HydrogenPro's Cash Runway Shortens Amid Operational Progress

Norwegian electrolyser maker HydrogenPro sees cash reserves halve to 56M kroner, triggering a strategic review. ACES project milestone provides credibility amid cost-cutting and OEM deal with LONGi.

The Norwegian electrolyser maker HydrogenPro has hit a critical juncture. Cash reserves melted from 102 million Norwegian kroner at the start of 2026 to just 56 million by the end of the first quarter, prompting the board to launch a formal strategic review with investment bank Clarksons Securities as adviser. The company is burning through its liquidity at a pace that makes fresh capital all but essential for the next growth phase.

First-quarter revenue came in at 16 million kroner, virtually flat against the prior quarter's 17 million. The net loss narrowed to 41 million kroner from 44 million, while EBITDA improved to minus 32 million kroner compared with minus 49 million previously. That's progress on the operating line, but the cash drain tells a different story. Without an injection of funding, the runway looks tight.

Management has already moved to cut costs. HydrogenPro is scaling back its Chinese operations, idling its Tianjin plant, and has turned to temporary layoffs in Europe. The shift toward an asset-light model includes a strategic OEM partnership with Chinese solar giant LONGi, which gives the company access to 1 gigawatt of manufacturing capacity for electrolyser components and gas separation units. The move is designed to lower capital expenditure while maintaining output.

Operationally, HydrogenPro scored a milestone that provides real-world credibility. All 40 electrolysers at the ACES project in Utah are now fully operational, producing green hydrogen at scale for Chevron and Mitsubishi Power. The installation is backed by a ten-year service contract. For a company of HydrogenPro's size, a functioning large-scale reference is vital — it gives potential customers proof that the technology works in an industrial setting.

The technology itself is also advancing. Energy consumption has been trimmed to 4.4 kilowatt-hours per standard cubic metre, with improvements in stack design and electrode durability. Lighter weight, lower parasitic currents and longer lifespan are all being touted as competitive advantages.

What comes next depends on the project pipeline. HydrogenPro is in talks across Europe, India and the Middle East, targeting final investment decisions on projects worth roughly 1 billion kroner over 2026 and 2027. The order backlog slipped slightly to 252 million kroner at the end of the first quarter, but management is betting the ACES reference will unlock bigger contracts.

The strategic review is exploring options to bolster liquidity and support commercial development. With a digital annual general meeting scheduled for June 3, the pressure is on to show tangible progress before shareholders weigh in. If the financing question isn't answered soon, the operational wins risk being overshadowed by the balance sheet.