HydrogenPro ASA Reports Solid Third Quarter 2024 Financial Results

OSLO, Norway, Nov. 12, 2024 /PRNewswire/ -- HydrogenPro ASA has announced its financial results for the third quarter of 2024, showing solid progress in key projects and overall financial performance. The company reported revenues of NOK 72 million in Q3, achieving a gross margin of 26%. Notable achievements this quarter include the on-schedule delivery of the 100 MW Salzgitter project and securing EUR 16.5 million from the EU Innovation Fund to support plans for a large-scale production facility focused on third-generation electrode technology. 

This grant is a key component in the financing of a future H2-GIGA project, and it complements the DKK 35 million awarded in May 2024 by the Export and Investment Fund of Denmark. Together, these grants cover more than 50% of the total investment for the project. The H2-GIGA large-scale factory will leverage off the experience from the full-scale production line and be designed to deliver additional capacity of 500MW, with room to scale up significantly to meet further demand from customers. 

Additionally, HydrogenPro remains on track to scale up its manufacturing capacity of third-generation electrodes to 350 MW, with operations expected to commence in Q1 2025. The company is also actively commissioning the ACES project, targeting installation completion between H2 2024 and H1 2025. 

An exclusive partnership was entered into with J.H.K., an established industrial plant construction and engineering company. The partnership targets green hydrogen projects in the range of 5 to 50 MW in Germany, Austria and the Benelux countries. As part of this collaboration, HydrogenPro will supply its state-of-the-art high-pressured alkaline electrolyzer technology, while J.H.K. will act as plant integrator and EPC (Engineering, Procurement and Construction) contractor, managing project execution and successful delivery to customers.  

Jarle Dragvik, CEO of HydrogenPro, commented: "By completing two of the largest hydrogen projects in the world, HydrogenPro is strengthening its position as a major world scale OEM.  Also, we have entered into an exclusive partnership with J.H.K., where HydrogenPro will serve as a sub-supplier for the smaller scale (5-50MW) alkaline electrolyzer markets in Germany, Austria, and the Benelux region. Further, safety is fundamental in our industry, and it is assuring to see that HydrogenPro has recorded more than 300 days without any accidents. That is a confirmation of our daily focus on HSEQ pays off. The market continues to be challenging, but HydrogenPro's sales pipeline continues to build-up with several projects moving closer to final investment decision". 

For further information, please contact: 
Anne C. Syversen, Acting Press Officer
Phone: +47 934 23456

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SOURCE HydrogenPro ASA