7 November 2023 - HydrogenPro (OSE: HYPRO): Today, HydrogenPro reported its
financial results for the third quarter.

Highlights:

  · Revenues for the quarter of NOK 220 million, up 61% from second quarter (NOK
137 million) and more than 14x same quarter last year (NOK 15 million)
  · Gross margin of 10.2% in the quarter, 14.6% year to date
  · ANDRITZ confirms Purchase Order for 18 electrolysers from HydrogenPro, to a
value of approx. EUR 18 million
  · Mitsubishi Power confirms successful validation, installation, and operation
of two HydrogenPro electrolysers
  · Finally, the company continues its strategic momentum in the US. HydrogenPro
Inc. has appointed Jeff Spethmann as the CEO from 1 January 2024. The
Biden/Harris administration is continuing to develop sustainable hydrogen value
chains, with its October announcement of seven regional clean hydrogen hubs to
receive USD 7 bn in funding.

Financials (Q2 2023 numbers in brackets)

  · Revenues NOK 220 million (NOK 137 million)
  · Adj. EBITDA NOK -19 million (NOK -4 million)
  · Net profit NOK -35 million (NOK 6 million)
  · Backlog NOK 322 million (not including 100 MW order from ANDRITZ) (NOK 548
million)

Jarle Dragvik, CEO, states that: "We are looking to the future with confidence.
The newly confirmed purchase order from Andritz gives us reason for further
optimism. Equally, already by the end of this year we recognize the major share
of the ACES contract revenues with a positive margin. HydrogenPro anticipates
continued healthy growth with positive margins as it leverages its innovative
solutions and strategic partnerships."

For further information, please contact: Jarle Dragvik, CEO, +47 911 72 734,
jarle.d@hydrogen-pro.com

About HydrogenPro AS:
HydrogenPro is a technology company and an OEM for high pressure alkaline
electrolyser systems for large-scale green hydrogen plants, 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.

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