HydrogenPro AS (OSE: HYPRO) – Air Liquide takes complete ownership of H2V’s Normandy project

22 Oct 2021 07:46 CEST

Company Name





Euronext Growth



22 October 2021: HydrogenPro AS (OSE: HYPRO) - H2V has sold the remaining
ownership of the Normandy hydrogen project, initially planned for 100MW, to Air
Liquide. This transaction was announced by Air Liquide in a news release issued
Wednesday evening on 20 October 2021. Consequently, H2V has formally notified
HydrogenPro that the ongoing co-operation on the Normandy project will cease.

The announced transaction has no impact on HydrogenPro’s work with H2V to mature
the Dunkirk green hydrogen project, also initially for 100MW. The companies
continue to mature the project and a public hearing is currently ongoing
locally, with final public approval expected to be given during Q1 2022.

CEO Mårten Lunde comments:”Following the announcement of Air Liquide’s purchase
of 40% of the Normandy project in February 2021, the deal announced was always a
possible outcome. This is of course disappointing to us, but we continue our
good co-operation with H2V on the Dunkirk project as well as other opportunities
in France. During the last few months, we have also matured larger and more
near-term contract opportunities than the Normandy project. As such, this recent
development will have only a fractional short-term impact going forward”.

For more information, please contact:

Mårten Lunde, CEO, +47 48 14 84 51, marten@hydrogen-pro.com

Martin T. Holtet, CFO, +47 92 24 49 02, martin@hydrogen-pro.com

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.


HydrogenPro AS


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