Hydrogen Pro AS - Financial statement Q3 2020

HydrogenPro AS - Financial statement Q3 2020
Porsgrunn, 23rd November 2020
Hydrogen Pro AS (HYPRO-ME) reported revenues of NOK 4,4 million in the third quarter and NOK 11,1 million per third quarter. The operating result showed a loss of NOK 2,2 million in the quarter and a loss of NOK 3,7 million per third quarter. The quarterly result pre tax was negative with NOK 2,7 million in the quarter and negative with NOK 6,3 million per third quarter.
"The markets in which we operate continue to show high activity and strong momentum, in addition to significant governmental interest for developing green energy infrastructure and industries. Following the successful Private Placement in October, HydrogenPro is working on a strengthening of the organization and on preparations of the two projects in France at Dunkirk and Normandy. The work relating to design and development of a 11MW electrolyser for the US market is progressing as planned. The company expects the installation of a small electrolyser container project in Northern Sweden to be finally completed and handed over to client in the fourth quarter 2020, all consistent with the information provided during the company’s IPO process," says Mårten Lunde, Chief Executive Officer.
After close of the third quarter, the company completed a private placement with net proceeds of about NOK 525 million and on October 14th the company’s shares were listed on the Oslo Stock Exchange, Merkur list (to be renamed Euronext Growth). During this process the number of shareholders in the company increased from 9 at the end of third quarter to 225 on the day of listing. As of November 18th the number of shareholders had increased to 1 524.
The third quarter 2020 report and presentation are enclosed and available through www.newsweb.no (Ticker: HYPRO-ME) and www.hydrogen-pro.com.