HydrogenPro (HYPRO) Pareto Securities’ Power and Renewable Energy Conference Presentation summary

Company overview

• Global provider of large-scale green hydrogen technology and systems, offering the world's largest electrolyser stack (>5.5 MW) with modular scalability and pressurized hydrogen output.

• Game-changing electrode technology reduces energy and cooling water needs, lowering OPEX and achieving market-leading levelized cost of hydrogen.

• Serves industrial and hard-to-abate sectors, including green steel, ammonia, synthetic fuels, and grid balancing.

• Transformed into a leading OEM with global project delivery, manufacturing, and R&D hubs in Europe, the US, and China.

• Delivers two of the ten largest non-China electrolyser projects expected online in 2025.

Market position and partnerships

• Among top industry leaders in delivered capacity and orderbook, with strong presence alongside major OEMs like thyssenkrupp nucera, Siemens Energy, and Nel.

• Strategic partnerships and investments from ANDRITZ, Mitsubishi Heavy Industries, and LONGi, with significant ownership stakes and joint projects in Europe, North America, and Asia.

• Partnerships enable delivery of large-scale projects globally, targeting major renewable energy developers and end-sectors such as green steel and ammonia.

Market outlook and pipeline

• Global alkaline electrolyser deliveries in 2025–2026 estimated at NOK 58 billion, with majority demand in China and strong growth in Europe.

• Pipeline includes 173 active projects (39.7 GW, $10.7bn value) and 43 prioritized projects (7.6 GW, $2.4bn value), with minimal cancellations compared to the broader market.

• Fully compliant with new European Hydrogen Bank requirements, ensuring less than 25% of electrolyser stack sourcing from China for European projects.