HydrogenPro (OSE: HYPRO) meets the European Hydrogen Bank regulations

15 Nov 2024 15:04 CET

On September 27, 2024, the European Hydrogen Bank introduced new terms where
prospective projects will not be allowed to source more than 25 percent of
electrolyser stacks - covering surface treatment, cell unit production, and
stack assembly-from China.  This week, the European Commission shared a letter
that further clarifies the regulations.

Based on dialogue with investors and analysts, HydrogenPro observes that this
has created uncertainty and has led to misunderstandings of the complex supply
chain involved in the production of electrolysers.

Therefore, HydrogenPro would like to clarify the following: HydrogenPro fully
complies with the European Hydrogen Bank's funding requirements for our European
projects. Any necessary adjustments to our supply chain will be minimal.

Jarle Dragvik, CEO of HydrogenPro ASA, comments: ''We have thoroughly analyzed
our supply chain based on the EU regulations, which includes our electrode
production in Denmark and assembly at our collaboration and EPC partner ANDRITZ
AG's site in Germany, and we are confident we will comply with all regulations."

HydrogenPro leads the global green hydrogen industry, being the exclusive
supplier for two of the largest green hydrogen projects globally. Working
closely with ANDRITZ, we will continue to deliver the largest projects in
Europe.

For further information, please contact:

Martin Thanem Holtet, CFO +47 922 44 902

About HydrogenPro:

HydrogenPro, established in 2013, specializes in pioneering green hydrogen
technology solutions in partnership with global collaborators and suppliers. Our
flagship products are high-pressure alkaline electrolysers, featuring some of
the most advanced technology available. Our team comprises highly skilled
professionals, including key experts in global hydrogen technology. Currently,
we operate R&D, sales, and manufacturing facilities across Denmark, Germany, the
US, and China, with plans for further global expansion.

Headquartered at Herøya, Norway, our proudest achievement lies in developing
cutting-edge high-pressure alkaline electrolyzers, including proprietary
electrode technology that enhances our global competitiveness. Designed for
scalability with renewable energy inputs, our electrolysers offer cost-effective
solutions crucial for enhancing sectors like wind, solar, and other renewables
in the energy transition.

Green hydrogen, as a versatile energy carrier, plays a pivotal role in advancing
the green energy shift. At HydrogenPro, we are dedicated to leading the green
hydrogen industry forward with our innovative technology and expertise, driving
towards a sustainable future.

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