HydrogenPro ASA

Investor Presentation • Jan 21, 2021

Pareto Securities' Power & Renewable Energy Conference

CEO Mårten Lunde 21 January 2021

Disclaimer

The following applies to this document, the oral presentation of the information in this document, and any question-and-answer session that follows the oral presentation (collectively, the "Information"). By receiving and/or attending a meeting where this presentation is made and in accessing the Information, you agree to be bound by the terms and conditions and limitations set out herein.

This presentation (the "Company Presentation") has been prepared by HydrogenPro (the "Company") with assistance from Pareto Securities. The Company Presentation is strictly confidential and may not be reproduced, redistributed, published or passed on to any other person, directly or indirectly, in whole or in part. If this document has been received in error, it must be returned immediately to the Company.

The Company Presentation and any information provided is only preliminary and indicative and does not purport to contain the information that would be required to evaluate the Company. The Company Presentation and the Information does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company.

The Company Presentation have been prepared for the exclusive use of persons attending an oral briefing and meeting to which these materials relate given by a representative of the Company and/or persons to whom these materials have been provided directly by an authorized representative of the Company. Further, the materials are strictly confidential and by reviewing it, you acknowledge its confidential nature and agree to the terms of this notice The materials may not be copied, distributed, reproduced, published or passed on, directlyor indirectly, in whole or in part, or disclosed by any recipient, to any other person (whether within or outside such person's organization or firm) by any medium or in any form for any purpose.

No liability: The Company Presentation has been prepared by the Company. The Company does not accept any responsibility whatsoever, or makeany representation or warranty, express or implied, for the contents of the Company Presentation, including its accuracy, completeness or verification or for any other statement made orpurported to be made in connection therewith the Company. The information in this Company Presentation and any other material discussed is subject to change.

Any forward-looking statements contained in this Company Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts and are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from thoseexpected or implied by the forward-looking statements. The Company does not provide any assurance that the assumptions underlying such statements are free from errors nor accept any responsibility for thefuture accuracy of opinions expressed herein or as part of the Information, or the actual occurrence of forecasted developments.

Except where otherwise expressly indicated, this Company Presentation speaks as of the date set out on its cover. The delivery of this Company Presentation shall, under no circumstances, be construed to indicate or imply that there has been no change in the affairs of the Company since the date hereof. The Company does not assumeany obligation to update or revise the Company Presentation or the Information.

The Company Presentation is subject to Norwegian law, and any dispute arising in respect of thereof is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as first venue.

HydrogenPro is a leader in largescale green hydrogen plants

▪ Large-scale hydrogen plants for industrial use

▪ Efficient, standardized and scalable technology

▪ Chosen supplier for 353 MW projects

▪ EPC based delivery model in partnership with Mitsubishi and ABB

HydrogenPro delivers large-scale hydrogen plants

HydrogenPro has developed a unique 100 MW system…

• The first 100 MW hydrogen system globally. Will set a new industry standard for production of green hydrogen
• HydrogenPro started engineering of the system in 2018
• HydrogenPro has an asset-light model. All main components are therefore manufactured by 3rd parties based on the company's specifications

HydrogenPro's key competence is engineering, developing and integrating a large-scale hydrogen system

…with best-in-class efficiency and flexibility

Largest hydrogen system in the world 1 ▪ Ideal for large-scale industrial applications – 100 MW facilities is expected to become the new standard

New exclusive electrode coating technology

• ~14% efficiency increase
• Reaching 92-93% of maximum theoretical efficiency limited potential for marginal improvements beyond such levels

Suitable for renewable energy input

• Possibility to turn on and off hydrogen production instantly
• Leveraging the highest dynamic flexibility compared to competitors

Cost competitiveness

• Significantly lower CAPEX and OPEX 20% overall cost reduction per unit hydrogen produced
• Longest overhaul time interval (~10 years)

Hydrogen market set to take off…

Hydrogen is already a large established market…

…with huge growth potential going forward

Several market drivers, including renewable energy and addressing key EU development goals

…on the back of rapid growth in renewables

We need hydrogen to utilize the growth in renewables… …and the drop in renewable power prices has made green hydrogen more economical

Note(*): Unsubsidized levelized cost of energy

▪ Source: New Energy Outlook (2019)

