Delivering strong results in technology development, revenue, and manufacturing,
creating a solid foundation for further global expansion.

15 August 2023 - HydrogenPro (OSE: HYPRO): Today, HydrogenPro published its Q2
2023 report and presentation that includes a detailed description of the revised
priorities.

Highlights:

  · Revenues of NOK 137 million, up 64% vs. Q1 2023 (NOK 83.4 million) and up
>17x vs. Q2 2022 (NOK 7.8 million)
  · Gross margin of 21.6%, stable development from Q1 2023
  · Completed private placement of NOK 120 million for initial phase of US
expansion
  · Test of 3rd generation technology shows results in line with expectations
  · Manufacturing capacity increased from 300 to 500 MW
  · FEED contract with ANDRITZ on 200 MW factory, expected FID first quarter of
2024
  · DG Fuels FEL 3 study for 839 MW Louisiana plant fully financed and initiated
  · Strategic shift of CEO due to revised priorities and full focus on the US

Financials (Q1 2023 numbers in brackets)

  · Revenues of NOK 137 million (NOK 83.4 million)
  · Adj. EBITDA of NOK -4.4 million (NOK -15.8 million)
  · Net profit of NOK 6.5 million (NOK -9 million)
  · Backlog of NOK 548 million (NOK 648 million) as of 30 June 2023. Engaged in
FEED studies totaling >1250 MW

"Stepping into the role as CEO during such an important time for HydrogenPro is
both invigorating and inspiring", says new CEO Jarle Dragvik. "The organization
delivered an all-time high revenue of NOK 137 million in the second quarter with
a gross margin of 21.6%. At the same time progress has been made on several
fronts: We have increased our manufacturing capacity, the first FEED with our
European partner ANDRITZ for a 200 MW factory is secured only four months after
the partnership was announced and test of 3rd generation technology shows
results in line with expectations.  Further we completed a NOK 120 million
private placement for the initial phase of our planned US expansion. This comes
at the same time as DG Fuels is reporting good momentum on their path to FID in
early 2024. HydrogenPro is ready to leverage its leading technology and focus
heavily on the rapidly growing green hydrogen market in the US".

The Q2 2023 report and presentation are enclosed. A live streamed webcast
presentation will be held at 10:00 CET, followed by a Q&A session with questions
to be posted online during the presentation. Link to webcast:
https://channel.royalcast.com/landingpage/hegnarmedia/20230815_4/

For further information, please contact:
Jarle Dragvik, CEO
+47 911 72 734
jarle.d@hydrogen-pro.com
Ida Eilertsen Nygård, Acting CFO & Head of Investor Relations and ESG
+47 986 11 952
ida@hydrogen-pro.com

About HydrogenPro:
HydrogenPro is a technology company and an OEM for high pressure alkaline
electrolyser and supplies large scale green hydrogen technology & systems, all
ISO 9001, ISO 45001 and ISO 14001 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.

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

HydrogenPro_Q2_2023_report

HydrogenPro_Q2_2023_presentation