HydrogenPro AS - second quarter 2022

OSLO, Norway, Aug. 23, 2022 /PRNewswire/ -- HydrogenPro AS (OSE: HYPRO) today published its Q2 2022 report. The company reports one of the largest electrolyser purchase orders ever, positive cash flow and a backlog of NOK 794 million.

Operational highlights:           

• Mitsubishi Power Americas confirmed the purchase order for 40 electrolyser systems, including a 10-year service and support agreement.
• Order intake of NOK 773 million
• Active sales pipeline increased from 97 to 109 projects, with total GW capacity increasing from 12.7 GW to 15.4 GW during the second quarter
• Funding has also been secured for several new R&D projects in both Denmark and Norway.
• Momentum is building up and contracts are approaching final investment decisions.
• The Inflation Reduction Act is a massive trigger for green hydrogen in the U.S and thus for HydrogenPro

Financial highlights (Q1 2022 in brackets): 

• Revenues of NOK 7.8 million (NOK 8.8 million)
• Positive net cash flow with cash and cash equivalents of NOK 435.3 million at end of the quarter (NOK 368.7 million)
• Net profit of negative NOK 20.6 million (negative NOK 22.6 million)

HydrogenPro has an active sales pipeline of 15.4 GW consisting of 109 projects. The company is the selected supplier for the world's largest green hydrogen energy hub and has seen an order intake of NOK 773 million during the quarter. The contract with Mitsubishi exceeds a value of USD 50 million and is one of the largest electrolyser purchase orders ever placed.

HydrogenPro expects the demand for green hydrogen to further develop and is attractively positioned in this developing market due to its mature and well proven high pressure alkaline technology.

The recent public commitments in the US and the EU to accelerate the scale-up of green hydrogen are likely to have a significant positive impact for HydrogenPro going forward.

The Q2 2022 report and presentation are enclosed. A live streamed webcast presentation will be held 10:00 CET followed by a Q&A session with questions to be posted online during the presentation. Link to webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20220823_4/ 

The presentation will be held in English by interim CEO Richard Espeseth and CFO Martin Thanem Holtet.

For further information, please contact:
Richard Espeseth, interim CEO, +47 958 43 007
Martin Thanem Holtet, CFO, +47 922 44 902

About HydrogenPro:

HydrogenPro designs and supplies large scale hydrogen production plants in cooperation with global partners and suppliers, 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.

Our core product is the high-pressure alkaline electrolyser. With the new electrode technology, we are able to increase the efficiency of each unit by 14% to reach 93% of the theoretical maximum. This is a significant step forward as the cost of electric power, depending on market prices, amounts to 70-90% of the cost of producing hydrogen, the value of such increased efficiency equals approximately the investment cost for the entire plant in a Total Cost of Operation perspective. The Company is targeting a production cost for green hydrogen of USD 1.2 per kg in 2022.

This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian Securities Trading Act.

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SOURCE HydrogenPro AS