HydrogenPro

HydrogenPro and Tarjei Johansen have today agreed to end their collaboration with immediate effect due to revised priorities in the Company’s strategy. The plan for building capacity in the US stays firm, but with the current market sentiment raising funding in the market is an unattractive proposition from a shareholder value perspective and the Company is actively working on alternative ways to finance the expansion. 

To facilitate the new strategic direction, Tarjei Johansen will step down as CEO and Jarle Dragvik will serve as a CEO of HydrogenPro ASA. Mr. Dragvik is the current CEO of TM Holding AS, the Company’s second largest shareholder. Mr. Dragvik knows HydrogenPro well as he served on the Board of Directors until May 2023 and has for years been chairman of the Company’s China operations. He brings 25 years of industrial experience from companies including Norsk Hydro, Orkla/Sapa and Norske Skog.

"The Board wishes to thank Tarjei for the collaboration during his tenure at HydrogenPro", says Ellen Hanetho, chair of the Board of Directors of HydrogenPro.

"I wish Jarle Dragvik and all of HydrogenPros hard working employees the very best on the journey ahead", says Tarjei Johansen.

On this backdrop, HydrogenPro has decided to: 

1. Focus efforts on the North American market and take specific actions along two avenues:
   1. Commence preparations for a possible listing at the Nasdaq stock exchange in New York in order to secure access to a larger investor universe.
   2. Build up the US management team to become a strong force in the Company´s US strategy and thereby draw on local business development knowledge and use of financial resources, including working with the most progressive US states.
2. Maintain HydrogenPro’s position as a technology leader to generate shareholder value by continuing to develop next generation efficient, high pressure electrolyzers.
3. Build a competent European organization to i) take good care of local customers and successfully develop the ANDRITZ collaboration, ii) streamline the current production facility in China and iii) develop the Middle East markets with local partners. 

For more details about strategy and priorities, please be referred to “HydrogenPro Extended Revised Priorities” on our home page www.hydrogen-pro.com.

For additional information, please contact:
Ellen Hanetho, Chair of the Board of Directors
Email: ellen@hanetho.com  
Phone: +47 48 220 750

Jarle Dragvik, CEO
Email: jarle.d@hydrogen-pro.com
Phone: +47 911 72 734

About HydrogenPro:
HydrogenPro is a technology company and an OEM for high pressure alkaline electrolyser and supplies large scale green hydrogen technology & systems. The Company was founded in 2013 by individuals with background from the electrolysis industry which was established in Telemark, Norway by Norsk Hydro in 1927. We are an experienced engineering team of leading industry experts, drawing upon unparalleled experience and expertise in the hydrogen and renewable energy industry.

This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian Securities Trading Act.