HydrogenPro ASA

Earnings Release • Nov 8, 2022

HydrogenPro ASA - Third Quarter 2022 Results

HydrogenPro ASA - Third Quarter 2022 Results

HydrogenPro ASA (OSE: HYPRO) today published its Q3 2022 report and

presentation. HydrogenPro awaits an FID for the largest announced green hydrogen

project ever, with a value of over USD 500 million for HydrogenPro. At

30 September 2022 the backlog was NOK 849 million.

Highlights:

· HydrogenPro's partner DG Fuels has signed Offtake Agreements making up 90%

of total capacity at their production plant in Louisiana. HydrogenPro is chosen

as the supplier for alkaline high-pressure electrolysers and has a contract with

DG Fuels worth >USD 500 million, excluding life cycle services.

· Revenues in Q3 up 87% vs Q2 2022. Revenue recognition of Mitsubishi Power

-contract expected to start in Q4 2022.

· Tianjin manufacturing facility further upgraded.

· Backlog of NOK 849 million and active sales pipeline of 17 GW / 115

projects.

· Validation of the world's largest electrolyser expected commissioned on 9

November 2022.

"We are proud to be a part of the commercial take-off for green hydrogen. The DG

Fuels project in Louisiana marks only the beginning", says Interim CEO and

founder Richard Espeseth.

"The testing of the world's largest electrolyser is underway, and the

electrolyser is producing gas in line with expectations. This is a milestone for

HydrogenPro's Mitsubishi Power-contract, and the development of 3rd Gen advanced

high-pressure alkaline system based on next-generation electrode technology",

says Richard Espeseth.

The Q3 2022 report and presentation are enclosed. A live streamed webcast

presentation will be held at 10:00 CET, followed by a Q&A session with questions

to be posted online during the presentation. Link to webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20221108_5/

For further information, please contact:

Richard Espeseth, Interim CEO and founder, +47 958 43 007

Martin Thanem Holtet, CFO, +47 922 44 902

About:

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.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act