HydrogenPro ASA has over a long period of time developed a unique third
-generation electrode technology that enables electrolyzers to produce with
industry-leading efficiency and reducing the Levelized Cost of Hydrogen. On June
24, 2024 HydrogenPro ASA announced the decision to invest in a new production
line for its third-generation electrodes. The production is expected to start Q1
2025 and after optimization work, the production line will reach a capacity of
about 350 MW without any additional investment needed (original investment, 70
MNOK). This has been accomplished by optimizing rinsing and drying capacity as
well as improving the operational control systems. There is ongoing work for
even further capacity expansions.

Jarle Dragvik, CEO of HydrogenPro states that "I am very pleased that our teams
in both Norway and Denmark have managed to make a good investment even better.
The increase in capacity will enable us to meet the demand and to use our
experience in delivering to large industrial projects globally and to continue
to play a leading role in supplying large scale, high quality electrolyzers".

For further information, please contact:

Olaf Thommessen, Head of Communications & Corporate Affairs

+47 97 54 85 85

Martin Thanem Holtet, CFO

+47 922 44 902

About HydrogenPro AS:

HydrogenPro is a technology company and an OEM for high pressure alkaline
electrolyser systems for 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.