HYDROGENPRO ASA
Sector unknown·HYPRO · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
EU climate and energy policy
Regulation
DriverPositive impact: strengthens
“Green hydrogen remains a crucial contributor in the global energy transition, primarily through decarbonizing hard to abate industries, which is essential for meeting the 2030 targets.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Awarded grants for further increase in manufacturing capacity Early preparations for a new large-scale factory, which will leverage the experience from the full-scale production a cutting-edge large-scale electrode production facility, marking a significant milestone for Denmark’s green H2 technology sector and supporting the growth of the Danish to meet growth in customer demand. HydrogenPro has been awarded a grant from the EU Innovation Fund of EUR 16.5 and a grant of DKK 35 million by the Export and Investment investment decision by HydrogenPro.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“EU Hydrogen Strategy: As part of the EU Green Deal, this strategy outlines a plan for developing renewable hydrogen with specific production targets. By 2024, electrolyzers in the EU, generating 1 million tonnes of renewable hydrogen.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“to a net zero society by 2050 depends on the development of efficient and scalable solutions to produce green hydrogen.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“In the short-term, we are facing the risk of moving too fast or too slow to meet customer demands and potentially becoming an early mover with no customers, or a follower is a result of the rapid and unclear development of the green hydrogen space, where customer demand and competition composition landscape and incentive programs in Europe and the US are to a large extent driving the evolution of the new hydrogen economy. Our response to this is to follow the market closely and seek to maintain a flexible cost structure while at the same time optimize our supply chain set.up.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“HydrogenPro is compliant with these regulations, leveraging a supply chain model that integrates key processing steps like electrode production in Aarhus and assembly in Erfurt while still sourcing some key components from China.”
Annual report 2024A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Steel
Raw materials and inputs
InputNegative impact: weakens
“Our main material inputs are steel, polymers, and nickel in addition to some chemicals and lye. Our electrode technology does not rely on any noble metals or rare-earth elements.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Steel usage remains one of the major contributors to HydrogenPro’s carbon footprint, as steel production is a carbon-intensive process with significant greenhouse gas emissions mitigate this impact in the short term, we have prioritized sourcing steel from suppliers with strong sustainability commitments and focus on minimizing scrap during the manufacturing our collaboration with a steel supplier that proactively integrates ESG considerations into its corporate strategy and is committed to a low-carbon transition, including transparent reporting on its progress.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Steel is the major material input in the manufacturing of HydrogenPro we purchase are not delivered in the exact shapes and sizes that leads to a considerable quantity of steel scrap, which has attracted significant attention within our continuously work to establish new relationships to sub-suppliers with advanced manufacturing methods for goods and parts that would reduce base metals waste significantly.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Fluctuation in commodity prices of steel and nickel may also impact the has not yet undertaken any hedging activity and may experience both upside and down- side risks from these positions. However, the Company seeks to partly hedge price risk through agreements with suppliers or agents and minimize the commodity price exposure through sourcing steel raw material with already formed shaped, thus reducing quantity of the raw material and correspondingly reduce the impact reduces the carbon footprint.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“In 2024, we continued to make progress in optimizing our manufacturing processes to reduce steel waste and minimize associated carbon emissions. A key initiative has been the refinement of our material utilization strategy, where steel scrap from production is now categorized into two distinct types: corner offcuts, which are waste, and central sections, which remain intact and are returned to the steel mill for materials can then be supplied to other customers for various applications, reinforcing resource efficiency and supporting circular economy principles.”
Annual report 2024A · The company itself
Market
“world’s ten largest hydrogen projects: the Salzgitter project in Germany and the Advanced Clean Energy Storage with Andritz, to Salzgitter AG, one of Europe’s largest steel world’s largest clean hydrogen hub, and is a Joint Venture between Chevron USA and Mitsubishi Power. store, and deliver green hydrogen, with the capacity to convert and store up to 100 metric tons of clean hydrogen of energy, for dispatch back to the grid when needed.”
