HydrogenPro ASA Thrives with Major Project Success and Financial Wins
Key Ideas
- HydrogenPro ASA sees success in Q3 2024 with NOK 72 million revenues and 26% gross margin, driven by progress in key projects like the 100 MW Salzgitter and a large-scale production facility supported by EUR 16.5 million EU Innovation Fund.
- Secured grants covering over 50% of the investment for the H2-GIGA project, aiming at a 500MW capacity increase and significant scalability, with operations for third-generation electrodes set to start in Q1 2025.
- Established an exclusive partnership with J.H.K. for green hydrogen projects in Germany, Austria, and the Benelux region, showcasing HydrogenPro's state-of-the-art technology, while maintaining industry-leading safety standards with over 300 accident-free days.
- CEO Jarle Dragvik emphasizes HydrogenPro's global presence with major projects, the J.H.K. partnership, and a strong safety culture, underlining a growing sales pipeline and progress towards final investment decisions.
HydrogenPro ASA, based in Oslo, Norway, has released their solid financial results for the third quarter of 2024. The company achieved revenues of NOK 72 million with a 26% gross margin, showcasing progress in key projects and overall financial success. Notable accomplishments include the timely delivery of the 100 MW Salzgitter project and securing EUR 16.5 million from the EU Innovation Fund for a large-scale production facility focusing on third-generation electrode technology. These grants, along with previous funding, cover more than 50% of the investment for the future H2-GIGA project, which aims to increase capacity by 500MW and allow for significant scalability to meet customer demand. HydrogenPro is set to enhance its manufacturing capacity of third-generation electrodes to 350 MW by Q1 2025 and is actively progressing with the ACES project. An exclusive partnership with J.H.K. has been established to work on green hydrogen projects in Germany, Austria, and the Benelux region, with HydrogenPro providing its advanced technology, and J.H.K. handling project execution. CEO Jarle Dragvik highlighted the company's position as a major global OEM, emphasizing safety with over 300 incident-free days. The market challenges are being tackled, with a growing sales pipeline and projects moving closer to final investment decisions, showcasing HydrogenPro's continued success and growth.