HydrogenPro ASA

Investor Presentation • Nov 8, 2022

Q2 2022 presentation

Richard Espeseth, Interim CEO Martin Thanem Holtet, CFO 23rd of August 2022

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Agenda

I. Introduction: Q2 highlights

II. Business update

• III. Technology leadership
• IV. Summary

I. Introduction: Q2 highlights

Transformational development since IPO in October 2020

	IPO (October 2020)	Q2 2022
Value chain position	Distributor	Technology owner & OEM1
Manufacturing capacity (p.a.)	0 MW	300 MW
Backlog	NOK 15 mill	NOK 794 mill
Active sales pipeline	1.5 GW	15.4 GW
# of employees	10	70
Listing venue	Euronext Growth	Application submitted for up listing to Oslo Stock Exchange2

1) Original Equipment Manufacturer 2) Application submitted on 17 August 2022

5

HydrogenPro to deliver to 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 fabrication of the electrolyser systems in Q3 2023, followed by on-site work with completion in late 2024

BREAKING NEWS: The Inflation Reduction Act is a major trigger for green hydrogen in the U.S.

On 12th of August 2022 the US Congress passed the Inflation Reduction Act (IRA)

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

High Pressure Alkaline or PEM electrolysis

HydrogenPro increase its presence in the U.S.

Securing local presence

Mitsubishi Power: Selected supplier for the world's largest green hydrogen energy hub

• HydrogenPro will deliver 40 electrolysers with a capacity of 5.5 MW per electrolyser (220 MW in total)
• Completion of fabrication of the 220 MW order is planned in Q3 2023, followed by on-site work with completion in late 2024

DG Fuels: Further progress regarding offtake agreements

▪ Solid progress on the project in Louisiana (~840 MW electrolyser capacity) with FID estimated in Q1 2023

HydrogenPro Inc: Establishment of US subsidiary

• Currently scaling up our US activities with employing new senior resources in HydrogenPro Inc.
• In accordance with the HydrogenPro's strategy of global footprint and local presence
• Planning for new manufacturing facility in operation by end of 2023

Global manufacturing capacity target

II. Business update

Business update Q2 2022

11

Q2 2022 financials – positive operating cash flow with well-capitalized balance sheet

>USD50 mill. PO with Mitsubishi; one of the largest electrolyser PO's ever + 10-year service agreement

USD 3 mill. PO with Mitsubishi – large electrolyser to Takasago Hydrogen Plant

Fabrication of the world's largest single stack high-pressure alkaline electrolyser system completed

Backlog of NOK 794 million and active sales pipeline of 15.4 GW / 109 projects

Submission of application for up-listing from Euronext Growth to Oslo Stock Exchange

Q2 2022 financials

(NOK mill)

2

Note: HydrogenPro Tianjin CO Ltd (75% owned by HydrogenPro AS) included in consolidated financial figures

1) Excl. non-cash impact of incentive program

2) Change in NWC/Other: change in acc receivables (NOK71.8m), increase in short term debt in subsidiary (NOK12.6m), other(NOK22.6m)

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

Overall investment plan

Partnership strategy to fast-track build-up of global presence and market awareness…

…combined with a focused capital deployment plan:

• Global manufacturing & assembly capacity
• Technology and innovation: technology frontrunner
• Scale-up of the organization
• Working capital on large-scale projects

Main capital uses in H2 2022:

• Fully operational fabrication facility (300 MW) in China (remaining net capex of ~NOK 45 mill.)
• Working capital (inventory and long-lead items) to execute on purchase orders
• Building up systems and organisation

Active sales pipeline as of end Q2 2022

Note: DG Fuels, H2V projects and Mitsubishi in US are additional projects and are not included in the sales pipeline 4

III. Technology leadership

Owner of core technology and IP rights

Strategically positioned as Original Equipment Manufacturer

Hydrogen Pro is a full-fledged life cycle partner, and we produce high-pressure alkaline electrolysers with our proprietary, next-generation electrode technology

Currently establishing a global footprint to secure local presence

HydrogenPro's advanced electrode technology increases efficiency significantly

Advanced electrode technology

Lab tests proving 14 % increased efficiency (HHV)

17

Initial electrolyser test results verified

+14%

Higher efficiency = lower energy cost

Note: Simulated modelling gives 93% electrolyser efficiency/14% reduction of energy costs Note: Long-term verification tests ongoing

Electricity is by far the largest cost - advanced electrodes is a game changer for production of green hydrogen

Levelized cost of hydrogen ("LCOH")¹

18

• HydrogenPro's advanced electrode technology reduces consumption of electricity by 14 %
• The reduction in electricity consumption is a significant benefit to the client vs. reducing the capex of the electrolyser
• Increasingly higher advantage with high energy prices

1) Share of LCOH depends on electricity price, the interval is based on electricity price in the range USD 20–70/MWh. Based on 100MW facility, hydrogen pressure at 15bar, civil works and auxiliaries not included (project specific), interest cost not included (client specific), use or sale of pressurized O2 as a bi-product with possible economical upside is not attributed as a value in the calculation.