Annual report 2024A · The company itself
Chains in: Wind power strengthens
Water
Raw materials and inputs
InputNegative impact: weakens
“and supply chains (read more on page 17) HydrogenPro’s main business activity, the manufacturing of our electrolyzer systems, has however also a significant social and environmental impact on our surroundings. manufacturing and supply chain is considered material broad topic containing several subtopics, such as GHG emissions in production, energy and water consumption, waste disposal, emissions, and supply chain management, including human rights and work conditions along the product value chain.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“the electrolysis process uses renewable electricity to split water molecules into hydrogen requires large amounts of water and can be challenging in regions where water is scarce. In addition to the water used in the electrolysis process, we are dependent on cooling water to keep the electrolyzer at the right temperature in steadystate production. Regional considerations are therefore important when planning for green hydrogen production and where water scarcity is evident, we will use closed circuit air coolers to reduce water usage.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“In the shortterm, we see water availability being the greatest physical climate risk to our operations. Green hydrogen production needs water, both as an input factor in the production and as cooling agent to reduce the electrolyzer temperature during production. In areas where water is a scarce resource following climate changes, this may reduce the attractiveness of our products as water may be reserved for other purposes. production of hydrogen is the same, independent of electrolysis manufacturer, as it takes one water molecule (H2O) to produce one hydrogen gas molecule (H2).”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“In the future, the use of our 3rd generation electrolyzer will significantly reduce the demand for cooling water by up to 75% by minimizing energy consumption reduce water withdrawal, making the technology suitable for regions where water is scarce.”
Annual report 2024A · The company itself
Energy efficiency
Technology
DriverPositive impact: strengthens
“Low energy losses will be essential for green hydrogen companies to succeed. HydrogenPro is already highly competitive in terms of efficiency, but we are constantly developing the design of the electrolyzer to improve strong commitment to technology verification and documentation and regularly test our improvements and new designs.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Designed for scalability with renewable energy inputs, our electrolyzers provide cost-effective solutions crucial for enhancing sectors like wind, solar, and other renewables in the energy transition.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“/h of hydrogen at a normal current density, which equals ~95 kg of pure and pressurized green hydrogen world’s largest high-pressure alkaline electrolyzer is validated with 80% energy efficiency, setting a new global standard for large-scale production of green hydrogen. efficiency is obtained through HydrogenPro ApS, utilizing our proprietary electrode constantly working towards improving energy efficiency of continuously optimizing the product design and selecting materials to further increase performance.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
Hydrogen and Power-to-X
Technology
DriverNegative impact: weakens
“green hydrogen production is still in development and market sentiment may be volatile. Client expectations on the Company continue to evolve with the maturity of the industry, and failures to sufficiently document own technology and performance, standup local presence in key markets, and meet customer expectations on financial, operational and environmental dimensions may put contractual agreements at risk. a log of performance data from its operational electrolyzers installed in partnership with Mitsubishi Power and through increased testing activity in own facilities. market position of the Company and mitigate contractual risks.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“On a medium-term outlook, HydrogenPro is exposed to the risk that green hydrogen’s importance in a low-carbon society could change significantly, and by that, the customer demand for electrolyzers technological breakthroughs for other low-carbon hydrogen solutions, such as blue hydrogen using carbon capture and storage, or alternatives to hydrogen, such as batteries for deep-sea shipping not something HydrogenPro works to mitigate, as these technologies would be important steps to mitigate climate change and reach the 2050 net zero targets.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“A significant part of our environmental contribution competitive technology and expand our production capabilities. Additionally, collaborating with other market players will be essential to accelerate the adoption and implementation of green hydrogen solutions worldwide.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“An example is that in 2024, we improved the interior design of the electrolyzer stack to reduce shunt currents and thereby increasing the current efficiency several percent. In fall 2024, HydrogenPro announced that its Danish subsidiary, HydrogenPro ApS, had been awarded a EUR 16.5 million grant from the EU support large-scale production of next-generation electrode technology, enhancing the efficiency of HydrogenPro’s highpressure alkaline electrolyzers and further reducing the Levelized Cost of Hydrogen.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“In collaboration with our partners, we made significant advancements in green hydrogen technology, enhancing our products, expanding production capacity, and adapting to evolving close partnerships, we worked to accelerate hydrogen adoption across various sectors.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Research and development is the foundation to lead the market with the best technology, bringing the levelized cost of hydrogen down. Innovation Fund of EUR 16.5 million for large-scale production of nextgeneration electrode technology.”
