NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, SOUTH AFRICA OR THE
UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER
OF ANY OF THE SECURITIES DESCRIBED HEREIN.

23 December 2024: Reference is made to the stock exchange announcement by
HydrogenPro ASA (the "Company") earlier today regarding a private placement of
12,700,000 new shares in the Company directed towards Andritz AG ("ANDRITZ") and
Mitsubishi Heavy Industries, Ltd. ("Mitsubishi") at a subscription price of NOK
5.50 per share (the "Subscription Price"), raising gross proceeds of approx. NOK
70 million (the "Private Placement"), and a potential subsequent share offering
of up to 6,350,000 new shares at the Subscription Price (the "Subsequent
Offering").

Subject to certain conditions, as described below, the Company's board of
directors (the "Board") may resolve to carry out the Subsequent Offering, which,
if applicable and subject to applicable securities law, will be directed towards
shareholders of the Company as per 20 December 2024 (as registered with the VPS
two trading days thereafter (the "Record Date"), except for ANDRTIZ and
Mitsubishi, and who are not resident in a jurisdiction where such offering would
be unlawful, or would (in jurisdictions other than Norway) require any
prospectus, filing, registration or similar action (the "Eligible
Shareholders").

In accordance with the continuing obligations of companies listed on Euronext
Oslo Børs, the following key information is given with respect to the Subsequent
Offering:

  · Date on which the terms and conditions of the repair issue were announced:
23 December 2024
  · Last day including right: 20 December 2024
  · Ex-date: 23 December 2024
  · Record date: 27 December 2024
  · Date of approval: On or before 14 February 2025 (date of an extraordinary
general meeting to be held in the Company)
  · Maximum number of new shares: 6,350,000 new shares
  · Subscription price: NOK 5.50 per share

Any Subsequent Offering is subject to, inter alia, completion of the Private
Placement, relevant corporate resolutions (including necessary resolutions by an
extraordinary general meeting of the Company), and approval and publication of
an offering prospectus. Furthermore, the Company's board of directors may, in
its sole discretion, decide to not carry out the Subsequent Offering, for
example, in the event that the prevailing market price and traded volume of the
Company's shares makes a subsequent offering redundant.

The subscription period for the Subsequent Offering, if applicable, will
commence as soon as possible following the publication of an offering
prospectus, expected during Q1 2025.

The Company reserves the right, in its sole discretion, to not carry out the
Subsequent Offering.

This information is published in accordance with the requirements of the
Continuing Obligations and is subject to the disclosure requirements pursuant to
Section 5-12 of the Norwegian Securities Trading Act.

IMPORTANT INFORMATION

The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may be placed for any
purpose on the information contained in this announcement or its accuracy,
fairness or completeness.

Neither this announcement nor the information contained herein is for
publication, distribution or release, in whole or in part, directly or
indirectly, in or into or from the United States (including its territories and
possessions, any State of the United States and the District of Columbia),
Australia, Canada, Japan, Hong Kong, South Africa or any other jurisdiction
where to do so would constitute a violation of the relevant laws of such
jurisdiction. The publication, distribution or release of this announcement may
be restricted by law in certain jurisdictions and persons into whose possession
any document or other information referred to herein should inform themselves
about and observe any such restriction. Any failure to comply with these
restrictions may constitute a violation of the securities laws of any such
jurisdiction.

This announcement is not an offer for sale of securities in the United States.
The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act, and may not be offered or sold in the
United States absent registration with the U.S. Securities and Exchange
Commission or an exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act and in accordance with
applicable U.S. state securities laws. The Company does not intend to register
any securities referred to herein in the United States or to conduct a public
offering of securities in the United States.

Any offering of the securities referred to in this announcement will be made by
means of a set of subscription materials provided to potential investors.
Investors should not subscribe for any securities referred to in this
announcement except on the basis of information contained in the aforementioned
subscription material. In any EEA Member State, this communication is only
addressed to and is only directed at qualified investors in that Member State
within the meaning of the EU Prospectus Regulation, i.e. only to investors who
can receive the offer without an approved prospectus in such EEA Member State.
The expression "EU Prospectus Regulation" means Regulation (EU) 2017/1129 of the
European Parliament and of the Council of 14 June 2017 (together with any
applicable implementing measures in any Member State).

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are "qualified investors" within the meaning of the
EU Prospectus Regulation as it forms part of English law by virtue of the
European Union (Withdrawal) Act 2018 and that are (i) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net
worth entities, and other persons to whom this announcement may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as "relevant persons"). This communication
must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication relates is
available only to relevant persons and will be engaged in only with relevant
persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "aim", "expect",
"anticipate", "intend", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies, and other important
factors which are difficult or impossible to predict and are beyond its control.
Such risks, uncertainties, contingencies, and other important factors could
cause actual events to differ materially from the expectations expressed or
implied in this release by such forward-looking statements. Forward-looking
statements speak only as of the date they are made and cannot be relied upon as
a guide to future performance. The Company and its respective affiliates
expressly disclaims any obligation or undertaking to update, review or revise
any forward-looking statement contained in this announcement whether as a result
of new information, future developments or otherwise. The information, opinions
and forward-looking statements contained in this announcement speak only as at
its date and are subject to change without notice.

For further information, please contact:

Martin Thanem Holtet, CFO +47 922 44 902