Energy Transition & Sustainability

Bryan, Garnier & Co acts as Joint Global Coordinator & Joint Bookrunner on HydrogenPro’s NOK 126 million Follow-on Offering

HydrogenPro is a Norwegian-based OEM specializing in high pressure alkaline electrolyser technology for large scale green hydrogen production.

Global expansion well underway with a planned manufacturing facility in USA and a strategic partnership with Andritz for assembly and manufacturing in Europe. The Company is targeting 5GW of manufacturing capacity over the next 5 years. Currently supplying 220 MW of electrolysers to the world’s largest hydrogen energy hub in Utah, USA for Mitsubishi Power (the ACES Project). Chosen supplier of electrolysers to the DG Fuels sustainable aviation fuel plant in Louisiana, USA, a ~USD 500m contract approaching FID early 2024. Strong backlog of NOK 648m and an active sales pipeline of 18.5GW well-diversified across geographies and use cases. NOK 56m revenues in FY-22.

Bryan, Garnier & Co acts as Joint Global Coordinator and Joint Bookrunner on a NOK 126m private placement for HydrogenPro, the Company’s inaugural follow-on offering since its IPO in 2020 and its first capital raise on the OSE Main Market.

The private placement was oversubscribed and in total, 5m new shares were offered to both Tier-1 impact specialists and institutional generalists across Norway, Continental Europe and the US. Proceeds will be used by HydrogenPro to commence the initial phase of its announced US expansion as well as the verification process for its 3rd generation technology. This transaction underscores Bryan Garnier’s strength in H2 ECM, on the back of other notable H2 transactions including, €20m secondary placement of HRS shares, Lhyfe’s €118m IPO, €50m in multiple follow-ons for Enapter, HDF’s €152m IPO and McPhy land-mark €180m Recapitalisation Follow-on.

"Selling a business you founded and helped growing is a monumental step for any entrepreneur. This was my fourth exit, and I was absolutely thrilled with the level of support and industry expertise we received throughout the process from the team at Bryan Garnier."

— Markus Fest - Founder of Eve Systems

HydrogenPro was founded in 2013 with a mission to design and deliver green hydrogen technology & systems in collaboration with global partners and suppliers. Our core product is high-pressure alkaline electrolysers, and we are proud to have some of the most advanced technology in the industry.

The team consists of highly skilled and experienced employees, including key personnel with leading global hydrogen expertise. We are currently present with R&D, sales offices and manufacturing in Denmark, Germany, the US, and China, and aim to grow our global presence further in the years to come. Our headquarters and test facility are located at Herøya, Norway.

Our proudest achievement is the development of industry-leading high-pressure alkaline electrolysers, including our electrode technology, which makes us highly cost-competitive among peers globally.

With a technology that is easy to scale depending on the input energy from renewables, HydrogenPro’s large-scale electrolysers and cost-effective technology have the potential to both enable and strengthen other segments in the energy transition, whether it be wind, solar and other renewable power sources.

Through its unique properties as an energy carrier, we believe green hydrogen will be key in facilitating the green energy transition. We are committed to being at the forefront of the green hydrogen industry, and we believe that our technology and expertise will help to drive the world towards a more sustainable future.