Annual report 2024A · The company itself
Market
“Our core products are high-pressure alkaline electrolyzers and gas separation unit, featuring some of the most advanced technology available.”
Annual report 2024A · The company itself
Market
“HydrogenPro aims to meet the growing demand for energy-efficient hydrogen production equipment by being a key player in the global deployment of electrolyzers.”
Annual report 2024A · The company itself
Market
“HydrogenPro is a recognized leading original equipment manufacturer (OEM) of large-scale green hydrogen technologies and solutions. Our core technologies include electrolyzers comprising cell stacks and gas separators, along with their respective controls. are continuing to optimize the product design and selected materials to further increase performance for green hydrogen production.”
Annual report 2024A · The company itself
Market
“HydrogenPro was established in 2013 with a mission to design and deliver green hydrogen technology solutions in collaboration with global partners product is high-pressure alkaline electrolyzers, including one of the most advanced technologies in the industry. HydrogenPro employed 151 highly skilled and experienced people at year-end 2024, including key personnel with leading global is currently present in Denmark, Germany, the US, and China with operations that include R&D, sales offices and production, and aims to grow the global presence further in the years to come.”
Annual report 2024A · The company itself
Market
“Key developments include: HydrogenPro remains a proven supplier for major hydrogen initiatives based on its deliveries to 2 of the ten largest involvement in delivering 42 electrolyzers (plus two reserves) for the ACES project and 20 electrolyzers for Salzgitter reinforces its credibility in large-scale hydrogen infrastructure as well as having some of the few documented operational projects as reference. testing of its next generation electrolyzer at Herøya, Norway.”
Annual report 2024A · The company itself
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“As the company grows and works to meet the expectations of a publicly traded company, there is persistent pressure on staff and leadership. Key person and staff turnover pose a significant risk to maintaining company is establishing more developed governance structures and strengthening operations and control mechanisms. bridge diverging work practices, the Company has undertaken significant work in establishing the underlying principles and values of the company ESG risk Failure to fulfill regulatory requirements and market expectations across all dimensions of ESG could increase costs or harm the reputation of the Company.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Suppliers provide HydrogenPro with a wide range of services and commodities, where cost, quality, and reliable delivery are key priorities in our selection process. in our supply chain over time through initiatives such as local sourcing of materials and products, emission reduction plans, and the use of renewable energy. Supply chain involvement, screening, and qualification processes are continuously monitored and adjusted as needed. to ensure that our company standards are met throughout project deliveries and strive to maintain long-term relationships with those aligned with our growth objectives.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“In 2024, we were thrilled to welcome a total of 28 new team members across all locations, including two employees at the newly established US branch. In total, HydrogenPro counted 151 employees at year-end.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Employees are at the core of the HydrogenPro value creation, and we aim to build a strong company culture aligning with our vision and values. To achieve our strategy, it is essential to attract, develop and retain talent. and trained according to the requirements for their role and are followed up on a regular basis by their respective manager.”
Annual report 2024A · The company itself
Industrial manufacturing
End markets
Market
“world’s ten largest hydrogen projects: the Salzgitter project in Germany and the Advanced Clean Energy Storage with Andritz, to Salzgitter AG, one of Europe’s largest steel world’s largest clean hydrogen hub, and is a Joint Venture between Chevron USA and Mitsubishi Power. store, and deliver green hydrogen, with the capacity to convert and store up to 100 metric tons of clean hydrogen of energy, for dispatch back to the grid when needed.”
Annual report 2024A · The company itself
Market
“HydrogenPro is the sole supplier of electrolyzer systems to these projects, alongside several other suppliers of different equipment and services.”
