HydrogenPro investing in capacity to increase production of Gen3 electrodes

24 Jun 2024 08:53 CEST

PORSGRUNN, June 24, 2024 - HydrogenPro ASA (OSE: HYPRO) to invest in a new
production line for its Gen3 electrodes. Total annual capacity will be a minimum
of 90-100 MW and the production is expected to start Q1 2025.

HydrogenPro ASA has over a long period of time developed a unique Gen3 electrode
technology that enables electrolyzers to produce with industry-leading
efficiency and reducing the Levelized Cost of Hydrogen. The new production line
will quadruple the production capacity of large electrodes.

CEO Jarle Dragvik, says in a statement that he is very pleased with the
decision. "The technology that we have developed is unique and is now ready for
commercialization. There is a very strong demand for this technology as we
experience increased request for quotation of Gen 3 electrodes.  It is therefore
a good timing for investing in order to deliver from 2025 and onward. With the
very good results we have seen testing Gen3 electrodes, we are pleased to take
this important step"

The total investment is stipulated to 70 MNOK and the experience obtained will
be very important also in the planning of a "H2-GIGA factory". Earlier this year
HydrogenPro announced the approval of a grant from the Export and Investment
Fund of Denmark for the planning also for this factory.

For further information, please contact:

Olaf Thommessen, Head of Communications & Corporate Affairs

+47 97 54 85 85

Martin Thanem Holtet, CFO

+47 922 44 902

About HydrogenPro AS:

HydrogenPro is a technology company and an OEM for high pressure alkaline
electrolyser systems for 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.

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