HydrogenPro ASA

HydrogenPro's partner, DG Fuels, securing 100% offtake on Louisiana project

Porsgrunn, Norway, 14 November 2022 - Reference is made to the recent press

release from DG Fuels regarding a long-term SAF and carbon credit offtake

agreement with an undisclosed investment grade industrial buyer. With this

agreement, combined with previously announced offtake agreements, DG Fuels has

sold out 100% of the expected initial production of approximately 120 million

gallons per year.

HydrogenPro will supply its green hydrogen technology with a capacity of at

least 839 MW for DG Fuels' initial production plant in Louisiana, USA. At

current market prices, total purchases under the initial five-year minimum term

of this combined SAF and carbon credit purchase agreement exceeds USD 4 billion.

"DG Fuels securing an annual offtake of 120 million gallons is of great

importance for HydrogenPro. We are the chosen supplier of electrolysis equipment

to this enormous project, and we look forward to continuing playing an active

role globally in decarbonising the future", says Richard Espeseth, interim CEO

and founder of HydrogenPro.

Delivery of SAF and carbon credits under the agreement are expected to begin in

late 2026 or early 2027. The use of SAF can reduce emissions by an average of

80% compared to conventional fuel 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.

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