Hydrogenpro Asa · OSL:HYPRO
Hydrogenpro Asa — Investor Presentation (December 2025)
18 slides from Hydrogenpro Asa's investor presentation, December 2025
Slide 1: Corporate Presentation
POWERING INNOVATION. ENERGIZING TOMORROW. Corporate Presentation
Slide 2: HydrogenPro is a global provider of advanced, large-scale green hydrogen technology & systems
HydrogenPro is a global provider of advanced, large-scale green hydrogen technology & systems 1 STATE-OF-THE-ART ELECTROLYZER • 5 MW single high-pressured alkaline stack suitable for renewable energy input • A modular system that can be scaled to any size for large-scale industrial applications • Pr
Slide 3: A leading OEM delivering large-scale hydrogen projects worldwide
A leading OEM delivering large-scale hydrogen projects worldwide Historical milestones Global presence August 2013 October 2020 November 2021 November 2023 December 2024 HydrogenPro IPO on Oslo Stock Acquired 75% in Awarded SALCOS Private placement with established Exchange, raised manufacturing ord
Slide 4: Management
Management Jarle Dragvik Martin Thanem Holtet Michael Caspersen Jon Backer Chief Executive Officer Chief Financial Officer Chief Commercial Officer Chief Operations Officer Cathrin Bretzeg Tormod Kløve Odd-Arne Lorentsen Jan-Henrik Kuhlefelt Chief People & Culture Chief Legal Officer Chief Technolog
Slide 5: Serving industrial applications and hard-to-abate sectors
Serving industrial applications and hard-to-abate sectors Power-To-Gas Refinery/ Decarbonization Renewables Synthetic fuel H2 Balancing the grid + O2 H2O Fertilizer/ ammonia Water Steel Production 5
Slide 6: Manufacturing & Testing
Manufacturing & Testing Technology Electrode Electrolyzer Electrolyzer R&D & Verification Manufacturing & R&D manufacturing assembly PORSGRUNN, NORWAY AARHUS, DENMARK TIANJIN, CHINA ERFURT, GERMANY 100 kW/150 kW/5 MW Capacity 350 MW Capacity 500 MW Capacity 1000 MW NORWAY 6
Slide 7: Supply chain options
Supply chain options The EUROPEAN SUPPLY CHAIN component electrode diaphragm stack module manuf. production production assembly assembly OPTION 2 component electrode stack module manuf. production assembly assembly 7
Slide 8: Large scale modular solution
Large scale modular solution High-pressured alkaline electrolyzers (in pairs, with a capacity of 1020 Nm3/h each, total 2040 Nm3/h) at nominal load Gas separator units with separate lye circulation systems and gas scrubbers with instrumentation Gas analyzers for detection of H2 in O2 Gas analyzers f
Slide 9: HydrogenPro's partnerships enable full scope delivery on large-scale projects…
HydrogenPro’s partnerships enable full scope delivery on large-scale projects… Customers key Scope delivered with Target customers Green hydrogen project – key components selection criteria global partners 1 2 › Well-known developers Electrolyzer system › Technology of large renewable Electrolyzer G
Slide 10: …and global reach
…and global reach Shareholding: 16.7% We now have five strong industrial partners, committed to the energy transition, and these partnerships provide us with a global reach. Shareholding: 13.3% Shareholding: 12.3% 10
Slide 11: HydrogenPro delivers to 2 of the 10 largest projects (excl. China)
HydrogenPro delivers to 2 of the 10 largest projects (excl. China) (Electrolyzer capacity MW p.a.) ACES SALCOS® 11 Source: IEA “Hydrogen production projects” database
Slide 12: ACES Delta (220 MW)
ACES Delta (220 MW) ACES HUB, Delta (Utah) THE PROJECT ACES1 hub provides a complete end-to-end solution to produce, store, and convert renewable hydrogen to support carbon-free year-round power for Western US THE CONTRACT • 220MW electrolysis plant • In addition: a 10-year service and support agree
Slide 13: Salzgitter Flachstahl (100 MW)
Salzgitter Flachstahl (100 MW) THE PROJECT SALCOS® (Salzgitter Low CO2 Steelmaking), will have laid the foundations for virtually climate-neutral steel production in Germany. THE CONTRACT Our partner ANDRITZ will build a 100 MW electrolysis plant at the Salzgitter Flachstahl GmbH site on an EPC basi
Slide 14: Full-scale validation test confirming Gen3 electrodes and drives further performance improvements
Full-scale validation test confirming Gen3 electrodes and drives further performance improvements › In cooperation with Andritz validating stack performance and operating conditions Purpose including new design improvements to reduce shunt currents and 3rd gen technology Location › Herøya, Norway ›
Slide 15: Superior positioning vs. other technologies
Superior positioning vs. other technologies PEM Alkaline High pressure Atmospheric pressure High pressure 3rd Gen Plant efficiency Low cooling need No noble materials Suitable for renewable energy High pressure on H2 and O2 Suitable for P2X1 plants Proven for large-scale plants Legend: Best capabili
Slide 16: HydrogenPro's 3rd Gen electrode technology increases efficiency and reduces OPEX
HydrogenPro’s 3rd Gen electrode technology increases efficiency and reduces OPEX Levelized cost of hydrogen Advanced electrodes is a game changer for CAPEX CAPEX production of green hydrogen ~25% ~25% OPEX ~75% • HydrogenPro’s 3rd Gen technology reduces consumption of which of electricity by 14% maj
Slide 17: Efficient manufacturing of high-quality products meeting international standards
Efficient manufacturing of high-quality products meeting international standards International certifications • ASME • ISO 9001 • ISO 14001 • ISO 45001 Manufactured in line with international standards • ASME (US) • EN, CE (Europe) • KHK (Japan) 17
Slide 18: Powering Innovation. Energizing Tomorrow.
POWERING INNOVATION. ENERGIZING TOMORROW. \4ydrogenPro