The Norwegian company HydrogenPro has published its financial results for the second quarter and the first half of 2026. The manufacturer of alkaline high-pressure electrolysers based in Herøya achieved a revenue of 15 million Norwegian kroner (NOK) in the second quarter, compared to 16 million NOK in the previous quarter. EBITDA improved from minus 32 million NOK to minus 16 million NOK. However, the net result was weaker at minus 51 million NOK than in the first quarter (minus 41 million NOK). The order backlog slightly increased to 262 million NOK, and the cash balance at the end of the quarter was 59 million NOK.
Start of production of Gen4 electrodes
Operational progress includes the start of production of Gen4 electrodes. According to the company, these offer higher efficiency and improved long-term stability compared to previous versions. The electrodes are central to HydrogenPro's proprietary technology and are used in the company's alkaline high-pressure electrolysers.
In parallel, HydrogenPro completed a capital increase. This was part of a strategic review that the company started in May 2026. The aim is to create additional shareholder value, according to the company.
Restructuring of China business following LONGi agreement
HydrogenPro is also adjusting its structure in China. Following an OEM agreement with the solar company LONGi, the company is transitioning to a leaner local team and divesting parts of its facilities there. The OEM model provides that LONGi manufactures electrolysers based on HydrogenPro technology. In return, HydrogenPro reduces its own operational footprint on site.
Project pipeline of 300 million NOK
According to the company, HydrogenPro has been selected as a supplier for two major projects. The total volume of the two potential contracts is estimated by the company at just under 300 million NOK. The awarding of the contracts is still subject to final regulatory approvals and technical reviews.
CEO Jarle Dragvik assessed the quarter as follows: "The past quarter marked important operational and strategic milestones for HydrogenPro. The introduction of our new Gen4 electrodes represents a significant technological advancement, offering our customers higher efficiency and longevity." Regarding the restructuring in China, Dragvik said: "We are optimizing our business model in China following the groundbreaking OEM agreement with LONGi, streamlining our operational footprint and divesting non-strategic assets."
Background
HydrogenPro was founded in 2013 and is listed on the Oslo Stock Exchange (OSE: HYPRO). The company develops and supplies alkaline high-pressure electrolysers as an OEM, as well as large-scale plants for the production of green hydrogen. According to its own information, HydrogenPro is certified according to ISO 9001, ISO 45001, and ISO 14001. The company operates research, sales, and production sites in Denmark, Germany, the USA, and China. The headquarters is located in Herøya, Norway.
HydrogenPro
