HydrogenPro to receive substantial grant from the Danish government

31 May 2024 10:51 CEST

Oslo, 31[ ]May 2024. HydrogenPro ASA's Danish subsidiary has been granted DKK 35
million for the "H2-GIGA factory" project from the Export and Investment Fund of
Denmark (EIFO) in order to continue its plans to establish production capacity
for next-generation electrode technology in Denmark.

The H2-GIGA factory will be designed to produce more than 77,000 electrodes
annually matching the electrode requirement for installing 0.5 GW electrolyzer
capacity.The planned investment includes one nickel foam production line and 6
electrode plating lines, employing innovative production methods. This
initiative will lead to the creation of a cutting-edge, large-scale electrode
production facility, marking a significant milestone for Denmark's green H2
technology sector and supporting the growth of the Danish PtX industry.

To maintain the position as a technology frontrunner of highly efficient green
hydrogen production technologies, HydrogenPro and its subsidiary, HydrogenPro
Advanced Surface Plating ("ASP"), is planning to strategically invest in
production capacity for next-generation electrode technology on primary markets.
The production will be based on HydrogenPro's proprietary electroplating
technology. HydrogenPro has decided that the next-generation electrodes should
be produced in a location close to the R&D centre in Århus, Denmark.

A two-tiered feasibility analysis involving country-level and regional
evaluations has been prepared. At country level the analysis indicated Denmark
as a well-suited location for new electrode factory. At regional level the
analysis indicates that Randers is an ideal site for the H2-GIGA factory. The
electrode factory is expected to create 70-80 jobs in Randers once in operation.

The objective of the H2-GIGA project is to become the world leading producer of
next-generation electrodes for high-pressure alkaline electrolysis. This project
is essential to improve the efficiency of the high-pressure alkaline
electrolyser technology and to improve HPRO customers' business case by reducing
the cost of producing hydrogen significantly.

The H2-GIGA project has 3 main goals:

· Establishment of high-efficient electrodes production
· Insourcing of nickel foam production
· High value components production in the EU/DK

For further information, please contact:

Olaf Thommessen, Head of Communications & Corporate Affairs

+47 97 54 85 85

olaf.thommessen@hydrogenpro.com

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