Annual report 2024A · The company itself
Market
“HydrogenPro and its subsidiaries (the “Company” or “HydrogenPro”) aim to become a world-leading provider of high-pressure alkaline electrolyzer technologies & solutions that meet the highest standards for safety, reliability, and long service life.”
Annual report 2024A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“Part of our strategy is also to develop partnership with industrial players to serve larger part of project scope.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Global Outlook for Green Hydrogen 7 About HydrogenPro ASA 8 Stakeholder dialogue 9 Key Achievements New equity from strategic investors In April 2024, we received a strategic investment of NOK announced another NOK 70 million through a private AG and Mitsubishi Heavy Industries, Ltd.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Our daily efforts are dedicated to building a strong and resilient supplier network that meets our material quality standards, delivery timelines, and capacity requirements to support our ongoing growth and operations. As an industrial company with advanced technology, we rely on suppliers that can consistently meet our technical specifications and high-performance standards. Sourcing from a new supplier is a meticulous process that involves in-depth assessments, close collaboration with supplier management, and on-site visits to evaluate their manufacturing with new suppliers or reassessing existing ones, ESG considerations have remained committed to fostering positive change not only within our own operations but also across our supply chain.”
Annual report 2024A · The company itself
Utilities
End markets
Market
“HydrogenPro is the sole supplier of electrolyzer systems to these projects, alongside several other suppliers of different equipment and services.”
Annual report 2024A · The company itself
Market
“HydrogenPro electrolyzer, we can enable customers worldwide to operate large-scale hydrogen production facilities that can store renewable energy and be achieved with much lower energy consumption compared to other technologies.”
Annual report 2024A · The company itself
Market
“Instead, we aim to diversify our customer base to reduce the potential impact of such technological breakthroughs by being a relevant supplier for several types of end-users.”
Annual report 2024A · The company itself
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“HydrogenPro is a key player in the energy transition, using a minimum of scarce natural resources and no noble metals in the process. electrolyzers with industry-leading efficiency and reduced levelized this, the company has identified four strategic pillars: technology leadership, global footprint, scalability, and lifecycle partner.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Delivering 2 of the 10 largest renewable projects in the world (excl. China) In 2024 we manufactured the main components for the delivered all electrolyzer stacks and gas separators to the Pilot testing of 3 rd generation technology rd generation technology has commenced with a detailed validation process that started on November 1 st additional instrumentation has been installed, including individual cell voltage measurements and a Coriolis instrument successfully been in operation for 1000 hours testing our last generation of electrodes. Next step is to proceed with fullstack validation through a joint full-scale validation program with Andritz in Q1 2025.”
Annual report 2024A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
ESG and sustainability reporting
Regulation
DriverNegative impact: weakens
“Key person and staff turnover pose a significant risk to maintaining company is establishing more developed governance structures and strengthening operations and control mechanisms. bridge diverging work practices, the Company has undertaken significant work in establishing the underlying principles and values of the company ESG risk Failure to fulfill regulatory requirements and market expectations across all dimensions of ESG could increase costs or harm the reputation of the Company.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“ESG factors play a critical role in this process, with ESG criteria holding veto power in our sourcing decisions. HydrogenPro aims to collect accurate and comprehensive emissions data from all our major suppliers, allowing us to integrate this information into use emissions data as a critical factor in procurement decisions, prioritizing partnerships with suppliers who demonstrate a commitment to reducing their this goal, in 2024, we began implementing the Ignite software application and introduced it to our main suppliers, enabling them to measure and report suppliers can submit their emissions data, contributing to greater transparency and alignment with our long-term sustainability objectives.”
Annual report 2024A · The company itself
Solar power
Technology
DriverNegative impact: weakens
“A final transition risk that has become of higher relevance lately is the risk of reduced development of renewable energy due to environmental considerations could result in less hydropower to preserve rivers or fewer wind farms to preserve land and biodiversity. Social considerations can also play an important role, as seen in cases where renewable energy infrastructure has been constructed in areas belonging to indigenous communities, threatening in that way their right to practice their culture.”
Annual report 2024A · The company itself
Market
“Designed for scalability with renewable energy inputs, our electrolyzers provide cost-effective solutions crucial for enhancing sectors like wind, solar, and other renewables in the energy transition.”
