HydrogenPro, the Norwegian hydrogen-plant manufacturer, has recently announced a purchase contract valued at approximately 18 million euros ($19.3 million) with Andritz. The contract is for high-pressure alkaline electrolysers, which will have a total capacity of 100 megawatts.
However, HydrogenPro's plans to establish a manufacturing facility in Texas are currently being re-evaluated. The company requires additional visibility on the U.S. legislative framework and funding schemes, as well as a comprehensive assessment of logistics and transportation complexities.
Despite these considerations, the U.S. market remains a top priority for HydrogenPro. The company intends to establish a strong presence near customers with large projects. An updated strategy for U.S. expansion will be presented in the fourth quarter of next year.
HydrogenPro aims to commence delivering its products in the U.S. by 2024.
In terms of financial performance, HydrogenPro reported a net loss of 32.6 million Norwegian kroner ($2.9 million) in the third quarter of this year. This is compared to a loss of NOK22.1 million in the same period last year. Total revenue increased to NOK220.5 million from NOK14.6 million.
The order backlog, as of September, stands at NOK322 million, down from NOK548 million at the end of June.
The hydrogen market has demonstrated substantial activity throughout the third quarter, with a robust sales pipeline and minimal project cancellations. This has resulted in an expanding portfolio of large, solid projects in core markets.
HydrogenPro noted progress in the U.S. market, particularly regarding projects dedicated to sustainable aviation fuel, synthetic fuels, and ammonia, propelled by the Inflation Reduction Act. Additionally, the European market exhibits a fast-growing pipeline.
Jarle Dragvik, Chief Executive of HydrogenPro, expressed confidence in the company's future prospects. He emphasized the significance of the recently confirmed purchase order from Andritz, anticipating continued growth and positive margins by leveraging innovative solutions and strategic partnerships.
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