Hydrogenpro Asa · OSL:HYPRO
Hydrogenpro Asa — Q1 2024 Earnings Presentation
28 slides from Hydrogenpro Asa's earnings presentation, May 7, 2024
Slide 1: Q1 2024 Presentation
Q1 2024 Presentation 7 May 2024
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements and information, including assumptions, opinions and views of the Company or third-party sources, and are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual results and event
Slide 3: Agenda
Agenda › Quarterly highlights › Financials › Technology update Q&A
Slide 4: Recent achievements and major developments
Recent achievements and major developments 1 2 3 Secured strategic NOK 82.7m New board elected, chaired by Dag Cash balance of NOK 185 investment from Andritz J. Opedal million per 31 March 2024 4 5 6 On-going preparations on Awarded compensated FEED On-going feasibility study of Salzgitter project
Slide 5: Cooperation strengthened with Andritz' strategic investment of NOK 82.7 million
Cooperation strengthened with Andritz’ strategic investment of NOK 82.7 million About the transaction Announced April 10th, Andritz (one of the leading EPC companies within green hydrogen) made a NOK 82.7 million equity investment in HydrogenPro (cash impact in Q2 2024) The investment strengthen
Slide 6: New Board of Directors
New Board of Directors DAG J. OPEDAL JARLE TAUTRA ASTA STENHAGEN GEIR BREDO LARSEN Chairman of the Board Board Member Board Member Board Member MARIANNE M. AAMODT VIVIAN Y. C. ESPESETH BJØRN HANSEN Board Member Board Member Board Member 6
Slide 7: Competent management team in place
Competent management team in place Jarle Dragvik Chief Executive Officer Oslo Richard Espeseth Business Development Director Porsgrunn Tormod Kløve Martin T. Holtet Chief Legal Officer Chief Financial Officer Oslo Oslo Guro Rue Johnsen Cathrin Bretzeg QHSE Director Chief People & Culture Officer Por
Slide 8: Slow start of the year, but high tender activity
Slow start of the year, but high tender activity › Globally • Few contracts have been awarded in general in the market and FID decisions are being delayed • Project awards and FIDs expected to mature during second half of 2024 • During the last quarter, leading players in hard-to-abate sectors have
Slide 9: Hannover conference
Hannover conference “The world's leading Trade Fair for industrial technology” “The Norwegian company HydrogenPro, which is set to supply electrolysers for the green hydrogen shift, ordered by the German steel giant Salzgitter… ” – Norwegian PM Jonas Gahr Støre 21 April 2024 9
Slide 10: Key priorities in 2024
Key priorities in 2024 › Successful installation & commissioning of ACES › Delivering on Salzgitter › Increase order intake › Full-scale validation of electrode technology › Conclude expansion of electrode manufacturing capacity 10
Slide 11: Agenda
Agenda › Quarterly highlights › Financials › Technology update Q&A
Slide 12: Key P&L items
Key P&L items NOK Million 220 137 127 83 Revenues 4 › Limited activity after ACES and prior to start-up of Salzgitter Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 20232 › ACES project: additional costs for replacement of some auxiliary components reduced gross 40 44% % profit with NOK 5 million in the quarter
Slide 13: Cash balance, changes in cash and backlog
Cash balance, changes in cash and backlog NOK Million 208 › Cash balance increased by NOK 24 million › Strict capital discipline with less than NOK 10 183 185 Cash 133 161 balance million committed future investments Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 › NOK 82.7 million Andritz investment in Q2
Slide 14: Scaling up with a strict capital discipline
Scaling up with a strict capital discipline › Key focus area: technology & innovation mostly funded with R&D grants › On-going feasibility study of expansion of electrode manufacturing › Lean global organization › Partnership with Andritz reduces need of building a large organization in Europe › Com
Slide 15: Agenda
Agenda › Quarterly highlights › Financials › Technology update Q&A
Slide 16: HydrogenPro Technology organization set-up
HydrogenPro Technology organization set-up TECHNOLOGY AND R&D ORGANIZATION CTO TECHNOLOGY Odd-Arne Lorentsen | CTO R&D Engineering Prod. Dev. PhD in Electrochemistry 30 years of experience from: PARTNERS LOCATIONS #11 #10 #5 16
Slide 17: R&D grants enable a high activity level
R&D grants enable a high activity level RECENT R&D GRANTS R&D PROJECTS Some funded Recent funding Electrode capacity Other R&D projects projects NOK 190m expansion Advanced electroplating (last 2 years) Low-cost H2 Electroplating NextGen electrodes with lower energy Novel electrocatalysts H2 lean co
Slide 18: HydrogenPro's technology seeks to exceed customer demands
HydrogenPro’s technology seeks to exceed customer demands CUSTOMER CRITERIA HYDROGENPRO TECHNOLOGY Safety Well proven technology operated for decades Suitable for renewable energy input, modular- Robust and flexible operations based to suit customers’ size needs Next gen electrodes reducing power Lo
Slide 19: Preparing for full-scale validation of electrodes
Preparing for full-scale validation of electrodes Mobilise for hot commissioning of the ACES plant Developing • Strengthen large-scale experience with commissioning, start- technology up and operation relevant for, i.e. Salzgitter together with strong industrial Prepare for demonstration test of a f
Slide 20: Our technology roadmap is focused on delivering best-in-class offering
Our technology roadmap is focused on delivering best-in-class offering LONG TERM 3-4 years MEDIUM TERM 1 – 2 years Optimize electrolyser and gas separator setup and balance of plant SHORT TERM Commercialise new <1 year More pilot capabilities electrolysers with i.e. higher yield and pressure and Nex
Slide 21: Agenda
Agenda › Quarterly highlights › Financials › Technology update Q&A
Slide 22: iydrogenPro
iydrogenPro
Slide 23: Appendix
APPENDIX APPENDIX
Slide 24: HydrogenPro is a global provider of market-leading, large-scale green hydrogen technology
HydrogenPro is a global provider of market-leading, largescale green hydrogen technology & systems 1 THE WORLD’S LARGEST ELECTROLYSER • 5.5 MW single stack suitable for renewable energy input • A modular system that can be scaled to any size for large-scale industrial applications • Pressurised hydr
Slide 25: HydrogenPro targets
HydrogenPro targets Industrial applications and hard-to-abate sectors – enables the energy transition through hydrogen Power-To-Gas Refinery/ Decarbonization Renewables Synthetic fuel H2 Balancing the grid + O2 H2O Fertilizer/ ammonia Water LARGE-SCALE Steel HYDROGEN PLANTS Production 25
Slide 26: Income statement
Income statement Revenue from contracts with customers 127 Cost of goads sold 4 val 71 447 Gross profit/(loss) -0 56 13 121 Personnel expenses 28 22 15 82 Other operating expenses 28 22 14 66 Adj. EBITDA -56 12 -16 -27 Non-cash cost of incentive programs/payrolls ie) -4 1 3 Non-cash provisions with
Slide 27: Balance sheet
Balance sheet NOK million |__| 31 Mar 2024] 31 Dec 2023 Assets Intangible assets 60 Property, plant and equipment 65 Right of use assets and financial investments 55 Total non-current assets 180 Current operating assets 208 Cash and cash equivalents 185 Total current assets 393 Total Assets 573 Equi
Slide 28: Powering innovation. Energizing tomorrow.
POWERING INNOVATION. ENERGIZING TOMORROW. SiydrogenPro