8 October 2021: HydrogenPro AS (OSE: HYPRO) - Reference is made to the Annual Report 2020, published on 30 April 2021. A correction has been made in the text in Note 12 in the report. It now reads as follows: “The vesting requires continued employment or association with the company.” Please find enclosed updated report. 

For more information, please contact: 

Mårten Lunde, CEO, +47 48 14 84 51, marten@hydrogen-pro.com 
Martin T. Holtet, CFO, +47 92 24 49 02, martin@hydrogen-pro.com

 
HydrogenPro in brief:

HydrogenPro designs and supplies customized hydrogen plants in cooperation with global partners and suppliers, all ISO 9001 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.

Our core product is the alkaline high-pressure electrolyser. With the new electrode technology, we are able to increase the efficiency of each unit by 14% to reach 93% of the theoretical maximum. This is a significant step forward as the cost of electric power, depending on market prices, amounts to 70-90% of the cost of producing hydrogen, the value of such increased efficiency equals approximately the investment cost for the entire plant in a Total Cost of Operation perspective. The Company is targeting a production cost for green hydrogen of USD 1.2 per kg in 2022.

2020 HydrogenPro annual report_UPDATED