OSLO, Norway, March 20, 2023 /PRNewswire/ -- HydrogenPro (OSE: HYPRO) will take its first major step into the US market with the establishment of 500 MW manufacturing capacity in Texas, US, with an estimated total investment cost of USD 30-50 million. The brownfield investment includes a separate advanced electrode manufacturing facility, representing a technology game changer in the HydrogenPro solutions offering.
This move will increase HydrogenPro's manufacturing capacity to 800 MW in total and represents a major milestone in establishing a global presence as part of the strategy to become #1 provider of large-scale green hydrogen technology & systems.
The new site is planned to have an initial capacity of 500 MW with the option to significantly scale up the capacity to several gigawatts in due time.
The US has become the market leader on green hydrogen, as the Inflation Reduction Act (IRA) passed by Congress in August 2022 is beginning to show effects. The favorable tax scheme for producers of green hydrogen has resulted in surging demand, growing 4-6 times compared to pre-IRA figures. The US market is HydrogenPro's top priority, and manufacturing capacity on this continent provides a fundamental platform to succeed with the announced growth ambitions.
With this, HydrogenPro will take a market-leading position and become the only viable large-scale player providing high-pressure alkaline electrolyser technology & systems.
HydrogenPro has conducted an extensive strategic review of various US states to determine the most suitable location. All locations have been assessed based on several factors, incl. access to site and skilled workers, infrastructure, ease of sourcing raw materials, proximity to end-users and incentive programmes offered by different states.
The US market has been served by HydrogenPro's European sales team for some time, which has resulted in a significant pipeline of relevant and attractive projects already in progress. The US organisation will be ramped-up in parallel with the manufacturing expansion.
"The US factory will be our bridgehead into the North American market. A key factor for us to become the leading provider of green hydrogen technology & systems is our presence across continents, securing sustainable and local supply chains," says CEO Tarjei Johansen, and adds: "We have great confidence in our technology & systems being an excellent fit for large-scale industrial applications, where we are now seeing an unprecedented increase in demand for green hydrogen following the IRA. Consequently, establishing a manufacturing site to serve the North American market is a natural next step in our global expansion plan, and a very exciting opportunity for our company!"
About HydrogenPro:
HydrogenPro is a technology company and an OEM for high pressure alkaline electrolyser and supplies large scale green hydrogen plants, all ISO 9001, ISO 45001 and ISO 14001 certified. The Company was founded in 2013 by individuals with background from the electrolysis industry which was established in Telemark, Norway by Norsk Hydro in 1927. We are an experienced engineering team of leading industry experts, drawing upon unparalleled experience and expertise in the hydrogen and renewable energy industry.
For further information, please contact:
Martin Thanem Holtet, CFO,
+47 922 44 902
Ida Eilertsen Nygård, Head of Investor Relations and ESG,
+47 986 11 952
ir@hydrogen-pro.com
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SOURCE HydrogenPro AS
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