HydrogenPro ASA: Notification of major holdings

23 Dec 2024 08:55 CET

Reference is made to the stock exchange announcement published by HydrogenPro
ASA ("HydrogenPro" or the "Company") on 23 December 2024 (the “HYPRO stock
exchange announcement”) regarding, amongst other things, a private placement of
new shares in the Company.

All capitalised terms used but not defined herein shall have the meaning
ascribed to such terms in the HYPRO Stock Exchange Announcement.

Mitsubishi Heavy Industries, Ltd. ("MHI") has undertaken to subscribe for, and
will be allocated, 6,350,000 New Shares in the Private Placement.

Prior to completion of the Private Placement, MHI holds 5,381,165 shares in the
Company. Following completion of the Private Placement, MHI will consequently
hold a total of 11,731,165 shares in the Company.

Taking into consideration the increase to the total number of shares issued by
the Company following completion of the Private Placement (and excluding any
shares issued as part of the conditional LONGi Investment), MHI will hold a
number of shares equal to 14.16 per cent of the total number of shares of the
Company.

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