HydrogenPro AS (OSE: HYPRO) today published its third-quarter 2021 report. The company increased its sales pipeline, reported a key purchase order, advanced its fabrication strategy, gained control of key technology and IP, and set 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 electrolyzers 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):
• Revenues of NOK 8.2 million (0.1 million)
• Net profit of negative NOK 11.4 million (negative 13.1 million)
• Cash position of NOK 443.4 million (471.2 million)
In August, Mitsubishi purchased the world’s largest single-stack high-pressure alkaline electrolyzer system, to be installed at Herøya Industrial Park in Norway. HydrogenPro is also working with Mitsubishi on a second development site.
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A number of other key contract opportunities are moving closer to the 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 mean a growing advantage for efficient electrolyzers, and our electrolyzers are substantially more efficient than current technology. In order to reach IEA’s 2050 Net Zero Emission Scenario, global electrolyzer capacity must expand rapidly in the near future, and our technology fits the bill perfectly,» said Mr. Nygaard.