.hydrogen-pro.com