HydrogenPro with a tenfold increase in their revenues in 2023

PORSGRUNN, March 22, 2024 - HydrogenPro ASA reported a tenfold increase in their revenues from 56 MNOK in 2022 to 568 MNOK in 2023. The EBITDA has also improved significantly from – 105 MNOK to – 36 MNOK.

Following one of the largest contracts ever being made in the industry in 2022 to the Advanced Clean Energy Storage Hub (ACES Delta), HydrogenPro ASA is delivering strong results in 2023.  HydrogenPro completed its manufacturing and delivery of 40 large scale electrolyzers in 2023, and the initial value of the contract exceeds USD 50 million for HydrogenPro’s scope of delivery. The Advanced Clean Energy Storage Hub (ACES Delta) is jointly developed by Chevron New Energies Company and Mitsubishi Power. It is a world leading industry and utility-scale energy project that will produce, store, and deliver green hydrogen to help decarbonize the region.

Additionally, HydrogenPro reported highlights such as an industrial partnership with the Austrian industrial group Andritz delivering electrolyzers to the 100 MW Salzgitter project. Also, the company has ramped up their production capacity to 500MW and are expanding also in the US as well as in Europe with offices both in Duisburg, Germany and Minneapolis, US.

Jarle Dragvik, CEO of HydrogenPro, comments: “In 2022 we proved that we have a valid value proposition to the green hydrogen industry. In 2023 we proved our ability to actually produce and deliver high quality electrolyzers to the same demanding market. These improved results make us confident that we will continue to be able to provide essential large scale electrolyzer technology in a growing and important market”.