HydrogenPro signs a large-scale contract for an initial delivery of 40 electrolysers to Mitsubishi Power Americas, Inc.

February 2nd, 2022: HydrogenPro AS (OSE: HYPRO) has signed a contract for an
initial delivery of 40 electrolysers to Mitsubishi Power Americas, Inc.
(Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd.
(MHI)), making it one of the largest electrolyser system contracts ever placed.
The initial value of the contract exceeds USD 50 million for HydrogenPro's scope
of delivery. The EPC and other system deliverables for a turn-key electrolyser
green hydrogen production plant will be supplied by other companies. The green
hydrogen will be consumed for power generation in the U.S. 

"This is a major breakthrough for HydrogenPro. It demonstrates that our
technology is well suited for large-scale projects such as this, which will make
affordable, reliable and clean hydrogen widely available to customers. We are
extremely proud to be partnering with Mitsubishi Power in delivering
technological advancements to attain a carbon-free hydrogen society," said
Elling Nygaard, CEO of HydrogenPro.

The purchase order is dependent on a final investment decision, which is
expected in the first half of 2022. However, a nonrefundable commitment has been
made by Mitsubishi Power, enabling HydrogenPro to prepare for production.

"The U.S. has adopted an ambitious strategy to accelerate the green energy
transition through major investments and support for clean energy initiatives.
We regard this as a great opportunity for HydrogenPro, and today's announcement
is a confirmation of the significant potential that resides in the U.S. market
for us," said Mr. Nygaard.

For more information, please contact:
Elling Nygaard, CEO, [phone], [e-mail]
Martin T. Holtet, CFO, [phone], [e-mail]

About HydrogenPro:

HydrogenPro designs and supplies customized hydrogen 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 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 disclosure requirements pursuant to the
Market Abuse Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian
Securities Trading Act.

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