Hydrogenpro ASA
OSE:HYPRO
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Hydrogenpro ASA
HydrogenPro ASA designs and supplies customized hydrogen plants. The company is headquartered in Porsgrunn, Telemark. The company went IPO on 2020-10-14. The firm is a designer and supplier of alkaline electrolyser technology plants and solutions. In addition, Hydrogenpro designs and supplies hydrogen production plants in cooperation with global partners and suppliers, all ISO 9001, ISO 45001 and ISO 14001 certified. Its core product is the alkaline high-pressure electrolyser. The acquisition of Advanced Surface Plating ApS in Denmark enabled Hydrogenpro to adjust a new plating technology. The firm generates customer contracts from two principal sources: Equipment and projects and R&D, FEED-studies, service and aftermarket. The equipment and projects sales are generated from both standard and customised electrolysers and gass seperators.
HydrogenPro ASA designs and supplies customized hydrogen plants. The company is headquartered in Porsgrunn, Telemark. The company went IPO on 2020-10-14. The firm is a designer and supplier of alkaline electrolyser technology plants and solutions. In addition, Hydrogenpro designs and supplies hydrogen production plants in cooperation with global partners and suppliers, all ISO 9001, ISO 45001 and ISO 14001 certified. Its core product is the alkaline high-pressure electrolyser. The acquisition of Advanced Surface Plating ApS in Denmark enabled Hydrogenpro to adjust a new plating technology. The firm generates customer contracts from two principal sources: Equipment and projects and R&D, FEED-studies, service and aftermarket. The equipment and projects sales are generated from both standard and customised electrolysers and gass seperators.
Revenue: Q3 revenue was NOK 35 million, mainly from deliveries to the ACES and Salzgitter projects.
Gross Margin: Gross margin improved significantly to 55%, up from 22% in Q2, returning to more normal levels after one-off charges last quarter.
Cost Reduction: The company completed a cost reduction program, cutting annual costs by NOK 40 million and reducing headcount from 147 to 89, mainly in China.
Liquidity: Cash balance increased to NOK 121 million at quarter-end, boosted by a NOK 68 million equity investment from LONGi.
Order Backlog: Backlog declined from NOK 284 million to NOK 252 million, with most of it now related to the ACES service agreement.
Market Conditions: Growth in the hydrogen sector is slower than expected, with many projects delayed, but management remains optimistic for 2026.
Leadership: A new Head of Sales and Commercial was appointed, highlighting the company's ability to attract strong technical talent.
