HydrogenPro US expansion with 500 MW manufacturing facility in Texas, US

20 Mar 2023 07:00 CET

Oslo, 20 March 2023. HydrogenPro (ticker: HYPRO) will take its first major step
into the US market with the establishment of 500 MW manufacturing capacity in
Texas, US, with an estimated total investment cost of USD 30-50 million. The
brownfield investment includes a separate advanced electrode manufacturing
facility, representing a technology game changer in the HydrogenPro solutions
offering.

This move will increase HydrogenPro's manufacturing capacity to 800 MW in total
and represents a major milestone in establishing a global presence as part of
the strategy to become #1 provider of large-scale green hydrogen technology &
systems.

The new site is planned to have an initial capacity of 500 MW with the option to
significantly scale up the capacity to several gigawatts in due time.

The US has become the market leader on green hydrogen, as the Inflation
Reduction Act (IRA) passed by Congress in August 2022 is beginning to show
effects. The favorable tax scheme for producers of green hydrogen has resulted
in surging demand, growing 4-6 times compared to pre-IRA figures. The US market
is HydrogenPro's top priority, and manufacturing capacity on this continent
provides a fundamental platform to succeed with the announced growth ambitions.

With this, HydrogenPro will take a market-leading position and become the only
viable large-scale player providing high-pressure alkaline electrolyser
technology & systems.

HydrogenPro has conducted an extensive strategic review of various US states to
determine the most suitable location. All locations have been assessed based on
several factors, incl. access to site and skilled workers, infrastructure, ease
of sourcing raw materials, proximity to end-users and incentive programmes
offered by different states.

The US market has been served by HydrogenPro's European sales team for some
time, which has resulted in a significant pipeline of relevant and attractive
projects already in progress. The US organisation will be ramped-up in parallel
with the manufacturing expansion.

"The US factory will be our bridgehead into the North American market. A key
factor for us to become the leading provider of green hydrogen technology &
systems is our presence across continents, securing sustainable and local supply
chains", says CEO Tarjei Johansen, and adds: "We have great confidence in our
technology & systems being an excellent fit for large-scale industrial
applications, where we are now seeing an unprecedented increase in demand for
green hydrogen following the IRA. Consequently, establishing a manufacturing
site to serve the North American market is a natural next step in our global
expansion plan, and a very exciting opportunity for our company!"

About HydrogenPro:
HydrogenPro is a technology company and an OEM for high pressure alkaline
electrolyser and supplies large scale green hydrogen plants, 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.

For further information, please contact:
Martin Thanem Holtet, CFO, +47 922 44 902
Ida Eilertsen Nygård, Head of Investor Relations and ESG, +47 986 11 952
ir@hydrogen-pro.com

More information:
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585624_HydrogenPro_Company_presentation_20_Mar_2023.pdf