Annual report 2024A · The company itself
Wind power
Technology
DriverNegative impact: weakens
“A final transition risk that has become of higher relevance lately is the risk of reduced development of renewable energy due to environmental considerations could result in less hydropower to preserve rivers or fewer wind farms to preserve land and biodiversity. Social considerations can also play an important role, as seen in cases where renewable energy infrastructure has been constructed in areas belonging to indigenous communities, threatening in that way their right to practice their culture.”
Annual report 2024A · The company itself
Market
“Designed for scalability with renewable energy inputs, our electrolyzers provide cost-effective solutions crucial for enhancing sectors like wind, solar, and other renewables in the energy transition.”
Annual report 2024A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Agriculture and food production
End markets
Market
“world’s ten largest hydrogen projects: the Salzgitter project in Germany and the Advanced Clean Energy Storage with Andritz, to Salzgitter AG, one of Europe’s largest steel world’s largest clean hydrogen hub, and is a Joint Venture between Chevron USA and Mitsubishi Power. store, and deliver green hydrogen, with the capacity to convert and store up to 100 metric tons of clean hydrogen of energy, for dispatch back to the grid when needed.”
Annual report 2024A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Batteries and energy storage
Technology
Market
“As an example, our high-pressure alkaline electrolyzers are a perfect fit for clean energy storage, where excess renewable energy is captured when it is most abundant and stored as hydrogen.”
Annual report 2024A · The company itself
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“As a dynamic player in the hydrogen sector, we are working day by day to realize a circular economy. Our aim to develop a product design process that balances customer expectations for functionality with circular design principles. Our longterm goal is that all components and parts in our electrolyzers easily can be dismantled, repaired, and reused—or, at the very least, recycled. generation electrodes, it has been important for us to create plugand-play technologies that allow the new electrodes to easily be installed in old cell stack designs electrolyzers so that the bipolar steel plates can be easily dismantled, service agreements with customers cover repair and refurbishment of 40% of the bipolar plates after 10 years, and additional 60% of the plates after 20 years.”
Annual report 2024A · The company itself
Chains in: EU climate and energy policy strengthens
Construction
End markets
Market
“Additionally, we have seen a shift in project sizes and have adjusted our offerings by entering a new partnership with J.H.K., an industrial plant construction and engineering focus on green hydrogen projects HydrogenPro complies with the European Hydrogen Bank’s funding regulations, enabling our customers to apply for financial support. succeeding as a global electrolyzer supplier.”
Annual report 2024A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Digitalisation
Technology
StrategyPositive impact: strengthens
“Delivering 2 of the 10 largest renewable projects in the world (excl. China) In 2024 we manufactured the main components for the delivered all electrolyzer stacks and gas separators to the Pilot testing of 3 rd generation technology rd generation technology has commenced with a detailed validation process that started on November 1 st additional instrumentation has been installed, including individual cell voltage measurements and a Coriolis instrument successfully been in operation for 1000 hours testing our last generation of electrodes. Next step is to proceed with fullstack validation through a joint full-scale validation program with Andritz in Q1 2025.”
Annual report 2024A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Geopolitical uncertainty
Macro
StrategyPositive impact: strengthens
“A global footprint is crucial, positioning us closer to our approach not only strengthens sales and local expertise but also allows us to qualify for various regional incentive programs introduced in recent years. Local manufacturing reduces the need for raw material transportation, minimizes logistics costs, and mitigates geopolitical risks.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Rare earths and critical raw materials
Raw materials and inputs
StrategyPositive impact: strengthens
“HydrogenPro is a key player in the energy transition, using a minimum of scarce natural resources and no noble metals in the process. electrolyzers with industry-leading efficiency and reduced levelized this, the company has identified four strategic pillars: technology leadership, global footprint, scalability, and lifecycle partner.”