8

HydrogenPro is chosen as supplier for four of the world's largest hydrogen projects

▪ Note(*): Announced a 40% stake acquisition on 20 January 2021

All four projects significantly larger than the largest plant being delivered to date globally

▪ Source: HydrogenPro

Consortium model for rapid global scale-up

Massive potential from Mitsubishi Power partnership

Mitsubishi Power USA contracts

• In early 2020, HydrogenPro partner Mitsubishi Power announced its first hydrogen storage and power project in Utah with a total value of USD 1.9 billion
  • ̶ HydrogenPro is currently developing the hydrogen system for this project on a paid FEED from Mitsubishi Power
  • ̶ This system design will set the standard for all of Mitsubishi's future U.S. projects
• Moreover, in early September, Mitsubishi Power received a USD 3 billion contract for the next generation hydrogen power plants in New York, Virginia and Ohio

HydrogenPro is in pole position to win a lot of work with Mitsubishi Power going forward

Recent developments

Key projects progressing according to plan

Acquisition of ASP

Repsol LOI

Shareholder base increased from ~225->2,000 since IPO

The 4 key projects are progressing according to plan

Ownership of technology through acquisition of ASP

Transaction in brief

• Acquisition of 100% of the shares in ASP
• Ownership of technology
• ̶ Proprietary next-generation advanced electrode technology
• ̶ Potential to improve operating efficiency of electrolyzers with up to 14%
  • ̶ Current electrolyzers consume 4.4 MW to produce 90 kg H² /hour
  • ̶ Tests show that this is reduced to 3.8 MW
  • ̶ Reaching 92-93% of theoretical maximum capacity
• Short-term plan is to build a prototype production facility for surface-plated electrodes in Denmark
• Subject to further testing: Scaling up production capacity to large-scale electrolyzer production
• Former minority owner and key person behind ASP, PhD and HD(O) Lars Pleth Nielsen*, is the new CEO of ASP in Denmark

Hydrogen pro
HydrogenPro AS: HydrogenPro AS acquires Advanced Surface Plating ApS
Oalo, 20th December 2020. HydrogenPro AS («HydrogenPro» or the «Company») has signed a birding agreement to acquire 100% of the shares in Advanced Surface Plating ApS («ASP-) in Denmark, from Boyex Holding Aps and Moller & Nielsen ApS.
«We have a stated ambition to increase the performance of the Alkaline High Pressure Electrolysers», says the CEO of HydrogenPro, Marten Lunde, and adding: «Through this acquisition we will control and own a vital technology to improve the efficiency of electrolysers and thus enabling us to further improve and speed up the development of our stated goal »
ASP is the owner of a proprietary next generation advanced electrode technology which has the potential to improve the operating efficiency of HydrogenPro's high pressure alkaline electrolysers with up to 14%. Current electrolysers consume about 4.4 MW to produce 90kg H2/hour. Tests show that this may be reduced to 3.BMW based on this new technology and thus reaching an efficiency level of 93% of the theoretical maximum. Consequently, this new technology represents a major step forward in making green hydrogen fully competitive with hydrogen produced from fossil sources.
Prior to the transaction HydrogenPro had an exclusive right to use this technology. Following the transaction, HydrogenPro will have ownership of the technology and be in a position to accelerate further testing and protype production of the technology and thus secure increased performance of the Alkaline High Pressure Electrolysers.HydrogenPro will acquire 100% of the shares in ASP for a consideration consisting of 600,000 shares in the Company, as well as a potential additional cash consideration of up to NOK 6 million if certain targets are met. The Company will send a notification of a general meeting to propose and resolve the pertaining share capital increase in due time for completion of the transaction.
In connection with the Private Placement in the Company as further described in a stock exchange notice on 30 September 2020, the Company entered into customary lock-up arrangements with Pareto Securities AS (the «Manager»). The Manager has given their consent to walve the Company's lock-up in order to carry out the share issuance of 600,000 shares in the Company, which shall be used as consideration for the shares in ASP.
Part of the operative management team of ASP, who are the key persons behind the advanced electriode technology, and also sellers in the transaction, will become an integral part of the HydropenPro group for implementation of the plan associated with the electrode technology. HydrogenPro considers the transaction to be in line with the Company's plan for R&D and system. innovation to fulf! its ambition of being the leading provider of electrolysers suitable for renewable energy Dr. Lars Pleth Nietsen, part-owner and key person behind ASP, is enthusiastic about having HydrogenPro as the new owner of the technology. «Combining with HydrogenPro is strategically important and mandatory in order to bring our new ideas into full-scale demonstration and commercialization.
PhO, HD(O) Lars Pleth Nielsen is known for his activities in the field of surface science and as co-outhor of the two-volume book "Advanced Surface Technology" which according to the National Association for Surface Finishing (NASF) in the US, is the most comprehended book within this field during the last 40
For more Information, please contact:
Walter Qvam, Chairman +47 905 25 226 walter.qvam/@miway.no
Marten Lunde, CEO 447 48 14 84 51
marten@hydrogen-pro.com

