#Norway #Oslo #HydrogenPro #LONGi Hydrogen #NOK 70 million

HydrogenPro ASA Secures NOK 70 Million from Existing Investors in New Equity Placement

In a significant step forward for sustainable energy solutions, HydrogenPro ASA, a Norwegian-based technology company specializing in green hydrogen production, has announced a successful private placement that has garnered approximately NOK 70 million from its existing investors. This financing aligns with the company's ongoing efforts to revolutionize the green hydrogen market and enhance its production capabilities.

Key Investors and Additional Funding Plan

The NOK 70 million raised comes from prominent industrial shareholders, including ANDRITZ AG and Mitsubishi Heavy Industries, each subscribing to the private placement at a price of NOK 5.50 per share. This recent investment not only underscores the confidence existing stakeholders have in HydrogenPro’s market position but also reflects a robust partnership history that has already seen the execution of two major green hydrogen projects worldwide.

Further amplifying this financial momentum, HydrogenPro is poised to receive an additional NOK 70 million through a conditional investment agreement with LONGi Hydrogen Technology. This strategic collaboration aims to leverage the expertise of LONGi, an industry leader in renewable energy and green hydrogen technologies, to enhance product offerings and operational efficiencies for both parties.

Jarle Dragvik, the CEO of HydrogenPro, expressed his appreciation for the ongoing support from existing shareholders and welcomed LONGi Hydrogen as a vital partner. He stated, "Our partnerships with MHI and ANDRITZ have proven instrumental in our success. Adding LONGi to our roster will provide further strength to our mission of offering sustainable hydrogen solutions on a global scale."

Financial Framework and Future Directions

The proceeds from the private placement are set to be deployed for general corporate purposes, with plans to bolster research and enhance production capabilities. Following the successful completion of the private placement and with an eye on the potential partnership with LONGi, HydrogenPro's gross proceeds could reach up to NOK 140 million.

The strategy comprises an increase in share capital to support this growth, aligning with the overall objective of delivering superior quality constructive solutions that meet global decarbonization goals. By utilizing advanced technology and partnerships, the company is on track to become a leading player in the hydrogen market, fostering a cleaner, greener future.

Commitment to Sustainability

As part of their cooperation agreement with LONGi, HydrogenPro is set to improve its manufacturing capabilities in both China and Europe, increase product quality, and ensure cost efficiencies. This joint effort signifies a seamless integration of technology and innovative solutions aimed at achieving sustainability objectives.

The aim is not just to tap into financial support but also to foster collaboration opportunities that can lead to more extensive project bids. By aligning operational strengths with LONGi, HydrogenPro looks to optimize its market offerings and further cement its place in the hydrogen ecosystem.

Looking Ahead

With a clear strategy to meet the increasing demand for green hydrogen, HydrogenPro ASA is positioning itself as a frontrunner in the industry, further encouraged by strong investments from reputable companies. The developments in funding are expected to culminate during the first half of 2025, with significant implications for future growth and market presence.

Through financial prudence and strategic alliances, HydrogenPro is not only enhancing its capabilities but also contributing to the broader narrative of renewable energy and sustainability. As the company continues to innovate and expand, the team remains focused on its vision for delivering cutting-edge hydrogen solutions that support a sustainable tomorrow.