HydrogenPro ASA: Integrated Report 2022

Oslo, 31 March 2023 - HydrogenPro has today published its Integrated Report 2022, including ESG reporting and complete 2022 annual accounts with notes. Please find a PDF version of the Integrated Report, as well as the report in European Single Electronic Format (ESEF), as attachments to this release. The report is also available at the company's website.  

“With our position as the technology leader in the green hydrogen space, we expect 2023 to be our best year ever as we celebrate our 10-year anniversary of working towards decarbonising the future. HydrogenPro’s scalability, life-cycle model and revolutionising technology, combined with our global presence, puts us in the pole position for the most exciting year in green hydrogen to date.”, Tarjei Johansen, CEO of HydrogenPro, writes in his letter to the shareholders.  

Highlights during 2022 include:  

• Awarded purchase order for the world’s largest green hydrogen project, with a contract value of electrolyser systems in excess of USD 50 million plus a 10 years service and support agreement  

• World’s largest electrolyser shipped and validated at Herøya – setting a new industry standard 

• 300 MW Tianjin factory completed and in operation 

• HydrogenPro successfully listed on the main market on Oslo Børs on 3 October 2022 

• DG Fuels project in Louisiana has secured 100% offtake agreements 

2022 key financials (2021 numbers in brackets) 

• Revenues: NOK 56.4 million (NOK 20.0 million) 

• EBITDA: NOK – 105.3 million (NOK -55.2 million)  

• EBIT: NOK - 119.3 million (NOK -60.5 million) 

• Net profit (loss): NOK - 89.8 million (NOK -56.4 million) 

• Backlog of NOK 747 million at year-end (NOK 33 million) 

The increased operating costs during the year reflects a continued build-up of the organisation and systems needed to execute the awarded purchase orders and position the Company for future expansions.   

Note the two following changes vs. the full year 2022 unaudited numbers presented in fourth quarter 2022 report on 14 February 2023: 

• NOK 0.9 million reduced costs due to change in deferred tax and leasing costs 

• NOK 12.9 million reduction in total assets and total equity & liabilities due to correction of calculation of right of use assets/liabilities, change in deferred tax liabilities and reduction in inventory/other short-term liabilities due to re-classification