HydrogenPro ASA

HydrogenPro ASA: Cancellation of subsequent offering

9 March 2025 - HydrogenPro ASA (OSE: HYPRO): Reference is made to the stock

exchange announcement on 23 December 2024, regarding the private placement of

12,700,000 new shares towards existing shareholders ANDRITZ AG and Mitsubishi

Heavy Industries, Ltd., raising gross proceeds of NOK 70 million to the Company

(the "Private Placement"), and a potential subsequent offering on the same terms

and conditions as in the Private Placement directed towards eligible

shareholders (the "Subsequent Offering").

The board of directors of the Company has decided not to proceed with the

Subsequent Offering. The background for the cancellation is that the Company's

shares have traded below the subscription price in the Private Placement for a

substantial period of time, and at sufficient volumes. Shareholders wishing to

reduce the dilutive effect of the Private Placement have therefore had the

opportunity to purchase shares in the market at prices below the price which

would have been the subscription price in the Subsequent Offering.

For further information, please contact:

Martin Thanem Holtet, CFO

+47 922 44 902

About HydrogenPro:

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

AI Terminal