Oslo, 19 June 2023: Reference is made to the stock exchange announcement by
HydrogenPro ASA ("HYPRO" or the "Company") on 13 June 2023 regarding the
successful placing of a private placement of new and existing shares with gross
proceeds of NOK 126 million (the "Private Placement"), and that the Company
intended to carry out a subsequent offering with non-tradable subscription
rights of up to 1,500,000 new shares in the Company (the "Subsequent Offering"),
depending, inter alia, on the development of the price of the shares and the
traded volumes in the Company after completion of the Private Placement.

The board of directors of the Company has today resolved not to proceed with the
Subsequent Offering. Following announcement of completion of the Private
Placement, more than the announced repair volume of 1.5 million new shares has
been traded at or below the subscription price in the Private Placement. In
addition, the market price of the Company's shares has been, and still is, below
the subscription price in the Private Placement. Accordingly, any shareholder
wishing to reduce the dilutive effect of the Private Placement have had the
opportunity to purchase shares in the Company in the market at prices below the
subscription price in the Subsequent Offering.

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: ida@hydrogen-pro.com
Phone: +47 986 11 952

About HydrogenPro:
HydrogenPro is a technology company and an OEM for high pressure alkaline
electrolyser 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.