HydrogenPro ASA

Investor Presentation • Jan 30, 2025

Pareto Securities' Power and Renewable Energy Conference

30 January 2025

This presentation contains forward-looking statements and information, including assumptions, opinions and views of the Company or third-party sources, and are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forwardlooking statements or information. The Company does not provide any assurance that the assumptions underlying such statements or information are free from errors nor accept any responsibility for the future accuracy of opinions expressed herein or as part of the Information, or the actual occurrence of forecasted developments.

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HydrogenPro is a global provider of market-leading, large-scale green hydrogen technology & systems

THE WORLD'S LARGEST ELECTROLYSER

• › 5.5 MW single stack suitable for renewable energy input
• › A modular system that can be scaled to any size for large-scale industrial applications
• › Pressurized hydrogen ready for industrial use

GAME-CHANGING ELECTRODE TECHNOLOGY

• › Significant lower energy need for same H2 output
• › Reduced cooling water need
• › Reduced OPEX from H2 production

Market-leading levelized cost of hydrogen

Serving industrial applications and hard-to-abate sectors

HydrogenPro has transformed into a leading OEM, delivering large projects globally

Historical milestones Global presence

HydrogenPro delivers 2 of the 10 largest projects (excl. China) estimated to come online in 2025

(Electrolyser capacity MW p.a.)

Source: IEA "Hydrogen production projects" database

HydrogenPro – among top industry leaders

ELECTROLYZER OEM MAPPING BASED ON DELIVERED CAPACITY AND ORDERBOOK

Source: VNZ Insights, Company websites, reports and press releases.

1. Firm orderbook includes projects which have reached FID or where purchase order has been given while Non-firm orderbook includes pipeline in advanced FEED stages or where project has received funding increasing probability of realisation. Orderbook does not includes Framework Agreements & MoU; Credit to the players for the logos.

Leading industry position validated by strong partners

Solid partnerships enable delivery power on large-scale projects globally

Global alkaline electrolyser deliveries in 2025 and 2026 estimated to exceed NOK 50bn

Alkaline market forecast

Sources:

1) Electrolyser deliveries (GW): S&P Global Commodity Insights Update (28 August 2024).

2) Electrolyser deliveries (NOK bn): Company analysis based on S&P's GW deliveres and assumed price of NOK 3 million per MW

Several project cancellations in the market, but very few in HydrogenPro's pipeline

Note: All numbers exclude DG Fuels 1. Value is equivalent to €9.9bn and €2.2bn. Numbers in brackets: data as of previous quarter

HydrogenPro will meet the new requirements from the European Hydrogen Bank

• › On 27 September 2024, the European Hydrogen Bank introduced new terms where prospective projects will not be allowed to source more than 25% of electrolyser stacks — covering surface treatment, cell unit production, and stack assembly—from China
• › HydrogenPro fully complies with the European Hydrogen Bank's funding requirements for our European projects. Any necessary adjustments to our supply chain will be minimal.
• › HydrogenPro currently delivers electrolyser systems to one of the largest projects (100MW) in Europe a project with significant support (€ 700 million in federal funding and € 300 million from the state government)

Superior positioning vs. other technologies

On track to increase manufacturing capacity of 3rd generation technology to 350 MW p.a. by Q1 2025

• › On track to complete the expansion with a total capex of up to NOK 70 million for production of full-sized electrodes
• › Installation near completion, all major equipment installed and only some piping and cabling left
• › On-going work for even further capacity expansions
• › Operational in Q1 2025

Pictures from Aarhus, Denmark

Joint full-scale validation program with ANDRITZ

Purpose	› Validate stack performance and operating conditions for the SALCOS project including new design improvements to reduce shunt currents and 3rd gen technology
Location	› Herøya, Norway
Equipment	One stack w/ 50% 3rd › gen technology and gas separator + Coriolis measurement (gas production), continuous cell voltage monitoring, pressure drops, temperatures, pressure sensors etc.
Status and next steps	› Stack assembled by ANDRITZ in Erfurt › Arrived Herøya in December 2024 › 500 hours test during Q1 2025 at Herøya, Norway

Pictures from Herøya, Norway

Key investment highlights

Vast TAM and massive growth potential for green H2 underpinned by secular tailwinds Favorable government policies provide critical support; new end markets unlock a bigger TAM for green H2

HydrogenPro's 3rd-generation technology drives significant LCOH reductions Technology developed for 10+ years with extensive R&D efforts

Substantial commercial traction with ACES hub and ANDRITZ contracts Manufacturing for 220MW ACES project completed; 100MW ANDRITZ project in progress

Manufacturing capacity in place to service demand today with plans to expand globally Existing 500MW capacity in China; investing in 350 MW electrode capacity in Denmark

Scalable business model positioned to grow Recurring revenue and optimized production systems

World-class leadership team with deep industry knowledge Management team brings valuable insights and execution capabilities in the hydrogen sector

Market leading global provider of large-scale green hydrogen technology & systems