Hydrogenpro Asa · OSL:HYPRO
Hydrogenpro Asa — Q3 2024 Earnings Presentation
23 slides from Hydrogenpro Asa's earnings presentation, Nov 12, 2024
Slide 1: Q3 2024 Presentation
Q3 2024 Presentation 12 November 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: Q3 2024 highlights
Q3 2024 highlights 1 2 3 Revenues of NOK 72 million in Delivering on the 100 MW Awarded EUR 16.5 million from EU Q3 2024, with 26% gross Salzgitter project according to plan Innovation Fund margin 4 5 On track to increase ACES: installation and manufacturing capacity of 3rd commissioning in H2 2024/
Slide 5: HydrogenPro delivers 2 of the 10 largest projects (excl. China) estimated to come online
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 6: Awarded EUR 16.5m from EU Innovation Fund for planned GIGA project
Awarded EUR 16.5m from EU Innovation Fund for planned GIGA project CORE TECHNOLOGY 350MW PLANT NEXT LEVEL: DEVELOPED UNDER CONSTRUCTION GIGA PROJECT Developed a unique A full-scale production line Awarded a grant from the EU Gen3 electrode is currently under Innovation Fund of EUR 16.5 technol
Slide 7: Cooperation Agreement with J.H.K.
Cooperation Agreement with J.H.K. Addressing small- and mid-size projects › Exclusive partnership for small to mid-size alkaline for electrolyser market in Germany, Austria and Benelux › Projects from 5 MW to 50 MW › Andritz covering mid to mega size market JHK offers a wide range of services › Hydr
Slide 8: More than 300 days without accidents
More than 300 days without accidents › Significant efforts on HSE with implementation of a solid HSE culture › Operations include manufacturing, on-site work, further validation of electrode technology › Continuous hard work to improve are giving results › HydrogenPro’s Golden Rules of Safety: I k
Slide 9: HydrogenPro will ensure to meet the new requirements from the European Hydrogen Bank
HydrogenPro will ensure to meet the new requirements from the European Hydrogen Bank • On 27 September 2024, the European Hydrogen Bank introduced new terms where prospective projects will not be allowed to source more than 25% of electrolyser stacks — covering surface treatment, cell unit productio
Slide 10: Delivery update on ACES and Salzgitter projects
Delivery update on ACES and Salzgitter projects PROJECT SIZE & USE SCOPE STATUS & NEXT STEPS • 220MW • Manufacturing completed • Renewable • Electrolyser stacks + ACES • Installation and fuel for gas separator (USA) commissioning in H2 power • 2nd gen technology 2024/H1 2025 generation • Main compon
Slide 11: On track to increase manufacturing capacity of 3rd generation technology to 350 MW
On track to increase manufacturing capacity of 3rd generation technology to 350 MW p.a. by Q1 2025 › On track to complete the expansion with a total capex of up to NOK 70 million for production of full-sized electrodes › Installation started, installing the streel frames and crane rails for the cran
Slide 12: Pilot testing of new 3rd generation technology
Pilot testing of new 3rd generation technology › Detailed validation process started 1 November › The pilot has been completely refurbished › More instrumentation installed - Individual cell voltage measurements - Coriolis instrument to measure production rate accurately › Test started last week wit
Slide 13: 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 14: Market development
Market development Lack of governmental funding, general inflation, increased cost on equipment/construction, higher interest rates In general: Hydrogen customers hesitating committing to sufficiently attractive offtake Several cancellations of agreements (pricing and volume) already announced
Slide 15: Large global sales pipeline
Large global sales pipeline Definition Number of Projects Size (GW) Value ($bn)1 Pipeline • All active projects with 173 39.7 10.7 received invitation to bid last three years (154) (36.6) (10.1) Prioritized • Projects HydrogenPro prioritizes 52 10.6 3.3 • Concluded FEED on some projects with high (4
Slide 16: Key priorities in 2024 Status
Key priorities in 2024 Status • Successful installation & commissioning of ACES Installation and commissioning in H2 2024/H1 2025 • Delivering on Salzgitter Main components competed, electrodes in H1 2025 • Increase order intake Increasing pipeline, working on FEED studies • Full-scale validation of
Slide 17: Agenda
Agenda › Quarterly highlights › Financials Q&A
Slide 18: Key P&L items
Key P&L items NOK million Q3 2024 Q2 2024 Q3 2023 YTD 2024 Revenue from contracts with customers 72 50 220 126 › Q3 revenues mainly related to Direct materials 53 58 168 106 deliveries on Salzgitter Gross profit/(loss) 19 -8 52 20 (ANDRITZ) project. Recognized ~53% of total contract revenues Gross m
Slide 19: Development in liquidity position and backlog
Development in liquidity position and backlog NOK million Q3 2024 Q2 2024 Q3 2023 YTD 2024 Cash balance start of period 247 185 183 161 EBITDA -38 -65 -30 -160 Changes in NWC & other -3 49 -18 129 Investments -15 -0 -1 -16 › Investments mainly related to Financing -2 79 -0 75 expansion of 3rd genera
Slide 20: Cost leadership is a key competitive advantage
Cost leadership is a key competitive advantage Foundation Key focus areas › One core technology › Cost measures to adjust cost base in line with project deliveries › Large-scale solutions › Committed capital to expand 3rd gen technology › Lean global organization with strong manufacturing capacity p
Slide 21: Agenda
Agenda › Quarterly highlights › Financials Q&A
Slide 22: 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 23: Powering Innovation. Energizing Tomorrow.
POWERING INNOVATION. ENERGIZING TOMORROW. \4ydrogenPro