HydrogenPro ASA reports an eventful second quarter ending with an investment in the third generation technology with a 350 MW manufacturing facility in Denmark. The cash balance has also been strengthened with from NOK 185 million to NOK 247 million. With the experience obtained as a supplier to two of the major projects in the US and Europe the company remains well positioned to continue to be among the few companies that can deliver large scale electrolyzer projects.
By the end of this quarter HydrogenPro decided to invest NOK 70 million in the third generation technology with a 350 MW capacity manufacturing facility in Denmark. In comparison, the capacity of this facility is as much as 70% of the capacity at the Tianjin plant in China (500 MW). This will enable the company to meet the global demand to an even larger extent.
An important partnership was introduced through the NOK 82.7 million investment from industrial partner ANDRITZ. Last year HydrogenPro obtained the 100 MW contract to Salzgitter through ANDRITZ and the first delivery was done during this second quarter. The companies have entered a joint validation program to validate the stack performance and the operation conditions for the Salzgitter project.
In May, HydrogenPro ASA’s Danish subsidiary was also granted DKK 35 million from the Export and Investment Fund of Denmark (EIFO) in order to continue its plans to establish an even larger production capacity for gen 3 electrode technology in Denmark.
Also, after having delivered the last batch to the ACES project according to contract during the second quarter, HydrogenPro started the project installation and commissioning this spring. This is one of the absolute largest Hydrogen projects globally and puts HydrogenPro in a leading position globally as it demonstrates the company’s ability to deliver to large scale industrial projects.
Jarle Dragvik, CEO of HydrogenPro remarks that “it has been an eventful quarter indeed, concluding an eventful first year of my tenure as CEO. We are one of very few suppliers that have actually produced and delivered electrolyzers, and to some of the largest projects in the world. The fact that some of our major industrial partners also invest in our company is a vote of confidence that we take seriously, also by continued to improvements on our technology and our processes”.
