(Oslo, Paris, Duisburg 27 May 2021) HydrogenPro (OSE: HYPRO), H2V Industry and
Mitsubishi Power Europe have entered into an MoU forming a consortium that will
develop and deliver green industrial hydrogen projects

This MoU will form a long-term partnership, combining the value proposition and
expertise of H2V Industry, HydrogenPro and Mitsubishi Power Europe supporting
the European and French initiatives to reach the decarbonisation goals. 

Through this MoU the consortium partners will develop and deliver large scale
hydrogen projects, including currently on-going projects. 

H2V Industry will take on a lead role in the development phase, whereas
HydrogenPro and Mitsubishi Power Europe will contribute with their expertise in
the design, engineering, system and components, as well as their procurement
competence. The current projects are founded on HydrogenPro´s 100MW high
pressure modular system and represent the first large industrial scale projects,
positioning the partnership in a global leading position. 
 
The partnership will also establish schemes to provide significant European
supply content. An investigation has been started to determine European
sourcing, manufacturing and/or assembly in France. 

H2V Industry, owned by the French based Samfi Invest group (Samfi) is a leading
player in the hydrogen space in France. H2V Industry is actively pursuing
several green industrial scale hydrogen projects, on top of the present ones,
where HydrogenPro has been contracted to supply the electrolyser installations
for these sites. 

"H2V Industry is pleased to further reinforce its technical and economical
offerings through this partnership with our trusted partners Mitsubishi Power
Europe and HydrogenPro. The opportunity to manufacture and assemble key
components of the hydrogen value chain in France is a major driver to secure our
projects, both in terms of capacity and services" says Jean Marc Leonhard,
Managing Director of H2V.

Mårten Lunde, CEO of HydrogenPro, adds: "We are pleased to reinforce our
relationship with strong partners H2V Industry and Mitsubishi Power Europe, both
actively leading the global and European energy transition. There are several
attractive opportunities being developed in France which are ideal for the use
of our leading high-pressure alkaline technology. HydrogenPro will leverage its
new, improved and cost leading CAPEX-OPEX electrolyser technology for large
industrial hydrogen installations, reducing power consumption by 14% giving a
significant cost advantage compared to other technologies." 

Markus Bruegmann, Head of New Business and Senior Vice President for Mitsubishi
Power Europe concludes: "The energy sector is experiencing significant and rapid
change, driven by policy shifts and technological innovation, renewable energy
evolution and widespread digital adoption. "At Mitsubishi Power Europe we are
excited to leverage our capabilities to deliver low carbon solutions. These
hydrogen projects, which will use HydrogenPro´s leading technology, are part of
our strategy to provide short- and long-term energy storage solutions. With
Mitsubishi Power's Service offering, including digitalization solutions - such
as the advanced analytics technology embedded in TOMONITM digital solutions -
support H2V Industry decarbonization and business performance goals with
seamless plant operations, high reliability, optimized operations and
maintenance (O&M) as well flexibility and increased efficiency."   


About HydrogenPro
HydrogenPro was founded in 2013 and the Company's principal business is to
provide customised turn-key plants for large-scale production of green hydrogen
to global industrial clients. The Company's activities include design,
engineering and optimization of such plants, purchasing of parts, components and
sub-systems for integration into complete plants and systems for hydrogen
production. The activities also include commissioning and testing of such plants
before they are accepted by clients of the Company. As part of its business
model, the Company will also seek to secure service and maintenance agreements
related to such hydrogen production plants.
The Company aims to be a world leading designer and supplier of alkaline
electrolyser technology plants and solutions that meet the highest requirements
for safety, reliability and long lifetime at competitive cost.
For more information, please visit: www.hydrogen-pro.com

About H2V INDUSTRY
H2V INDUSTRY is an industrial company for the mass production of hydrogen by
electrolysis of water based on certified 100% renewable energy.
H2V INDUSTRY 's project is to build plants for the production of decarbonised
hydrogen by electrolysis of water. This hydrogen will reduce the carbon impact
of natural gas in the networks and contribute to the decarbonisation of industry
and transport. By 2025, H2V Industry will produce 200,000t of hydrogen per year
from an electrical power of 1475MW.
For more information please visit: http://h2vproduct.net/en/h2v-industry-home/

About Mitsubishi Power in Europe, Middle East and Africa
Mitsubishi Power is a leading provider and innovator of technology and solutions
for the energy sector, who with its predecessor companies have had a presence in
the region since 1908. Today, there are more than 1,000 employees across Europe,
the Middle East and Africa, with centers of excellence in Germany, the United
Kingdom, Saudi Arabia and the United Arab Emirates, in addition to customer
support capabilities in countries across the region. Mitsubishi Power designs,
manufactures and maintains equipment and systems that drive decarbonization and
ensures the delivery of reliable power. Among its solutions are a wide range of
gas turbines, including hydrogen-fuelled gas turbines and solid-oxide fuel cells
(SOFCs), and an experienced services business with an extensive reach across the
entire region. Committed to providing exemplary service and working with
customers, Mitsubishi Power's TOMONITM intelligent solutions leverages advanced
analytics, adaptive control technology, artificial intelligence and machine
learning to make power plants smarter, lowering emissions, increasing
flexibility and supporting decarbonization.  Mitsubishi Power is a wholly owned
subsidiary of Mitsubishi Heavy Industries Ltd., whose engineering and
manufacturing businesses span energy, infrastructure, transport, aerospace and
defence.
For more information, please visit: https://power.mhi.com/regions/emea/

This information is considered inside information pursuant to the EU Market
Abuse Regulation and is subject to the disclosure requirements pursuant to
Section 5-12 the Norwegian Securities Trading Act.

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