Industry: Green Hydrogen and electrolyzer
Share price: 20.4 NOK at time of publication
Market cap: 1092 MNOK
Comparable peers: Green hydrogen systems, Next hydrogen, Aker Clean hydrogen
Hydrogenpro is firing on all cylinders in order to deliver their goal of targeting hydrogen production costs of $1,20/ kg in 2022 with their core high-pressure alkaline electrolyzer product. Sales for the third quarter were 8.2 million NOK , in line with most expectations. The presentation speaks of a prospect sales pipeline between 6,9 GW to 8.2 GW. The report also states the number of active projects for the sales pipeline have gone from 55 to 66 vs end of Q2. 2021. The electrolyzer market is expected to have a CAGR growth of 121 % until 2030 according to the company report. The company reported a net loss of -11.4 MNOK for the quarter and sits on a healthy cash balance of 443,4 MNOK at the end of Q3 2021. Most financial expectations for Hydrogenpro is that the company will be profitable by 2023 with revenues of 659 MNOK and net profit of 45 MNOK . Press release in full below.
HydrogenPro AS (OSE: HYPRO) today published its third quarter 2021 report. The
company significantly increased its sales pipeline, reported a key purchase
order and advanced its global fabrication strategy, gaining control of key
technology and IP and setting up a production facility in Tianjin, China.
“The recently announced investment in a 75 percent-owned technology and
production facility in China is a major milestone. It means we have full control
over IP and core technology and that we will be ready for volume production of
our highly efficient large-scale electrolysers in the second quarter of 2022.
Meanwhile, we’re actively pursuing several major business opportunities, as
illustrated by an active sales pipeline, which has increased by almost 70
percent in half a year,” said Elling Nygaard, CEO of HydrogenPro.
Financial highlights for the quarter (Q2 2021 in brackets):
o Revenues of NOK 8.2 million (0.1 million)
o Net profit of negative NOK 11.4 million (negative 13.1 million)
o Cash position of NOK 443.4 million (471.2 million)
In August, Mitsubishi purchased the world’s largest single-stack high-pressure
alkaline electrolyser system, to be installed at Herøya Industrial Park in
Norway. HydrogenPro is also working with Mitsubishi on a second development
A number of other key contract opportunities are moving closer to final
investment decision and contract award. HydrogenPro now has an active pipeline
of 8.2GW, compared to 6.9 GW at the end of the second quarter. The average size
per project is 124MW.
“The significant price increase of CO2 quotas has made clear the need to
decarbonize the global hydrogen production. Also, increased energy prices means
a growing advantage for efficient electrolysers, and our electrolysers are
substantially more efficient that current technology. In order to reach IEA’s
2050 Net Zero Emission Scenario, global electrolyser capacity must expand
rapidly in the near future, and our technology fits the bill perfectly,” said
The third quarter 2021 report and presentation are enclosed and available
through http://www.newsweb.no (OSE: HYPRO) and http://www.hydrogen-pro.com. A live streamed
webcast presentation will be held by CEO Elling Nygaard and CFO Martin T. Holtet
at 10:00 CET today. Link to webcast:
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