Annual report 2024A · The company itself
Chains in: Wind power strengthens
China
Geography
DriverNegative impact: weakens
“Disruptions in deliveries by the Company’s suppliers may increase operating costs, lead to delays to customers and adversely impact supply chain is heavily concentrated in China, and a certain volume of single-source suppliers in combination with political risk may potentially affecting customs and tariff levels, and makes the supply chain vulnerable to disruption. mitigating this risk through the rollout of third-party driven supplier audits as well as examination of alternative suppliers to ensure business continuity in case of disruption. technology systems to conduct its business.”
Annual report 2024A · The company itself
Geography
“we have a manufacturing capacity of 500 through the second half of 2022, and 2023 was therefore the first year with full 2024 we gained a deeper understanding of our operations, assessed our environmental impact, and identified areas for improvement.”
Annual report 2024A · The company itself
Geography
“In November 2024, the employees in Shanghai employees at year-end.”
Annual report 2024A · The company itself
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“However, our cooperation agreement also focuses on the European supply chain, meeting European local content requirements.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“where prospective projects will not be allowed to source more than 25 percent of electrolyzer stacks — covering surface treatment, cell unit production, and stack in Denmark, assembly at the site of our cooperation manufacturing in China, as we will ensure to comply with all regulations of the European Hydrogen Bank.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Furthermore, a development towards protectionist sentiment in key markets may cause the Company to face increased local content and delivery demands Company is currently undertaking a mapping of its supplier landscape. the Company has developed a set of Business Norms that will assess contract opportunities across a set of financial and operational elements and associated thresholds putting further rigor and opportunity-related risk analysis into the contract acceptance process.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Electricity
Raw materials and inputs
DriverNegative impact: weakens
“will reduce end-customers’ operational costs of electrolysis significantly. As electricity costs are around 75% of the levelized cost of hydrogen production, a significant reduction of electricity needed over a 30-year lifetime is generation electrodes represent a sustainable technology enabling the green hydrogen transition.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“We aim for carbon neutrality in our supply chain set-up, this includes initiatives regarding local sourcing of materials and products, emission reduction plans and use of renewable energy.”
Annual report 2024A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Global trade volumes
Macro
DriverPositive impact: strengthens
“Growing international demand, particularly in Europe and the Middle East, is driving exports and creating new market opportunities, supported by various countries’ policies and incentives.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Disruptions in deliveries by the Company’s suppliers may increase operating costs, lead to delays to customers and adversely impact supply chain is heavily concentrated in China, and a certain volume of single-source suppliers in combination with political risk may potentially affecting customs and tariff levels, and makes the supply chain vulnerable to disruption. mitigating this risk through the rollout of third-party driven supplier audits as well as examination of alternative suppliers to ensure business continuity in case of disruption. technology systems to conduct its business.”
Annual report 2024A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Renewables auctions and subsidies
Regulation
DriverPositive impact: strengthens
“EU Hydrogen Strategy: As part of the EU Green Deal, this strategy outlines a plan for developing renewable hydrogen with specific production targets. By 2024, electrolyzers in the EU, generating 1 million tonnes of renewable hydrogen.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“exposed to political factors. A reduction in government support for green hydrogen could affect both the Company’s ability to operate and its ability to expand its business through dampening of customer demand.”
Annual report 2024A · The company itself
Chains in: Wind power strengthens
Financial regulation
Regulation
DriverNegative impact: weakens
“Companies are adjusted our offerings and entered a new partnership with J.H.K., an industrial plant construction and engineering Strengthening Financial Stability Despite market challenges, we successfully secured a strategic NOK 82.7 million investment from Andritz in April, reinforcing our financial position and enabling further innovation.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Many projects faced delays and cancellations, endangering a substantial portion of the a lack of offtake commitments, financing challenges, postponed incentives, and regulatory ambiguities. Long-term price setting in an immature and unregulated market has also been challenging—a key prerequisite for financial models leading to a final investment decision (FID).”
Annual report 2024A · The company itself
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“Despite the challenges, global electrolyzer capacity is projected to rise significantly, driving down costs and improving efficiency. making electrolyzers more efficient and cost-effective.”
