25 October 2021: HydrogenPro AS (OSE: HYPRO) - Elling Nygaard has been appointed
new CEO of HydrogenPro. Mårten Lunde, who has been CEO since the IPO in October
last year, has chosen to step down.

"The Board is extremely pleased that Elling has agreed to join HydrogenPro. He
brings a profound understanding of hydrogen, large-scale industrial projects and
global strategic partnerships. His background within industrial sales and
business development, and his broad international network in the renewable
energy sector is ideally-suited for HydrogenPro as we accelerate the development
of our leading hydrogen technology," said Ellen Hanetho, Chair of HydrogenPro.

Mr. Nygaard brings a demonstrated sales and business development experience from
project-oriented technology businesses, where strategic partnerships have played
a central role. For more than 20 years, he has held a number of senior
management positions, lately working at ABB specifically on hydrogen, including
developing a global partnership with HydrogenPro. He has also held the CEO
position at several technology companies. He holds an electrical engineer
degree, and economy- and market management from BI. 

"I am looking forward to taking on the role as CEO of HydrogenPro, which I know
well as a commercial partner of ABB. HydrogenPro is uniquely positioned to take
the lead in developing large-scale hydrogen plants that will be instrumental in
meeting the growing demand for energy, while realizing the de-carbonization
strategies of the European Union, US and Asia. I see great opportunities for
HydrogenPro's highly-scalable electrolyser technology among industrial
customers, and I am eager to accelerate the company's commercial development,"
said Mr. Nygaard.

Mr. Nygaard will join HydrogenPro as CEO on 1 November 2021. At the same time
Mårten Lunde will step down but will support the company during a transition
phase.

Mr. Lunde comments as follows: "The past year since the IPO in October 2020 has
been active. We have transformed HydrogenPro in material respects and built a
competent team with significantly increased capacity. Projects are ongoing, we
have started to record revenues and the company is attractively positioned for
several large green hydrogen projects to play a key role in the energy
transition.  I am very happy that Elling, who knows HydrogenPro well, will join
the team. I am confident that he will be an excellent CEO for HydrogenPro and
wish him all the best," said Mr. Lunde.

"I would like to thank Mårten for his contributions to HydrogenPro, first as CFO
and later as CEO. Through his vision and clear direction, HydrogenPro has
successfully raised substantial capital, transitioned to become a publicly
listed company and established the foundation for further commercialization and
growth," added Ms. Hanetho.

HydrogenPro's core products are large-scale electrolysers used to produce
hydrogen for industrial applications without depending on natural gas as input.
The company recently completed its new plant for the production of its
proprietary next-generation technology in Denmark, and sees significant increase
in its sales pipeline, with several investment decisions expected in 2021 or
2022.

For more information, please contact: 
Ellen Hanetho, Chair, +47 48 22 07 50
Mårten Lunde, CEO, +47 48 14 84 51



About HydrogenPro:

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.

This information is subject to the disclose requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange