Hydrogenpro and Tarjei Johansen (Stepping Down as CEO) Have Agreed to End Their Collaboration With Immediate Effect Due to Revised Priorities in The Company Strategy

HydrogenPro and Tarjei Johansen (stepping down as CEO) have agreed to end their collaboration with immediate effect due to revised priorities in the Company strategy.

HydrogenPro and Tarjei Johansen have agreed to end their collaboration with immediate effect due to revised priorities in the Company’s strategy. The plan for building capacity in the US stays firm, but with the current market sentiment raising funding in the market is an unattractive proposition from a shareholder value perspective and the Company is actively working on alternative ways to finance the expansion. 

To facilitate the new strategic direction, Tarjei Johansen will step down as CEO and Jarle Dragvik will serve as a CEO of HydrogenPro ASA. Mr. Dragvik is the current CEO of TM Holding AS, the Company’s second largest shareholder. Mr. Dragvik knows HydrogenPro well as he served on the Board of Directors until May 2023 and has for years been chairman of the Company’s China operations. He brings 25 years of industrial experience from companies including Norsk Hydro, Orkla/Sapa and Norske Skog.

Ellen Hanetho, chair of the Board of Directors of HydrogenPro said:

The Board wishes to thank Tarjei for the collaboration during his tenure at HydrogenPro.

Tarjei Johansen, said:

I wish Jarle Dragvik and all of HydrogenPros hard working employees the very best on the journey ahead.

On this backdrop, HydrogenPro has decided to: 

1. Focus efforts on the North American market and take specific actions along two avenues:
   1. Commence preparations for a possible listing at the Nasdaq stock exchange in New York in order to secure access to a larger investor universe.
   2. Build up the US management team to become a strong force in the Company´s US strategy and thereby draw on local business development knowledge and use of financial resources, including working with the most progressive US states.
2. Maintain HydrogenPro’s position as a technology leader to generate shareholder value by continuing to develop next generation efficient, high pressure electrolyzers.
3. Build a competent European organization to i) take good care of local customers and successfully develop the ANDRITZ collaboration, ii) streamline the current production facility in China and iii) develop the Middle East markets with local partners. 

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HydrogenPro ASA (OSE: HYPRO) – Revised priorities in HydrogenPro ASA, August 8, 2023