Annual report 2024A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Carbon tax and ETS prices
Regulation
DriverNegative impact: weakens
“We aim for carbon neutrality in our supply chain set-up, this includes initiatives regarding local sourcing of materials and products, emission reduction plans and use of renewable energy.”
Annual report 2024A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Chemicals and specialty chemicals
Raw materials and inputs
InputNegative impact: weakens
“Our main material inputs are steel, polymers, and nickel in addition to some chemicals and lye. Our electrode technology does not rely on any noble metals or rare-earth elements.”
Annual report 2024A · The company itself
Copper
Raw materials and inputs
InputNegative impact: weakens
“Fluctuation in commodity prices of steel and nickel may also impact the has not yet undertaken any hedging activity and may experience both upside and down- side risks from these positions.”
Annual report 2024A · The company itself
Chains in: Electrification strengthens, Data centres strengthens
Chains out: this strengthens Mining
Energy security
Regulation
DriverPositive impact: strengthens
“In addition to directly reducing greenhouse gas emissions, green hydrogen plays a crucial role in enabling a decentralized and resilient energy system that can be completely based on renewable sources. Hydrogen can be produced and stored domestically, thereby reducing reliance on foreign energy sources and decreasing society’s vulnerability to energy supply shortages.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens, Reconstruction of Ukraine strengthens
Chains out: this strengthens Wind power, strengthens Power grid expansion
Denmark
Geography
Geography
“In 2023, HydrogenPro increased production capacity in our manufacturing facilities in was carried out to deliver on the large ACES project and build capacity to take on other large establishing a solid foundation for sustainable growth by prioritizing financial stability and creating a responsible, resilient organization and value chain aligned with our growth strategy.”
Annual report 2024A · The company itself
Geography
“In Denmark, HydrogenPro has a team of dedicated researchers involved in the development of our electrodes, as well as production of electrodes. Following the development of our third-generation electrodes, a new production line is under construction, significantly increasing the production capacity. will be joining the team in 2025.”
Annual report 2024A · The company itself
Geography
“HydrogenPro employed 151 highly skilled and experienced people at year-end 2024, including key personnel with leading global is currently present in Denmark, Germany, the US, and China with operations that include R&D, sales offices and production, and aims to grow the global presence further in the years to come.”
Annual report 2024A · The company itself
Asia and emerging markets
Geography
Geography
“For the Asian market, we entered a partnership with LONGi.”
Annual report 2024A · The company itself
Geography
“As HydrogenPro is well positioned through partnership on three continents USA, Europe and East Asia, the energy transition and development of Hydrogen value chain is emerging in India and the Middle East and HydrogenPro is actively pursing projects in these areas.”
Annual report 2024A · The company itself
Europe
Geography
Geography
“In collaboration with Andritz, we established a product line in Erfurt for assembling our electrolyzers, complementing our new full-scale production line in Denmark.”
Annual report 2024A · The company itself
Geography
“Europe is emerging as a key driver of hydrogen adoption, supported by policy incentives and a growing demand for previously the primary market for renewable energy expansion, attention is gradually shifting toward Europe, though the transition will require time to establish necessary infrastructure and off-take agreements.”
Annual report 2024A · The company itself
United States
Geography
Geography
“Given the recent market changes combined with the need for further regulatory developments in the US, the previously announced plan to establish a is being put on hold as both the location and manufacturing model are being assessed, along does not change HydrogenPro’s commitment to the North American market, where several promising projects are underway.”
Annual report 2024A · The company itself
Geography
“Key developments include: HydrogenPro remains a proven supplier for major hydrogen initiatives based on its deliveries to 2 of the ten largest involvement in delivering 42 electrolyzers (plus two reserves) for the ACES project and 20 electrolyzers for Salzgitter reinforces its credibility in large-scale hydrogen infrastructure as well as having some of the few documented operational projects as reference. testing of its next generation electrolyzer at Herøya, Norway.”
Annual report 2024A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0.2 bn NOK |
| Revenue growth vs. the year before, same method | -65.6 % |
| EBITDA reported by the company | -0.2 bn NOK |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | -287 NOK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✗ |
| Growing | ✗ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.