HydrogenPro ASA

Regulatory Filings • Nov 16, 2022

HydrogenPro's partner, DG Fuels, signs key land agreement in Maine

HydrogenPro's partner, DG Fuels, signs key land agreement in Maine

Porsgrunn, Norway, 16 November 2022 - Reference is made to recent press release

from DG Fuels regarding the execution of a long-term lease agreement with the

Loring Development Authority for 1,240 acres of contiguous land in Aroostock

County, Maine. This will be the site of DG Fuels' second SAF (Sustainable

Aviation Fuel) facility, and the project will break ground in the Summer of

The long-term lease agreement in Maine comes on top of DG Fuels recently

securing 100% offtake from its first project in Louisiana, thus increasing the

solidity of the business case. HydrogenPro has secured its position as supplier

of water electrolysers to the DG Fuels projects, which will have an initial

output of approximately 175 million gallons SAF per year. In total, HydrogenPro

will supply green hydrogen technology with a capacity of approximately 1.7 GW to

the Louisiana and Maine projects.

"The long-term lease agreement is of great strategic value and reaffirms our

belief in the DG Fuels project. SAF will play a vital role in decarbonising the

aviation industry, especially because it can be mixed with conventional fuel

today, without the companies having to make big investments to engines or fuel

tanks. We look forward to supplying the green hydrogen technology that will fuel

the shift within the aviation industry", says Richard Espeseth, interim CEO and

founder of HydrogenPro.

Sustainable aviation fuel from DG Fuels is expected to remove an estimated 1.5

million tons of CO2 out of the atmosphere annually. Compared to conventional

fuel, the use of SAF can reduce emissions by an average of 80% and is considered

more energy efficient. Hence, it provides airlines with operational advantages

in addition to its environmental contributions.

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.