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PORSGRUNN, February 27, 2024 – HydrogenPro ASA reported in their Q4 results gross profit of 44 % (56 MNOK) and an Adj. EBITDA of NOK 12 million representing a 10% margin. Results are primarily driven by completion of 40 electrolyzers to the ACES Delta in Utah, US.

The Advanced Clean Energy Storage Hub (ACES Delta) is jointly developed by Chevron New Energies Company and Mitsubishi Power. It is a world leading industry and utility-scale energy project that will produce, store, and deliver green hydrogen to help decarbonize the region. HydrogenPro has completed its manufacturing and delivery of 40 large scale electrolyzers at the end of 2023.  The initial value of the contract exceeds USD 50 million for HydrogenPro’s scope of delivery.

The strategic partnership with Austrian industry giant Andritz is also bearing fruits with an order of magnitude. Earlier last year Andritz announced a contract for building a 100MW electrolysis plant at the Salzgitter Flachstahl GmbH site, using 18 of HydrogenPro’s 5MW cell stacks. The order was confirmed in Q4.

These two projects alone equal the emission reduction of 262 000 cars.

In their report, HydrogenPro also specify their enhanced US strategy with a potential of USD 9 billion in Electrolysis System Investment.

Jarle Dragvik, CEO of HydrogenPro, comments: “We are pleased to show that our business model deliver results, both operationally and financially. HydrogenPro is proving its pole position to generate industry leading returns by developing and manufacturing high quality electrolyzers for an increasing global demand.  We are now strengthening our foothold in both the US and the European markets and are taking a leading role in the development of the hydrogen industry.”