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45 min ago 2 min read
Norwegian electrolyser firm HydrogenPro has raised approximately NOK 15m ($1.55m) through a placement of around 30 million shares as it seeks to address liquidity challenges.
The raise saw shares sold to new and existing investors at a heavily discounted rate of NOK 0.50 ($0.05) per share, compared to NOK 2.11 ($0.22) per share at close on 19 June 2026.
It comes after the high-pressure alkaline company announced plans to cut more than NOK 20m ($2.06m) in annual spending when it revealed it would its own Chinese manufacturing capacity in favour of using the factory of competitor Longi.
In a business update on Monday (22 June), HydrogenPro said it expects to close two electrolyser contracts worth around NOK 300m ($30.1m) during Q3 2026. It claims to have a wider pipeline of projects that could reach final investment decision in the next 12 months, worth NOK 1bn ($103.2m).
Last month, the firm reported Q1 revenues of just NOK 16m ($ 1.65m). Its cash balances had also quickly eroded to NOK 56m ($5.8m) from NOK 102m ($10.5m) in Q4 2025.
CEO Jarle Dragvik said the maturation of its contract pipeline gave the firm confidence in its expected 2026 order intake.
Despite securing early contracts for Mitsubishi Power and Chevron’s project in Utah, and Salzgitter’s project in Germany, HydrogenPro has not announced further follow-up orders.
Electrolyser manufacturers are increasingly facing lower order intake amid global project delays and cancellations.
The International Energy Agency the volume of clean hydrogen production it expected online in 2030 by around 40% to six million tonnes per year.
Electrolyser manufacturing capacity has also quickly outgrown deployments, primarily due to expansions in China.
