Slide 1: Q2 2024 Presentation
Q2 2024 Presentation 20 August 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 Q&A
Slide 4: Q2 2024 highlights
Q2 2024 highlights 1 2 3 Investing in manufacturing Cash balance of NOK 247 First deliveries on Salzgitter capacity of next generation million end of Q2 2024, up project technology NOK 62 million during the quarter 4 5 ACES project installation and NOK 82.7m investment commissioning work started by
Slide 5: Manufacturing capacity of 3rd generation technology increased to 350 MW p.a.
Manufacturing capacity of 3rd generation technology increased to 350 MW p.a. – operational in Q1 2025 › Optimization work conducted Increase number of flight bars Increase drying positions evt. Baths Evaluate the process time in each bath Evaluate the use of the control system › Annual capac
Slide 6: Delivering to large projects globally
Delivering to large projects globally PROJECT SIZE & USE SCOPE STATUS & NEXT STEPS • 220MW • Renewable • Electrolyser stacks + • Manufacturing completed ACES fuel for gas separator • Installation and (USA) power • 2nd gen technology commissioning in H2 2024 generation • 100 MW • Electrolyser stacks
Slide 7: Installation of ACES project in Delta, Utah (USA)
Installation of ACES project in Delta, Utah (USA) 7
Slide 8: HydrogenPro delivers 2 of the largest projects estimated to come online in 2025
HydrogenPro delivers 2 of the 10 largest projects (excl. China) estimated to come online in 2025 (Electrolyser capacity MW p.a.) 800 500 320 250 220 200 200 100 100 100 Project 1 Project 2 Project 3 Project 4 ACES Project 6 Project 7 Salzgitter Project 9 Project 10 Source: IEA “Hydrogen production p
Slide 9: Joint full-scale validation program with ANDRITZ
Joint full-scale validation program with ANDRITZ › Validate stack performance and operating conditions for the SALCOS project Purpose including new design improvements to reduce shunt currents and 3rd gen technology Location › Herøya, Norway › One stack w/ 50% 3rd gen technology and gas separator +
Slide 10: Large global sales pipeline
Large global sales pipeline Definition Number of Projects Size (GW) Value ($bn)1 Pipeline • All active projects with received invitation to bid last three years 154 36.6 10.1 Prioritized • Projects HydrogenPro prioritizes • Concluded FEED on 43 7.6 2.4 some projects with high probability to reach FI
Slide 11: Key priorities in 2024
Key priorities in 2024 Status • Successful installation & commissioning of ACES On-going, to be completed in 2024 • Delivering on Salzgitter First deliveries done, to be completed in 2024 • Increase order intake Large pipeline, working on FEED studies • Full-scale validation of electrode technology
Slide 12: Agenda
Agenda › Quarterly highlights › Financials Q&A
Slide 13: Key P&L items
Key P&L items NOK Million 220 137 127 54 Revenues 50 4 › Revenue in Q2 2024 mainly driven by first Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q2 2024 deliveries on Salzgitter project (Excl. ACES) 22% 10% 44% -8% -45% 25% › Additional ACES project costs reduce the result with approx. NOK 36 million in Q
Slide 14: Cash balance, changes in cash and backlog
Cash balance, changes in cash and backlog NOK Million 247 183 185 Cash 133 161 balance Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 › Cash balance increased by NOK 62 million › Strict capital discipline with committed capital Change mainly related to expansion of 3rd gen technology in cash manufacturing
Slide 15: 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 › Committed capital mainly related to expansion of 3rd gen technology manufacturing capacity › Lean global organization › Partnership with Andritz reduces need of building a large orga
Slide 16: Key investment highlights
Key investment highlights Vast TAM and massive growth potential for green H2 underpinned by secular tailwinds Favorable government policies provide critical support; new end markets unlock a bigger TAM for green H2 HydrogenPro’s 3rd-generation technology drives significant LCOH reductions Technology
Slide 17: Agenda
Agenda › Quarterly highlights › Financials Q&A
Slide 18: HydrogenPro
iydrogenPro
Slide 19: Appendix
APPENDIX APPENDIX
Slide 20: Income statement
Income statement Q2 2024 Q1 2024 Q2 2023 1 NOK million H1 2024 H1 2023 1 FY 2023 1 Revenue from contracts 50 4 137 54 220 568 with customers 72 4 108 Cost of goods sold 77 178 447 -22 -0 30 Gross profit/(loss) -23 42 121 28 28 22 Personnel expenses 56 35 85 15 28 13 Other operating expenses 43 27 72
Slide 21: Balance sheet
Balance sheet NOK m illion 30 J un 2024 30 J une 2023 1 31 D ec 2023 1 A sset s Intangible assets 57 61 58 Property, plant and equipment 62 66 68 Right of use assets and financial investments 57 59 56 T ot a l non- current a sset s 176 186 182 Current operating assets 219 267 301 Cash and cash equiv
Slide 22: Powering innovation. Energizing tomorrow.
POWERING INNOVATION. ENERGIZING TOMORROW. SiydrogenPro