HydrogenPro investing in capacity to increase production of Gen3 electrodes

PORSGRUNN, Norway, June 24, 2024 /PRNewswire/ -- HydrogenPro ASA (OSE: HYPRO) to invest in a new production line for its Gen3 electrodes. Total annual capacity will be a minimum of 90-100 MW and the production is expected to start Q1 2025.

HydrogenPro ASA has over a long period of time developed a unique Gen3 electrode technology that enables electrolyzers to produce with industry-leading efficiency and reducing the Levelized Cost of Hydrogen. The new production line will quadruple the production capacity of large electrodes.

CEO Jarle Dragvik, says in a statement that he is very pleased with the decision. "The technology that we have developed is unique and is now ready for commercialization. There is a very strong demand for this technology as we experience increased request for quotation of Gen 3 electrodes.  It is therefore a good timing for investing in order to deliver from 2025 and onward. With the very good results we have seen testing Gen3 electrodes, we are pleased to take this important step"

The total investment is stipulated to 70 MNOK and the experience obtained will be very important also in the planning of a "H2-GIGA factory". Earlier this year HydrogenPro announced the approval of a grant from the Export and Investment Fund of Denmark for the planning also for this factory.

CONTACT:

For further information, please contact:

Olaf Thommessen, Head of Communications & Corporate Affairs
+47 97 54 85 85

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SOURCE HydrogenPro ASA