Porsgrunn, 23rd of August 2021 - HydrogenPro (OSE: HYPRO) reports a second quarter net loss of NOK 13.1 million.

CEO Mårten Lunde stated as follows: “During the quarter we have invested to maintain our position as a technology front-runner. This includes completion of the fabrication plant for the next-generation electrodes in Denmark – on time and on budget, our R&D test center at Herøya in Norway is now in operation and we are securing production capacity and continuing our global fabrication and supply chain plans. Our projects are maturing and we see a significant growth in our sales pipeline with projects coming closer to investment decisions.”  

Q2 2021 highlights:
*Fabrication plant for next-generation electrode technology in Denmark completed –  starting full-scale test production   
*Test and R&D center in operation at Herøya (Porsgrunn, Norway)
*Securing production capacity and continuing to plan international fabrication and supply chains
*Company’s key contract opportunities further maturing
*Further expanding co-operation potential in France with H2V and Mitsubishi Power
*Increasing prospect pipeline to even higher levels and projects being further matured 
*Accelerated focus on energy transition: “Fit for 55”, IPCC report, IPCEI funding, Biden initiatives etc. 
*Scaling up organization, incl. appointment of Chief Commercial Officer (starting 1 Sep 2021)
*ISO certification process ongoing with expected completion Q4 2021
*Robust balance sheet with cash position of NOK 471.2m as of 30th of June 2021

The second quarter 2021 report and presentation are enclosed and available through www.newsweb.no (OSE: HYPRO) and www.hydrogen-pro.com.
  
A live streamed webcast presentation will be held by CEO Mårten Lunde and CFO Martin T. Holtet at 10:00 CET today.
Link to webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20210823_3/


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 our 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.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Ac

HydrogenPro - Q2 2021 report

HydrogenPro - Q2 2021 presentation