HydrogenPro : First quarter 2022 report and presentation

HydrogenPro AS - First quarter 2022 report and presentation

25 May 2022. - HydrogenPro AS (OSE: HYPRO) today published its first quarter 2022 report.

Highlights year to date:

• Purchase order with an initial value in excess of USD50 mill. with Mitsubishi - one of the largest electrolyser contracts ever placed
  • 10-year service and support agreement
• Successful initial verification of advanced electrode technology reducing power consumption by 14%, significantly reducing the cost of producing green hydrogen
• Sales pipeline of 12.7GW/USD 6.6bn
• Completed fabrication of world's largest electrolyser cell-stack at Tianjin factory
• Expansion of global fabrication and engineering set-ups ongoing in North America, APAC and Europe together with large global industrial companies
• EU to invest 300 billion euros by 2030, while also accelerating permit processes of renewable energy projects

«Several great news have kick-started the year for HydrogenPro. This includes the major purchase order plus a long-term service and support agreement signed with Mitsubishi in April, successful initial verification test results of our world-leading electrode technology and the completion of the fabrication of the world's largest electrolyser system in China. These milestones are in line with our strategy to become the #1 provider of large-scale green hydrogen plants. We look forward to further global expansion", said Elling Nygaard, CEO of HydrogenPro.

Q1 2022 financial highlights:

• Revenues of NOK 8.8 million
• Adj. EBITDA of negative NOK 15.4 million
• Net profit of negative NOK 22.6 million
• Cash position of NOK 368.7 million

The first quarter 2022 report and presentation are enclosed and available through www.newsweb.no (OSE: HYPRO) and www.hydrogen-pro.com.
A live streamed webcast presentation will be held by CEO Elling Nygaard and CFO Martin T. Holtet at 10:00 CET today. Link to webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20220525_4/

About HydrogenPro:

HydrogenPro designs and supplies large scale hydrogen production plants in cooperation with global partners and suppliers, 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.
Our core product is the high-pressure alkaline 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 disclosure requirements pursuant to the Market Abuse Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian Securities Trading Act.