HydrogenPro ASA

Regulatory Filings • Aug 12, 2025

HydrogenPro ASA and Thermax Partner to Indigenise Alkaline Water Electrolysis Solution for Large Scale H2 Projects

HydrogenPro ASA and Thermax Partner to Indigenise Alkaline Water Electrolysis Solution for Large Scale H2 Projects

August 12, 2025, Pune, India and Porsgrunn, Norway, HydrogenPro (OSE: HYPRO),

a leader within green hydrogen technology and systems has announced a

strategic partnership with Thermax, a leading energy and environment solutions

provider and a trusted partner in energy transition. As part of the technology

licensing and agreement for supply of stacks, including any future upgrades

and technical support from HydrogenPro, Thermax will have exclusive rights in

India for the supply, installation, commissioning, and after-sales services of

alkaline electrolyser systems based on HydrogenPro's technology, which will be

effective immediately and available for deployment in ongoing Indian green

hydrogen projects.

HydrogenPro brings world-class, proven electrolyser technology that fully

complies with international standards and certifications. HydrogenPro's

in-house expertise in advanced electrode development and coating serves as a

key enabler for delivering high-efficiency systems.

Through a comprehensive technology transfer, Thermax will engineer and

manufacture key systems and balance-of-plant components of the electrolyser

for integration with stacks. Additionally, Thermax and HydrogenPro will

collaborate on the joint development of advanced solutions to meet evolving

market needs. As a significant first step, a state-of-the-art test station for

short stacks will be established at Thermax's facility in Pune.

Commenting on the partnership, Ashish Bhandari, MD & CEO, Thermax, said, "Our

association with HydrogenPro marks an important step in expanding our green

hydrogen portfolio. This collaboration enables us to immediately offer

market-ready Alkaline technology-based solutions for deployment across

industries in India. By combining HydrogenPro's proven technology with

Thermax's engineering and project execution expertise, we will deliver

integrated, localised, state-of-the-art Alkaline Electrolyser solutions with

complete lifecycle support. This partnership reinforces our commitment to

advancing industrial decarbonisation and supporting India's energy

transition."

Jarle Dragvik, CEO, HydrogenPro, said, "India, with its strong development in

renewable energy is one of the fastest growing hydrogen markets. The

partnership with Thermax provides us with an important entry into the country

and a solid market foothold. Our goal is to enable the decarbonisation of

industry through the use of green hydrogen, particularly in sectors with few

or no renewable alternatives to current operational practices. India is

striving to decarbonise their industries and modernise power generation, and

this closely aligns with our technology. We will jointly develop and deliver

comprehensive, integrated solutions that address complex challenges and enable

scalable, sustainable energy advancements in India".

With this collaboration, Thermax will offer end-to-end integrated green

hydrogen solutions --- encompassing the supply of electrolyser systems,

turnkey project execution on an EPC (Engineering, Procurement, and

Construction) basis, and value-added services to ensure optimal performance of

green hydrogen production plants.

This strategic partnership underscores Thermax's proactive role in shaping a

sustainable future and leading the development of India's green hydrogen

ecosystem.

About Thermax Limited

Thermax Limited (NSE: THERMAX) is a leading conglomerate in the energy and

environment space and a trusted partner in energy transition. Thermax's

extensive portfolio includes clean air, clean energy, clean water and chemical

solutions. Backed by its longstanding industry partnerships across multiple

sectors, Thermax has cultivated strong expertise in audit, consulting,

execution, and maintenance, coupled with digital solutions, ensuring a unified

energy and environment management experience. Leveraging its distinctive

engineering capabilities, Thermax converts costs to profits while protecting

the environment -- a win-win for the industry and society at large. Thermax

operates 16 manufacturing facilities across India, Europe, and Southeast Asia

and has 49 Indian and international subsidiaries.

For more information, visit www.thermaxglobal.com

(https://protect.checkpoint.com/v2/r05/___http:/www.thermaxglobal.com___.YXBzMTp0aGVybWF4OmM6bzplZGZiZjAxZmUzOTg4MzgwNDQ4NWYxYjRiZWE5N2JiYjo3OjUwMzg6NzQxN2RjODNhZjgwNWEwNGE5ZThhMzc4YzVmZDA3ZDBmNTRkMGU5ZjgyZGE4ZmU1YTE4NTMxYWRiYTJhNTY2ZjpwOlQ6Rg)

About HydrogenPro

HydrogenPro, established in 2013, specialises in pioneering green hydrogen

technology solutions through partnerships with global collaborators and

suppliers. Our flagship products are high-pressure alkaline electrolysers,

incorporating some of the most advanced technology available. As an OEM, we

provide high-pressure alkaline electrolysers and supply large-scale green

hydrogen plants, all certified to ISO 9001, ISO 45001, and ISO 14001

standards. Our experienced engineering team consists of leading industry

experts, drawing upon unparalleled knowledge and expertise in the hydrogen and

renewable energy sectors.

For more information, visit www.hydrogenpro.com

(https://protect.checkpoint.com/v2/r05/___http://www.hydrogenpro.com___.YXBzMTp0aGVybWF4OmM6bzo2NjBjMTA4Zjg4Zjk0N2QyYjE3OGYzNjczNGM0MWU2Yzo3OjNiN2E6MGVjNzcwMDdkY2RlZGU3MTEwNGNkZDMzY2FlZDM4MDI5OTllNjU4OWE1NTQzMTZkZTU4MThlNmE5MGZlYjdlYzpwOlQ6Rg)

For further information, please contact:

Martin Thanem Holtet, CFO

+47 922 44 902

martin.holtet@hydrogenpro.com