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Oslo, 12 June 2023: HydrogenPro ASA ("HYPRO" or the "Company") hereby announces
a contemplated private placement (as defined below) of shares in the Company,
consisting of a primary tranche of between approximately NOK 80-120 million and
a secondary tranche of up to NOK 6 million (the "Private Placement"). The final
size of the Private Placement and the number of Offer Shares (as defined below)
will be resolved by the Board of Directors of the Company (the "Board")
following an accelerated bookbuilding process. The Company intends to use the
net proceed from the issuance of the New Shares (as defined below) to fund the
initial phase of the expansion in the USA (including building the US
organization), verification of 3rd generation technology, working capital and
general corporate purposes.

Bryan, Garnier & Co and Pareto Securities AS are acting as Joint Bookrunners
(the "Joint Bookrunners") in connection with the Private Placement.

The Private Placement
The Private Placement consists of an offer of new shares (the "New Shares") to
be issued by the Company with an aim to raise gross proceeds of approximately
NOK 80-120 million and of existing shares in the amount of up to NOK 6 million
(the "Secondary Sale Shares", and together with the New Shares, the "Offer
Shares") to be sold by the founders Richard Espeseth and Vivian Yanjin Chen
Espeseth (the "Selling Shareholders") due to tax obligations relating to the
uplisting of the Company from Euronext Growth Oslo to Oslo Børs.

The Private Placement will be directed towards Norwegian and international
institutional investors, in each case subject to and in compliance with
applicable exemptions from relevant prospectus or registration requirements.

The subscription price and allocation of shares in the Private Placement will be
determined through an accelerated bookbuilding process. The bookbuilding period
commences today at 16:30 CEST and ends on 13 June 2023 at 08:00 CEST. The
bookbuilding may, at the discretion of the Company and the Joint Bookrunners,
close earlier or later and may be cancelled at any time and consequently, the
Company may refrain from completing the Private Placement. The Company will
announce the final number of Offer Shares placed and the final subscription
price in the Private Placement in a stock exchange announcement expected to be
published before the opening of trading on the Oslo Stock Exchange tomorrow, 13
June 2023. Completion of the Private Placement is subject to final approval by
the Board.

The minimum subscription and allocation amount in the Private Placement will be
the NOK equivalent of EUR 100,000, provided that the Company may, at its sole
discretion, allocate an amount below EUR 100,000 to the extent applicable
exemptions from the prospectus requirement pursuant to applicable regulations,
including the Norwegian Securities Trading Act and ancillary regulations, are
available.

The allocation will be determined after the bookbuilding period and final
allocation will be made at the Board's sole discretion. Notification of
allocation and payment instructions is expected to be issued to the applicants
on or about 13 June 2023 through a notification to be issued by the Joint
Bookrunners.

The Offer Shares allocated in the Private Placement are expected to be settled
through a delivery versus payment transaction ("DVP") by delivery of existing
and unencumbered shares in the Company that are already listed on Oslo Stock
Exchange, and with respect to the New Shares, pursuant to a share lending
agreement between the Company, Richard Espeseth, TM Holding AS, Pareto
Securities AS, Bryan, Garnier & Co, and Bryan Garnier Securities.

Offer Shares will be tradable from notification of allocation and settlement on
DVP basis is expected on 15 June 2023 (T+2).

Pareto Securities AS, Bryan, Garnier & Co and Bryan Garnier Securities will
settle the share loan with a corresponding number of new shares in the Company
to be issued by the Board pursuant to an authorisation granted by the annual
general meeting of the Company on 24 May 2023.

The Selling Shareholders will receive the proceeds from the sale of Secondary
Sale Shares and the Company will receive the net proceeds from the sale of the
New Shares.

The Company, the Selling Shareholders, all primary insiders and certain close
associates to primary insiders in the Company have agreed with the Joint
Bookrunners to a lock-up for a period of six months from the settlement date for
the Private Placement, subject to customary exceptions.

The contemplated Private Placement involves that the shareholders' preferential
rights to subscribe for and being allocated the Offer Shares are set aside. The
Board has considered the structure of the equity raise in light of the equal
treatment obligations under the Norwegian Public Limited Companies Act, the
rules on equal treatment under Euronext Oslo Rule Book Part II and the Oslo
Stock Exchange's Guidelines on the rule of equal treatment. The Board is of the
view that it is in the common interest of the Company and its shareholders to
raise equity through a private placement. The Private Placement enables the
Company to secure equity financing for the initial phase of the expansion in the
USA (including building the US organization), verification of 3rd generation
technology, working capital and general corporate purposes. Further, the Private
Placement will reduce execution and completion risk and allows for the Company
to raise capital more quickly. The Private Placement will also enable the
Company to utilize current market conditions, raise capital at a lower discount
compared to a rights issue and avoid the underwriting commissions normally seen
with rights offerings. Further, any subsequent offering, if resolved upon and
implemented, will secure that eligible shareholders will receive the opportunity
to subscribe for new shares at the same subscription price as that applied in
the Private Placement.

On this basis the Board has considered the proposed transaction structure, i.e.
the Private Placement, to be in the common interest of the Company and its
shareholders.

The Company may, subject to completion of the Private Placement, consider
conducting a subsequent share offering of new shares (the "Subsequent
Offering"). If carried out, the size and structure of the Subsequent Offering
shall be in line with market practice. Shareholders being allocated shares in
the Private Placement will not be eligible to participate in a Subsequent
Offering. The Company reserves the right in its sole discretion to not conduct
or cancel 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: ir@hydrogen-pro.com
Phone: +47 986 11 952

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

Important Notices
This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. The
distribution of this announcement and other information may be restricted by law
in certain jurisdictions. Copies of this announcement are not being made and may
not be distributed or sent into any jurisdiction in which such distribution
would be unlawful or would require registration or other measures. Persons into
whose possession this announcement or such other information should come are
required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering or their
securities in the United States or to conduct a public offering of securities in
the United States. Any sale in the United States of the securities mentioned in
this announcement will be made solely to "qualified institutional buyers" as
defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Regulation" means Regulation 2017/1129 as amended together with any applicable
implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.

Actual events may differ significantly from any anticipated development due to a
number of factors, including without limitation, changes in investment levels
and need for the Company's services, changes in the general economic, political
and market conditions in the markets in which the Company operate, the Company's
ability to attract, retain and motivate qualified personnel, changes in the
Company's ability to engage in commercially acceptable acquisitions and
strategic investments, and changes in laws and regulation and the potential
impact of legal proceedings and actions. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The Company does not provide any guarantees that the
assumptions underlying the forward-looking statements in this announcement are
free from errors nor does it accept any responsibility for the future accuracy
of the opinions expressed in this announcement or any obligation to update or
revise the statements in this announcement to reflect subsequent events. You
should not place undue reliance on the forward-looking statements in this
document.

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement.

Neither of the Joint Bookrunners nor any of their respective affiliates makes
any representation as to the accuracy or completeness of this announcement and
none of them accepts any responsibility for the contents of this announcement or
any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities in the Company. Neither the Joint
Bookrunners nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Ida Eilertsen Nygård, Head of
Investor Relations and ESG at HydrogenPro ASA on 12 June 2023 at 16:30 CEST on
behalf of the Company.