Pareto Energy Conference 15 - 16 September 2021 Mårten Lunde, CEO

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Agenda

I. HydrogenPro in brief
II. Strategy and business update
III. Global supply chain
IV. Technology leadership
V. Summary

HydrogenPro in brief Strategy and business update Global supply chain Technology leadership Summary

- in brief

Founded 2013 by core team with several years of experience from electrolyser industry from Norsk Hydro
Headquartered in Porsgrunn, Norway
Core technology developed through a combination of Norwegian and Chinese electrolyser competence and experience
IPO and stock listing at Oslo Stock Exchange in October 2020
Partnerships with Mitsubishi Power and ABB
Chosen as supplier of electrolyser equipment for projects comprising 353MW internationally
Ownership of next-generation electrode technology

HydrogenPro delivers large-scale hydrogen plants

6.9 GW¹ global active sales pipeline - Europe and Americas are our main focus regions

An important strategic order from Mitsubishi

HydrogenPro has received a purchase order for the world's largest single stack high-pressure alkaline electrolyzer from Mitsubishi Power System US
Capacity of 1100 Nm³ /h
To be installed at Herøya Industrial Park in Norway
Work under this purchase order has started
The plant will be owned by Mitsubishi Power System US and operated by HydrogenPro
The parties will carry out a structured program to optimize plant configuration. Mitsubishi and HydrogenPro plan to introduce similar electrolyser technology in the US market and the optimization program is an important part of these market preparations

Robust financial position with a clearly defined growth plan

(NOKm)

BALANCE SHEET	Q2 2021	Q1 2021	FY 2020
ASSETS
Total intangible assets	59 5	56 7	55 3
Total tangible fixed assets	11 6	2 6	2 8
financial fixed Total assets	7 3	0 1	0 1
Total fixed assets	78 4	59 4	58 1
Current operating assets	3 9	5 7	5 7
Cash and cash equivalents	471 2	489 5	506 1
Total current assets	475 1	495 2	511 8
Total assets	553 5	554 7	570 0
EQUITY AND LIABILITIES
Total equity	533 6	540 6	515 7
Provisions	9 8	10 1	10 3
Total short liabilities term	10 0	4 0	44 0
Total liabilities	19 8	14 1	54 3
Total equity and liabilities	553 5	554 7	570 0

▪ Cash balance of NOK471.2m as of 30th of June 2021

▪ Book equity ratio of 96.4%, no interest-bearing debt

Partnership strategy to fast-track build-up of global presence and market awareness …

… combined with a focused capital deployment plan:
Supply chain / fabrication
R&D and innovation: technology frontrunner
Scale-up of the organisation
Working capital on large-scale projects

Good progress towards our ambition: #1 large-scale hydrogen production systems player

HydrogenPro with a clear roadmap to become global leader in large-scale hydrogen systems

Secure and deliver on key contracts

Secure and deliver on key contracts for the four largest hydrogen plants globally
Use first mover advantage to implement the 100 MW stack as the industry standard to drive global growth in large-scale plants

Market leadership through

Asset light consortium strategy together with strategic partners
Further develop and optimize the technology for large-scale systems
Optimize supply chain and 3rd party supplier agreements

Global fabrication set-up to maintain cost leadership and ensure high local activity in end-markets

Three main production HUBs, located in Europe, US and APAC
5-7 assembly sites in each HUB region, close to end-markets
Global supply chain resources to be appointed in key regions in line with global expansion plans - currently located in Norway, Portugal and China
Location of HUBs will be influenced by mega-scale projects
Short - medium term target of >1GW annual production

Carbon neutral footprint in our supply chain set-up

High pressure alkaline is the technology suitable for largescale hydrogen plants

	PEM	Alkaline
Parameter	High pressure	Atmospheric pressure	High pressure	Alkaline high pressure
Plant efficiency	Low	Medium	Medium	High
Suitable for renewable energy input	Yes	No	Yes	Yes
Cooling need	High	Medium	Medium	Low
Compact size	Yes	No	Yes	Yes
Capex	High	Medium	Medium	Low
Overhaul Opex	High	High	Medium	Low
Use of noble metals	Yes	No	No	No
Polyfluorinated alkyl substances (PFAS)*	Using PFAS membranes	Not using PFAS's	Not using PFAS's	Not using PFAS's
High pressure on O 2	?	No	Yes	Yes

* The EU Chemicals Strategy for sustainability released on October 14th, 2020, plans for the ban and phasing out of all per- and polyfluorinated alkyl substances (PFAS).

HydrogenPro technology – a modular solution with focus on scale and optimisation

Proprietary next-generation advanced electrode technology increases efficiency with 14 %

More than 10 years of research has resulted in reduction of voltage for hydrogen formation with less heat generation
Applying commercial Ni foam upgraded to highperforming Ni foam → improved active sites for hydrogen formation

Technology developed during more than 10 years Fabrication facility completed on time and budget

Starting full-scale test production – ready for market in 2022

14% higher operating efficiency, reaching an efficiency factor of 93% of theoretical maximum with 75% less cooling water needed

HydrogenPro's efficiency advantage equals nearly the entire investment cost of the plant

HydrogenPro in brief Strategy and business update Global supply chain Technology leadership Summary

R&D and test facility – Herøya, Norway

FULL SCALE TEST AND R&D FACILITY IN COMMISSIONING PHASE
GAS PRODUCED TO BE DELIVERED TO HYNION
INNOVATION AND TEST FACILITY FOR NEW TECHNOLOGY AND CONFIGURATIONS

Technology roadmap 2021 - 2025

HydrogenPro with a clear roadmap to become global leader in large-scale hydrogen systems

Today's technology

Optimize OPEX

Optimize CAPEX

Well proven and delivered since 1994
Use current technology to implement the first 100 MW plant globally

Increase efficiency by:
- full-scale verification of advanced electrode technology
- simplification and optimization of balance of plant
- reduced need for cooling water
Optimalization of fluid mechanics and thermo mechanics

Scaling up, optimization and automatization will gradually drive down capex
Reduce footprint
Increase current density and operational flexibility
Increase pressure on both H² and O2 up to 50 bar

Our ambition: #1 large-scale hydrogen production systems player

We are attractively positioned in a fast-growing market

✓ Technology leadership: owner of next-generation electrode technology ready for market in 2022
✓ Partnership strategy to fast-track global upscaling
✓ Global fabrication set-up
✓ Growing momentum in projects and sales pipeline
✓ On-going build-up of an international organization
✓ Strong public support commitments globally

www.hydrogen-pro.com

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HydrogenPro ASA Investor Presentation 2021