HydrogenPro ASA: Cancellation of subsequent offering

09 Mar 2025 22:30 CET

9 March 2025 - HydrogenPro ASA (OSE: HYPRO): Reference is made to the stock
exchange announcement on 23 December 2024, regarding the private placement of
12,700,000 new shares towards existing shareholders ANDRITZ AG and Mitsubishi
Heavy Industries, Ltd., raising gross proceeds of NOK 70 million to the Company
(the "Private Placement"), and a potential subsequent offering on the same terms
and conditions as in the Private Placement directed towards eligible
shareholders (the "Subsequent Offering").

The board of directors of the Company has decided not to proceed with the
Subsequent Offering. The background for the cancellation is that the Company's
shares have traded below the subscription price in the Private Placement for a
substantial period of time, and at sufficient volumes. Shareholders wishing to
reduce the dilutive effect of the Private Placement have therefore had the
opportunity to purchase shares in the market at prices below the price which
would have been the subscription price in the Subsequent Offering.

For further information, please contact:

Martin Thanem Holtet, CFO

+47 922 44 902

martin.holtet@hydrogenpro.com

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.

This information is subject to the disclosure requirements pursuant to Section 5
-12 the Norwegian Securities Trading Act

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