HydrogenPro's high pressure alkaline technology has several advantages

	PEM	Alkaline	Alkaline
	High pressure	Atmospheric pressure	High pressure	Alkaline high pressure
Plant efficiency	Low	Medium	Medium	High
Suitable for renewable energy input	Yes	No	Yes	Yes
Cooling need	High	Medium	Medium	Low
Overhaul Opex	High	High	Medium	Low
Use of noble materials	Yes	No	No	No
High pressure on O 2	Medium	No	Yes	Yes

Manufacturing facilities

Electrolyser manufacturing

Electrode manufacturing

DENMARK

China – Electrolyser factory

Denmark - Electrode factory

Operations in Norway

HQ and test center at Herøya, Porsgrunn

• Currently preparing for test of the world's largest single stack high-pressure alkaline electrolyser system
• Initial test runs show efficiency with advanced electrode technology is in line with simulated results of 93%, long-term test on-going

Herøya – Test center

IV. Summary

Executive summary

Landmark purchase order > USD 50 mill / 40 electrolysers with Mitsubishi, plus a 10 years service and support agreement

Backlog of NOK 794 mill & active sales pipeline of 15.4 GW

Advanced electrode technology reduces energy costs by 14% long-term verification of results ongoing

Global fabrication expansion and engineering set-ups ongoing

Strong public commitments for hydrogen in the energy transition – recently major announcements in EU and the US

Pure Performance Pure Efficiency Pure Power

Outlook 2022: Our most important exam yet

	Second half of 2022
Validation of world's largest high-pressure alkaline electrolyser system	Arrival of world's ▪ ▪ biggest electrolyser at Herøya expected ▪ in late August	Assembling, installation and ▪ Test results from validation commissioning of the electrolyser expected at Herøya test facility Expect proof-of-concept of ▪ Validation program will begin our technology in large scale electrolyser
Long-term testing of advanced electrode technology	▪	Long-term verification test results of electrode technology
Up-listing to Oslo Stock Exchange	▪ Application submitted for admission to trading on Oslo Stock Exchange	First trading date on Oslo ▪ Stock Exchange.
Scale-up of global footprint	▪ ▪	Signing of partnership agreements in the US and Europe In total 1 GW capacity

Appendix

Strong public commitments for hydrogen in the energy transition – recently major announcements in EU and the US

	2019		>2020		2022
▪ Germany, Belgium and France announces hydrogen deployment plans, ranging from EUR 501 million to EUR 1.5 billion2		Japan, South Korea and ▪ Netherlands release national hydrogen strategies		▪ 13 new countries have published national hydrogen strategies on all continents ▪ More than 20 countries are actively developing strategies ▪ The U.S. committed USD 1.2 trillion infrastructure budget, and USD 8 billion to create four "clean hydrogen hubs"3		The European Commission ▪ releases €300 billion investment plan4 Ambition is to end EU's ▪ dependence of Russian fossil fuels, while also decarbonizing Europe 10 million tonnes of hydrogen ▪ is to be produced in the EU by 20305 ▪ Permit processes on renewable projects inside EU is expected to accelerate drastically US green hydrogen to become ▪ world's cheapest form of H2 if tax-credit plan is cleared in congress – Producers to

The latest initiatives in EU and US are major triggers for green hydrogen and HydrogenPro going forward

receive up to \$3 per kg⁶

²⁷ 1) Which countries are backing the hydrogen economy? - H2 Bulletin 2) Nationales Reformprogramm 2020 3) \$8 billion in hydrogen spending planned by US Energy Department (detroitnews.com) 4) REPowerEU: affordable, secure and sustainable energy for Europe | European Commission (europa.eu) 5) EU Hydrogen Strategy 6) US green hydrogen would become world's cheapest form of H2 under tax-credit plan

Material development geared with national/international funding

Overview of funded R&D projects Q1-Q2

• H2UP; Eurostars (Innovation Fund Denmark and Research Council of Norway)
• Dual Flow; H2020
• H2-LEAN; EU-REACT
• 2 x industrial PhD's projects (Innovation Fund Denmark)
• 2 x projects supported by Energy Cluster Denmark
• Project supported by RFF Vestfold and Telemark – Regional Research Fund

Future developments

More R&D projects are in the pipeline New ideas to be pursued Several patents have been filed in Q1-Q2 ✓ ✓ ✓

Technology advantages

HIGH PRESSURE ALKALINE TECHNOLOGY: ADVANTAGES FOR LARGE-SCALE PROJECTS

• Standardized technology for electrolyser production trains
• No use of noble metals or polyfluorinated alkyl substances (PFAS)

TECHNOLOGY ADVANTAGES UNIQUE TO HYDROGENPRO*

• Electrolyser system efficiency
• Compact size due to pressure and cell-stack size
• Opex efficiency
• Advanced electrode technology
• Reduced need of cooling water
• Capex efficiency
• Large scale
• Design limits of components
• Modular and standardized
• Easily scalable with customer requirements
• Operation window well suited for renewable energy production

Large-scale modular hydrogen solution

and core components in the electrolyser production train

Hydrogen enables the renewable energy transition

Hydrogen's role to reach net zero emissions in 2050

Hydrogen can contribute

20%

of global carbon abatement

660 MT Requiring

Of renewable and low-carbon hydrogen

Equivalent to

of global final energy demand

www.hydrogen-pro.com