HydrogenPro ASA

Earnings Release • Aug 15, 2023

HydrogenPro ASA - Second quarter 2023 results

HydrogenPro ASA - Second quarter 2023 results

Delivering strong results in technology development, revenue, and manufacturing,

creating a solid foundation for further global expansion.

15 August 2023 - HydrogenPro (OSE: HYPRO): Today, HydrogenPro published its Q2

2023 report and presentation that includes a detailed description of the revised

priorities.

Highlights:

· Revenues of NOK 137 million, up 64% vs. Q1 2023 (NOK 83.4 million) and up

>17x vs. Q2 2022 (NOK 7.8 million)

· Gross margin of 21.6%, stable development from Q1 2023

· Completed private placement of NOK 120 million for initial phase of US

expansion

· Test of 3rd generation technology shows results in line with expectations

· Manufacturing capacity increased from 300 to 500 MW

· FEED contract with ANDRITZ on 200 MW factory, expected FID first quarter of

2024

· DG Fuels FEL 3 study for 839 MW Louisiana plant fully financed and initiated

· Strategic shift of CEO due to revised priorities and full focus on the US

Financials (Q1 2023 numbers in brackets)

· Revenues of NOK 137 million (NOK 83.4 million)

· Adj. EBITDA of NOK -4.4 million (NOK -15.8 million)

· Net profit of NOK 6.5 million (NOK -9 million)

· Backlog of NOK 548 million (NOK 648 million) as of 30 June 2023. Engaged in

FEED studies totaling >1250 MW

"Stepping into the role as CEO during such an important time for HydrogenPro is

both invigorating and inspiring", says new CEO Jarle Dragvik. "The organization

delivered an all-time high revenue of NOK 137 million in the second quarter with

a gross margin of 21.6%. At the same time progress has been made on several

fronts: We have increased our manufacturing capacity, the first FEED with our

European partner ANDRITZ for a 200 MW factory is secured only four months after

the partnership was announced and test of 3rd generation technology shows

results in line with expectations.  Further we completed a NOK 120 million

private placement for the initial phase of our planned US expansion. This comes

at the same time as DG Fuels is reporting good momentum on their path to FID in

early 2024. HydrogenPro is ready to leverage its leading technology and focus

heavily on the rapidly growing green hydrogen market in the US".

The Q2 2023 report and presentation are enclosed. A live streamed webcast

presentation will be held at 10:00 CET, followed by a Q&A session with questions

to be posted online during the presentation. Link to webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20230815_4/

For further information, please contact:

Jarle Dragvik, CEO

+47 911 72 734

jarle.d@hydrogen-pro.com

Ida Eilertsen Nygård, Acting CFO & Head of Investor Relations and ESG

+47 986 11 952

ida@hydrogen-pro.com

About HydrogenPro:

HydrogenPro is a technology company and an OEM for high pressure alkaline

electrolyser and supplies large scale green hydrogen technology & systems, 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