HydrogenPro AS (OSE: HYPRO) Announces Purchase Order from Mitsubishi Power for the World's Largest Single Stack High-pressure Alkaline Electrolyser System

24 August 2021: HydrogenPro AS (OSE: HYPRO) has received a purchase order from
Mitsubishi Power for the world's largest single stack high-pressure alkaline
electrolyser system to produce hydrogen. The companies are scaling and
validating hydrogen technology to enable global efforts to decarbonize.

The large single stack first-of-its-kind electrolyser system will have a
capacity of 1100 normal cubic metres per hour (Nm3/h). It will be installed at
Herøya Industrial Park in Norway during 1st quarter 2022 with HydrogenPro
operating the facility and work will start immediately. The companies have
agreed not to disclose the contract value. Pricing is in line with indications
previously provided by HydrogenPro in investor material from October 2020. 

Through an early phase cooperation, the companies will carry out a structured
validation program and optimize production. Later in the year, they plan to
introduce similar electrolyser technology in the U.S. market. The validation and
optimization program will play an important role in customer adoption. 

"This is an important strategic order. We are delighted to work with Mitsubishi
Power to construct this plant and to implement a joint verification program
designed to optimize our electrolysers for the U.S. market, which is expected to
offer significant opportunities during the coming years", says Mårten Lunde,
CEO, HydrogenPro AS. 

Paul F. Browning, President and CEO, Mitsubishi Power Americas, and Chief
Regional Officer, Europe, Africa, the Middle East and the Americas, Mitsubishi
Power, said, "At Mitsubishi Power, our approach to introducing enhanced
technology has always been to validate our technology before we deploy it at a
customer project.  As we lead our industry in deploying utility-scale green
hydrogen infrastructure, we are pleased to partner with HydrogenPro in deploying
high-pressure Alkaline electrolysis products and services.  This technology has
been used around the world for decades, and we will support HydrogenPro enhance
and scale their products, while also deploying a global supply chain. Together
with our customers and partners, we are creating a Change in Power."



For more information, please contact: 

Mårten Lunde, CEO, [phone], [e-mail] 
Martin T. Holtet, CFO, [phone], [e-mail]

 
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 the 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.

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