HydrogenPro ASA, a leading provider of electrolyzer technology, has had a particularly eventful 2nd quarter of the year. The quarter concluded with a significant funding announcement for the company, as they invested in a third-party technology with a 350 MW production facility in Denmark. This move not only strengthens their technological capabilities but also enhances their global production capacity.
The financial stability of HydrogenPro ASA has also received a boost during this quarter, with their cash balance increasing from NOK 185 million to NOK 247 million. This puts the company in a strong position to continue delivering large-scale electrolyzer projects, a feat that only a few companies in the industry can accomplish.
One of the key highlights of the quarter was the partnership announcement with ANDRITZ, a major industrial partner. ANDRITZ made a significant investment of NOK 82.7 million in HydrogenPro ASA, further solidifying their collaboration. This investment allowed HydrogenPro ASA to deliver on their 100 MW assurance to Salzgitter, with the first delivery completed during the 2nd quarter. The companies have also initiated a joint validation program to ensure the success of the Salzgitter project.
In addition to these developments, HydrogenPro ASA’s Danish subsidiary received DKK 35 million from the Export and Investment Fund of Denmark (EIFO) to expand their production capacity for gen 3 electrode technology in Denmark. This investment will enable the company to meet the growing demand for their innovative solutions in the market.
Furthermore, HydrogenPro ASA successfully completed the delivery of the final components for the ACES project, one of the largest hydrogen projects globally. The installation and commissioning of the project began in the spring, further showcasing the company’s expertise in delivering large-scale industrial projects.
Jarle Dragvik, CEO of HydrogenPro ASA, expressed his satisfaction with the company’s performance during the quarter, emphasizing their ability to deliver on their commitments and attract investments from major partners. He highlighted the company’s focus on continuous improvement in technology and processes to stay ahead in the competitive market.
Overall, the 2nd quarter has been a significant period of growth and success for HydrogenPro ASA, positioning them as a key player in the electrolyzer technology industry. With a strong financial foundation and strategic partnerships in place, the company is well-equipped to capitalize on the growing demand for clean hydrogen solutions worldwide.
For more information, please contact:
Olaf Thommessen, Head of Communications & Company Affairs
+47 97 54 85 85
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SOURCE: HydrogenPro ASA