Signed MoU to develop joint hydrogen projects with Repsol and Ariema

Contract in brief

• LOI with Repsol and Ariema
• Plan to develop joint hydrogen projects
• Possible 100 MW project for the Petronor refinery close to Bilbao, Spain
• A key component of the project is to implement the latest electrolyzer technology with improved efficiency to design an optimized 100 MW green hydrogen plant
• Ariema will support and assist HydrogenPro in establishing a supply chain for electrolyzer projects in Spain
• Subject to Green Deal funding
• ̶ Application of European Green Deal financing
• ̶ Application deadline on 26 January 2021, award Jun-Sep 2021
• ̶ Possible production start in 2024

• Repsol is a global multi-energy provider with a net-zero emission target by 2050
• 25,000 employees across 34 countries
• A major player in the Spanish electricity and gas market
• Operates low-emission electricity generation assets and develops a wide range of renewable solar and wind energy projects

• Ariema is a Spanish company that works with hydrogen and fuel cell technology with 30 years of sector experience
• Offers advice, support, training and consulting all the way up to construction and installations

Solid pipeline of new opportunities

Project	Location	FID	Client	Segment	Size (MW)
Pipeline #1	South America	2021	Energy major	Power-to-gas	14
Pipeline #2	New Zealand	2021	Hydrogen company	Fertilizer	5
Pipeline #3	EU	2021	Energy major	Power-to-gas	120
Pipeline #4	Norway	2021	Gas company	Fuel cell	15
Pipeline #5	EU	2022	Industrial major	Steel industry	70
Pipeline #6	EU	2022	Agriculture company	Ammonia	100
Pipeline #7	EU	2023	Energy major	Power-to-gas	100
Sum pipeline					424

Selected potential clients

HydrogenPro experiences high interest and an increasing pipeline of identified projects

▪ Note: The pipeline is defined as potential projects which, in HydrogenPro's opinion, has a 50% or higher probability of materializing, excluding add-on potential from the four key projects

Strengthening of team since IPO

Senior personnel Co-operation

Final stage of securing close operative and R&D cooperation with teams comprising six individuals with extensive experience and competence from high-pressure alkaline electrolyzers within the following fields:

• Service, maintenance and overhaul of electrolysis stacks
• Internal design and operations of electrolyzers
• Extensive network to sub-suppliers (OEMs) and possible future partners
• Commissioning of new installations

Thus, organizational capacity is more than doubled since IPO with world-leading competent resources within electrolyzer design and operations

Supply chain strategy

Working on securing increased manufacturing capacity of bipolar plates

Secured control of electrode surface technology rights

Progressed plans and details for European and US supply chains in line with communicated strategy

Becoming the #1 large-scale hydrogen production systems player

HydrogenPro with a clear roadmap to become global leader in large-scale hydrogen systems

Secure and deliver on key contracts

• Secure and deliver on key contracts for the four largest hydrogen plants globally
• Use first mover advantage to implement the 100 MW stack as the industry standard to drive global growth in large-scale plants

Current

Market leadership through technology and consortium

• Asset light consortium strategy together with strategic partners
• Further develop and optimize the technology for large-scale systems
• Optimize supply chain and 3rd party supplier agreements

Expand service offering

• Optimize supply chain for Europe and USA
• Build central manufacturing hub supported by local assembly and service units in JV structures
• Develop ESG-focused lifecycle service capabilities
• Introduce overhaul after 8-10 years
• Develop digital solutions for control system monitoring

Production target

▪ Targeting 1,000 MW of annual project delivery

www.hydrogen-pro.com