HydrogenPro ASA

Investor Presentation • Feb 3, 2022

Pareto Securities' Power & Renewable Energy Conference 3 rd of February 2022

Martin Thanem Holtet, CFO

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Agenda

• I. Introduction
• II. Market update
• III. Our offering
• IV. Business update
• V. Summary

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- in brief

• ✓Founded 2013 by core team with several years of experience from electrolyser industry from Norsk Hydro
• ✓Headquartered in Porsgrunn, Norway
• ✓Core technology developed through a combination of Norwegian and Chinese electrolyser competence and experience
• ✓300MW annual production capacity Q2 2022
• ✓Ownership of next-generation electrode technology reducing hydrogen production cost significantly
• ✓Partnerships with Mitsubishi Power and ABB

HydrogenPro signed >USD 50 million contract

• On February 2nd, HydrogenPro signed a contract for an initial delivery of 40 electrolysers to Mitsubishi Power Americas, Inc.
• One of the largest electrolyser system contracts ever placed
• Initial value of the contract exceeds USD 50 million for HydrogenPro's scope of delivery
• The EPC and other system deliverables for a turn-key electrolyser green hydrogen production plant will be supplied by other companies
• The green hydrogen will be consumed for power generation in the U.S.
• The purchase order is dependent on a final investment decision, which is expected in the first half of 2022. A nonrefundable commitment has been made by Mitsubishi Power, enabling HydrogenPro to prepare for production

HydrogenPro delivers large-scale hydrogen plants

HydrogenPro to become #1 large-scale provider of green
hydrogen production plants

I. Introduction II. Market update III. Our offering IV. Business update V. Summary

TECHNOLOGY LEADER	✓ Global IP rights for core technologies Owner of next-generation advanced electrode technology, ready for market in 2022 ✓ ✓ HydrogenPro's efficiency advantage is a game changer, reducing levelized cost of hydrogen significantly
STRATEGIC PARTNERSHIPS	✓ Strategic partnership to scale up fast and take a leading position in high-growth markets are ongoing in India, America and Europe ✓ Combine key competencies of each party
GLOBAL FABRICATION STRATEGY	China manufacturing 300MW production capacity planned ready 2nd quarter 2022 ✓ ✓ Production hubs in Asia, America and Europe to maintain cost leadership and ensure high local activity in end-markets
HIGHLY SCALABLE PRODUCT OFFERING	✓ Large-scale solutions for a wide range of end-users in all segments and continents ✓ Easily scalable to meet end-user criteria ✓ Productivity improvements, cost reductions in design & standardization
LIFE CYCLE PARTNER	✓ Technology and innovation - Design and engineering – Manufacturing - System integration - Commissioning - Maintenance and operation support

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Significant growth required to meet green H² demand in IEA 2050 Net Zero Emission Scenario

Source of global hydrogen production¹ Required electrolyser capacity¹

1) Source: IEA report "Global Hydrogen Review 2021"

Green hydrogen is competitive with grey hydrogen in Europe

▪ 1) Source: LCOH calculations on Grey hydrogen, PEM and Alkaline are retrieved from Credit Suisse Sustainable Energy, "Initiating coverage of European Hydrogen & Renewable pure-plays". 16 December 2021. HydrogenPro LCOH based on alkaline LCOH adjusted for efficiency difference with next-generation electrodes (source: HydrogenPro)

Technology advantages

• High pressure alkaline technology
• Standardized technology for electrolyser production trains
• Plant efficiency
  • Compact size due to pressure and cell-stack size
• Capex efficiency
  • Large scale
  • Design limits of components
  • Modular and standardized
  • Easily scalable with customer requirements
• Opex efficiency
  • Advanced electrode technology
  • Reduced need of cooling water
• Operation window well suited for renewable energy production
• No use of noble metals or polyfluorinated alkyl substances (PFAS)

Large-scale modular hydrogen plant

and core components in the electrolyser production train

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HydrogenPro's technology reduces cost of hydrogen significantly

Ready for market

1) Share of LCOH depends on electricity price, the interval is based on electricity price in the range USD 20 – 70 /MWh. Based on 100 MW facility, hydrogen pressure at 15 bar, 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. 2) Based on electricity price of USD20/MWh and the parameters in note 1

Significant increase in active sales pipeline

• 66 active projects in pipeline¹ vs. 55 as of end Q2
• Average size per project: 124MW
• Main end users: ammonia, metal, refineries, power to gas and several other industrial applications
• Several project leads and interest from large industrial players in addition to active sales pipeline
• High market activity continues in Q4
• On 2nd of February 2022, HydrogenPro signed a contract with Mitsubishi Power Americas, Inc. The initial contract value exceeds USD 50 million

Active sales pipeline GW electrolyser capacity

Global fabrication set-up to maintain cost leadership and ensure local presence

I. Introduction II. Market update III. Our offering IV. Business update V. Summary

First milestone: >1GW global production capacity

• Preparing for three main production hubs located in Europe, US and APAC
  • China production ready 2nd quarter 2022
  • MOU India preparation of setup ongoing
  • US negotiations ongoing
  • Europe negotiations ongoing
• Dynamic, flexible and asset light supply chain
  • Reduces upfront cost related to establishing own fabrication sites
• Partner with world-class fabrication & construction companies
  • Jointly develop supply chain aligned with market demand

Q3 2021 financials - robust financial position with clearly defined growth path

(NOKm)

INCOME STATEMENT	Q3 2021	Q2 2021	YTD 2021
Revenue incl . other operating income ,	8 2	0 1	9 0
Raw materials and consumables used	6 5	0 1	7 3
Payroll expenses	3 1	2 0	6 8
Other operating expenses	3 6	3 3	10 5
Adj EBITDA (excl . non-cash operating expenses)	-4 9	-5 3	-15 6
Non-cash payroll expenses	3 5	5 3	11 5
Non-cash other operating expenses	2 2	1 4	3 6
EBITDA	-10 6	-12 0	-30 .7

Depreciation and amortisation expenses 1.3 1.3 4.0

EBIT -12.0 -13.3 -34.8 Net financial items 0.4 0.0 0.3 Q3 2021

• Result before tax -11.6 -13.3 -34.4 ▪ Revenues of NOK 8.2 million
• Tax expense -0.2 -0.2 -0.7 Net profit -11.4 -13.1 -33.8 ▪ Adj. EBITDA¹ of NOK -4.9m
• Investments of NOK 8.1m
• CHANGE IN CASH BALANCE Q3 2021 Q2 2021 YTD 2021 ▪ Cash balance of NOK 443.4m as of 30th September 2021
• Cash balance start of period 471.2 489.5 506.1 Adj. EBITDA (excl. non-cash operating expenses) -4.9 -5.3 -15.6 ▪ No interest-bearing debt, book equity ratio of 97.2%

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

…combined with a focused capital deployment plan:

Supply chain / fabrication

R&D and innovation: technology front-runner

Scale-up of the organization

Working capital on large-scale projects

Investments -8.1 -20.3 -31.1 Changes in NWC/tax/other -14.8 7.3 -16.0 Total changes in cash -27.8 -18.3 -62.8

I.	Introduction	II. Market update	III. Our offering	IV. Business update	V.	Summary

HydrogenPro is attractively positioned in fast-growing market

Partnership strategy to fast-track global upscaling

Global fabrication strategy

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Awarded >USD 50m large-scale H2 plant project. Growing momentum in projects and sales pipeline

Ongoing build-up of international organization

Strong public support commitments globally

www.hydrogen-pro.com