HydrogenPro ASA Reports Strong Second Quarter with Investment in Third Generation Technology
Oslo, Norway, Aug. 20, 2024 /PRNewswire/ — HydrogenPro ASA had an eventful second quarter, highlighted by a significant investment in third-generation technology with a 350 MW manufacturing facility in Denmark. The company’s cash balance also increased from NOK 185 million to NOK 247 million, positioning them well to deliver large-scale electrolyzer projects.
The decision to invest NOK 70 million in the third-generation technology represents a strategic move to meet global demand more effectively. The capacity of the new facility in Denmark is a significant 70% of the Tianjin plant in China, enabling HydrogenPro to scale up their operations.
An essential partnership was solidified with a NOK 82.7 million investment from industrial partner ANDRITZ. This investment builds on a successful 100 MW contract with Salzgitter and includes a joint validation program to ensure the project’s success.
In addition, HydrogenPro’s Danish subsidiary secured DKK 35 million from the Export and Investment Fund of Denmark to expand production capacity for gen 3 electrode technology. The company also made progress on the ACES project, one of the world’s largest hydrogen projects, showcasing their proficiency in delivering to industrial-scale projects.
CEO Earl Dragvik commented on the quarter, stating, “It has been an eventful quarter indeed, concluding an eventful first year of my tenure as CEO. We are one of very few suppliers that have actually produced and delivered electrolyzers, and to some of the largest projects in the world.” Dragvik emphasized the confidence shown by major industrial partners’ investments and the company’s commitment to continuous technology and process improvements.
For further information, please contact:
Olaf Thommessen
Head of Communications & Corporate Affairs
+47 97 54 85 85
This summary provides insights into HydrogenPro ASA’s recent activities and strategic investments. For more detailed information, visit their website or download the press release from the provided source.
Sources:
1. HydrogenPro ASA – https://www.hydrogenpro.com/
2. Cision – http://news.cision.com
Keywords: HydrogenPro ASA, third-generation technology, electrolyzer projects, investment, partnership, Denmark, industrial projects, sustainability, hydrogen production.
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