Porsgrunn, 25 May 2021- HydrogenPro (OSE: HYPRO) reports a first quarter net loss of NOK 9.3 million. CEO Mårten Lunde stated as follows: “We continued to see a very active market throughout the quarter with several new inquiries and tenders. We were active in maturing new techenology and alliances and we continued to work with the projects in France and the US. HydrogenPro has joined a range of well reputed industrial companies, advisers, regulators and governmental agencies in the platform “HyDeal North America” with high ambitions and plans for decarbonization of the US." A very active quarter – maturing new technology, alliances and projects and increasing the project pipeline. The highlights from the report follow below: ▪ Building of pilot plant for new electrode technology in Denmark on plan ▪ Additional production capacity in Asia secured ▪ Our work with the projects in France (Dunkirk and Normandy) and the two projects in the US continues ▪ Progressing cooperation agreements and partnerships – e.g. Kvina Energy, Hynion ▪ Several significant leads and opportunities in the US – e.g. HyDeal North America ▪ Executive team onboarded and project execution capacity being scaled up ▪ Expanding our network to Finland through agreement with ex CEO of the Woikoski electrolyser plant ▪ ISO certification process – completion 2021 ▪ Robust balance sheet with cash position of NOK 489.5m as of 31st of March 2021 • Global travel restrictions and extraordinary measures related to Covid-19 continued to have a certain negative impact on customer/partner work and dialogue. The first quarter 2021 report and presentation are enclosed and available through www.newsweb.no (OSE: HYPRO) and www.hydrogen-pro.com. A live streamed web-cast presentation will be held by CEO Mårten Lunde and CFO Martin T. Holtet at 10:00 CET: https://channel.royalcast.com/landingpage/hegnarmedia/20210525_1/ HydrogenPro in brief: HydrogenPro was founded in 2013 and the Company’s principal business is to provide customised turn-key plants for large-scale production of green hydrogen to global industrial clients. The Company’s activities include design, engineering and optimization of such plants, purchasing of parts, components and sub-systems for integration into complete plants and systems for hydrogen production. The activities also include commissioning and testing of such plants before they are accepted by clients of the Company. As part of its business model, the Company will also seek to secure service and maintenance agreements related to such hydrogen production plants. The Company aims to be a world leading designer and supplier of alkaline electrolyser technology plants and solutions that meet the highest requirements for safety, reliability and long lifetime at competitive cost. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
HydrogenPro ASA
Hydrovegen 55
3936 Porsgrunn
Norway