HydrogenPro ASA

Major Shareholding Notification • Jun 12, 2023

HydrogenPro ASA - Disclosure of shareholdings

HydrogenPro ASA - Disclosure of shareholdings

Oslo, 13 June 2023: Reference is made to the stock exchange announcement

published by HydrogenPro ASA ("HYPRO" or the "Company") on 13 June 2023

regarding a PDMR notification in relation to a share lending agreement pursuant

to which TM Holding AS and Richard Espeseth has lent a total of 5,000,000 shares

in the Company to Pareto Securities AS, Bryan, Garnier & Co Limited and Bryan

Garnier Securities, in order to facilitate swift settlement of the private

placement announced by the Company on 12 June 2023.

TM Holding AS currently holds 9,635,182 shares in the Company, corresponding to

16.60 % of the total number of issued shares in the Company based on the current

registered share capital. In addition, TM Holding AS holds 163,005 options to

subscribe for one share each in the Company. When combining the shares and

options held by TM Holding AS, this represents a total of 9,798,187 shares and

rights to shares in the Company, representing a total of 16.89 % of the total

number of issued shares in the Company based on the current registered share

capital.

During the temporary period in which the share loan is outstanding, the total

number of shares held by TM Holding AS will be reduced to 7,135,182 shares,

equal to 12,30 % of the total number of issued shares in the Company based on

the current registered share capital. When combining the shares and options held

by TM Holding AS, this represents a total of 7,298,187 shares and rights to

shares in the Company, representing a total of 12,58 % of the total number of

issued shares in the Company based on the current registered share capital,

dropping below the 15 % disclosure threshold.

Upon registration of the share capital increase related to the Private

Placement, the borrowed shares will be redelivered to TM Holding AS. Any

relevant disclosures concerning changes in TM Holding AS' shareholding will be

published in a separate stock exchange notice.

This information is subject to the disclosure requirements pursuant to Section 5

-12, cf. Section 4-2 of the Norwegian Securities Trading Act.

For additional information, please contact:

Martin Thanem Holtet, Chief Financial Officer

Email: martin@hydrogen-pro.com

Phone: +47 922 44 902

Ida Eilertsen Nygård, Head of Investor Relations and ESG

Email: ir@hydrogen-pro.com

Phone: +47 986 11 952

About HydrogenPro ASA

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

electrolysers and supplies large-scale green hydrogen technology & systems. 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.