HydrogenPro Bets on Outsourcing as Cash Reserves Halve

Norwegian electrolyser specialist mothballs own factory, partners with LONGi for 1 GW capacity as cash reserves halve; board seeks re-election and hires advisor for financing.

HydrogenPro is charting a radically different course. The Norwegian electrolyser specialist has mothballed its own factory in Tianjin, China, and pinned its production ambitions on a manufacturing partnership with solar giant LONGi. The deal secures one gigawatt of capacity for the company’s high?pressure alkaline technology — without the capital burden of running its own plant.

The shift comes as the group’s cash position deteriorates. At the end of March, reserves stood at just 56 million Norwegian kroner, down from 102 million at the start of the year. Revenue in the first quarter slipped to 15.9 million kroner from 22.4 million a year earlier, though the operating loss narrowed to 32 million kroner as cost?cutting measures began to bite.

Board Stability Amid the Overhaul

With the financial position tightening, the nomination committee has pushed for continuity at the top. At the digital annual general meeting on 3 June, shareholders will vote to re?elect the entire board. Arild S. Frick is proposed for another year as chairman, while Marit Moen Vik?Langlie would serve a two?year term. Compensation remains unchanged from last year: Marianne Mithassel Aamodt will receive 615,000 kroner, Bjørn Hansen 475,000 kroner, and Haimeng Zhang has voluntarily waived his entire remuneration.

The leadership argues that the current team’s experience is precisely what the company needs during a strategic reset. Beyond the LONGi agreement, the board is also exploring other options to shore up liquidity. It has hired investment bank Clarksons Securities to advise on potential financing routes.

Industrial Credibility, but Cash Pressure Remains

On the operational front, HydrogenPro can point to a tangible milestone. All 40 electrolysers at the ACES project in Utah are running at full capacity, demonstrating that the high?pressure alkaline technology works at industrial scale. That proof of concept is meant to underpin a pipeline of future projects worth about one billion kroner, with final investment decisions expected by the end of 2027. The company is focusing its sales efforts on Europe, India and the MENA region.

Yet the clock is ticking. Without new order wins, the current cash burn will continue. At the AGM, management must present a clear plan for how it intends to convert that pipeline into signed contracts — and convince investors that the LONGi alliance can deliver the scale needed to turn the business around.