HydrogenPro: Awaiting deliveries to Salzgitter and additional orders

Today, HydrogenPro reported Q1 2024 results which reflect slower activity than in previous quarters, with revenue of just NOK4m in Q1 2024 vs NOK83m in Q1 2023, NOK127m in Q4 2023 and cons. at NOK11m. As expected, revenues were impacted by the transition from the completion of ACES (US) and prepara

HydrogenPro: EUR7m strategic investment from Andritz

HydrogenPro yesterday announced it had secured a strategic investment from Andritz, one of the global leading EPC companies, deeply engaged in the environmental and green-energy sectors including the green hydrogen space. HydrogenPro received NOK82.7m (~EUR7m) from Andritz's investment, involving t

HydrogenPro: a great year-end, EBITDA positive in Q4

Today HydrogenPro reported FY2023 results with revenues at NOK568m, slightly ahead of expectations (+5% vs cons. at NOK533m and +1% vs BGe at NOK562m). Gross margin was flat YoY at 21.3%, albeit with a better than expected improvement in Q4 (44%, vs 31% for cons. and 27% for BGe), more than doublin

Keep the momentum going

Today HydrogenPro reported Q3 2023 results confirming the pace of previous quarters. Q3 2023 revenues came in at NOK220m vs NOK137m in Q2, representing 61% growth QoQ. Revenues were ahead of expectations (cons. at NOK121m and BGe at NOK140m), boosted by Takasago delivery and reiterating 90% of ACES

Mispriced optionalities

Following the publication of our industry note entitled "H2’oween: Trick or treat in hydrogen", we reiterate our Buy rating and price target on HydrogenPro at NOK50. HydrogenPro is on track to deliver its Utah project in due time while experiencing a significant increase in global reach and achievi

H2’oween: Trick or treat in green hydrogen

Decarbonisation must ultimately abide by economic laws. In a maturing market with many competing technologies, those with the most efficient power-to-power ratios generating the highest energy returns on investment are the ones that should succeed. This contrasts with the earlier stages of green hy

Materializing growth

Today HydrogenPro reported Q2 2023 results, confirming a firm acceleration on previous quarters. H1 2023 revenues came in at NOK221m vs NOK83m in Q1, representing +64% growth QoQ. This is in line with expectations (-3% vs cons. at NOK228m and +2% vs BGe at NOK216m), reiterating 90% of ACES contract

Headed in the right direction

Yesterday, HydrogenPro announced that its strategic partner Andritz has been selected to accompany Koppö Energia onto a FEED study for a 200MW electrolysis plant. This is excellent news for HydrogenPro, as it shows the company is well positioned, both strategically and operationally. While the manu

Insights from the Clean Mobility & Sustainability conference

Earlier this week, we held the Clean Mobility & Sustainability conference at the Novotel Eiffel Hotel in Paris, gathering 13 listed companies for in-person meetings, mostly at C-level, and more than 100 participants.

Bulk of growth skewed to next six months

HydrogenPro reported Q1 2023 results, capitalising again on acceleration in previous quarters. Revenues for the quarter came in at NOK83m, representing +228% growth QoQ. This is lower than expectations on a linear basis (-33% vs cons. at NOK123m and -23% vs BGe at NOK108m), but Hypro should easily

Bryan, Garnier & Co Technology Daily | HydrogenPro

Unveiling attractive US expansion plans

Today HydrogenPro has unveiled its intention to invest in a 500MW electrolyser manufacturing facility located in Texas. This is not only a key milestone for the company in establishing global presence, but it also provides HydrogenPro with significant exposure to the US Inflation Reduction Act (IRA