HydrogenPro awarded EUR 16.5 million grant for large scale production of next-generation electrode technology

PORSGRUNN, Norway, Oct. 23, 2024 /PRNewswire/ -- HydrogenPro ASA's (OSE: HYPRO) Danish subsidiary, HydrogenPro ApS, has been awarded a grant from the EU Innovation Fund of EUR 16.5 million for large scale production of next generation electrode technology that enables our well established and efficient high-pressure alkaline electrolysers to produce with industry-leading efficiency and reduce the Levelized Cost of Hydrogen further.

"This confirms EU's commitment to the energy transition and its acknowledgement of the importance of Hydrogen, their belief in our technology and their commitment to supporting the development of hydrogen equipment manufacturing. The awarded grant is a significant milestone for HydrogenPro's commercialisation of our unique electrode technology as lever for maintaining our position as a technology frontrunner and a positive signal to our present and future customers", says CEO of HydrogenPro Jarle Dragvik.

The grant is a key component to financing of the H2-GIGA project and comes in addition to the DKK 35 million awarded in May 2024 by the Export and Investment Fund of Denmark. Combined these grants represents more than 50% of the total investment scope for the project.

A full-scale production line is currently under installation at the R&D centre in Denmark and is expected to be operational by Q1 2025 with 350 MW capacity annually. The H2-GIGA large-scale factory will leverage off the experience from the full-scale production line and be designed to deliver additional capacity of 500MW, with room to scale up significantly to meet further demand from customers.

CONTACT:

Martin Thanem Holtet, CFO
+47 922 44 902

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SOURCE HydrogenPro ASA