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Achievements and highlights:
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Q4 2024 revenues of NOK 70 million in Q4 2024, with 41% gross margin
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ANDRITZ and MHI invested NOK 70 million, plus NOK70 million by LONGi (pending
ODI approval) with 22% premium
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New manufacturing line of advanced electrodes in Denmark in start-up,
delivered on time and below budget.
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Full-scale electrolyser validation test in start-up
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Main components delivered on SALCOS project. Electrodes to be delivered in
2025
Q4 2024 financials (Q3 2024 numbers in brackets):
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Revenues NOK 70 million (NOK 72 million)
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Gross Profit NOK 29 million (NOK 19 million)
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EBITDA NOK -44 million (NOK -38 million)
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Net result NOK -38 million (NOK -38 million)
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Order Backlog NOK 305 million (NOK 341 million)
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Cash Balance NOK 191 million (NOK 188 million)
Jarle Dragvik, CEO of HydrogenPro, comments: "This quarter, we are continuing
with stable deliveries to the SALCOS project with a good gross margin.
By end of the quarter HydrogenPro announced an equity raise of 70 MNOK by
existing partners Mitsubishi Heavy Industries Ltd. and Andritz AG. Additionally,
70 MNOK will be raised by new partner Longi conditioned upon the Chinese
Government’s approval. This investment further strengthens the solid cooperation
within technology and market development between HydrogenPro and the partners.
We are also delighted to welcome LONGi Hydrogen as a strategic partner as we
continue to execute on our vision of delivering sustainable hydrogen solutions
globally. We see a great strategic fit together with all of our industrial
partners which will broaden our opportunities to further optimize our current
offering and supply chain on the market.
HydrogenPro continues its technology development to bring down LCOH by expanding
its delivery capacity of the 3[rd] generation electrodes in addition to further
improvements and testing. The 350 MW manufacturing facility of the 3rd
generation electrode technology in Aarhus, Denmark is now starting up.
It is reassuring to see HydrogenPro continue its positive development in health
and safety, by reaching 360 days without accidents as the foundation of all our
work in safety and quality."
The company will host a webcast presentation at 10:00 CET, followed by a Q&A
session. The presentation will be held by Jarle Dragvik (CEO) and Martin Thanem
Holtet (CFO). Questions can be posted online during the presentation. Link to
webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20250225_5/
For further information, please contact:
Martin Thanem Holtet (CFO)
Tel: +47 922 44 902
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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