HydrogenPro ASA

Earnings Release • Feb 14, 2023

HydrogenPro ASA - Fourth quarter 2022 results

HydrogenPro ASA - Fourth quarter 2022 results

14 February 2023 - HydrogenPro ASA (OSE: HYPRO) today published its Q4 2022

report and presentation. HydrogenPro has completed the initial test of the

world's largest electrolyser at Herøya, Norway. The test provides proof-of

-concept that our high-pressure alkaline electrolyser and gas separator

technologies will produce hydrogen on a large scale. This sets a new standard

for the green hydrogen industry.

Highlights:

· Proof of concept for the world's largest electrolyser

· 300 MW manufacturing facility upgraded and scaled to deliver on purchase

orders

· HydrogenPro is a technology owner - enabling global manufacturing capacity

· HydrogenPro's partner DG Fuels has secured off-take for 100% at the SAF

plant in Louisiana, US with electrolyser requirements of ~840MW

· The US has established an extensive green hydrogen incentive program

(including cost support of 3 USD/kg green H2), making it a highly attractive

hydrogen market

· New major hydrogen prospects are quickly evolving; several major

initiatives and manufacturing capacity are currently being planned for the US

market

· Appointment of Tarjei Johansen as new CEO from 1 December 2022

· Also, the organization has been expanded to 165 employees (as of 7

February 2023) and new offices have been established in Duisburg, Germany

· Financials

· Revenues of NOK 25.3 million

· Reported EBITDA of NOK - 32.5 million

· Net profit of NOK - 24.1 million

· Backlog of NOK 747 million

· Active sales pipeline of 18.5 GW

· HydrogenPro share trading on main market in Oslo from 3 October 2022

"We are pleased to see that the initial testing of the world's largest high

-pressure alkaline electrolyser shows proof-of-concept. This sets a new standard

in the industry", says newly appointed CEO Tarjei Johansen and adds:

"Further testing to optimise electrolyser efficiency is commenced. In parallel,

we are progressing to deliver electrolysis capacity of 220 MW to the world's

largest green hydrogen hub, Advanced Clean Energy Storage ("ACES") in Utah, USA.

The manufacturing process is on-going at our facility in Tianjin. In parallel

with delivering this large order we are now embarking on a journey to establish

a solid footprint in the US, Europe, and MENA".

The Q4 2022 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/20230214_4/

For further information, please contact:

Martin Thanem Holtet, CFO, +47 922 44 902

Ida Eilertsen Nygård, Head of Investor Relations and ESG, +47 986 11 952

ir@hydrogen-pro.com

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