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HydrogenPro AS (OSE:HYPRO) – Elling Nygaard Resigns as CEO

By June 22, 2022 2   min read  (378 words)

June 22, 2022 |

Fuel Cells Works, HydrogenPro AS (OSE:HYPRO) – Elling Nygaard Resigns as CEO

HydrogenPro AS (OSE: HYPRO) today announces that Elling Nygaard has resigned from his position as CEO. The board has appointed Richard Espeseth as interim CEO with immediate effect. Espeseth founded HydrogenPro in 2013. The board will immediately initiate the process of identifying a permanent CEO.

  • During Elling’s tenure as CEO, HydrogenPro is about to establish a global production and engineering network. The Company also has signed a purchase order with an initial value of more than USD50 mill. with Mitsubishi. This is one of the largest electrolyser contracts ever signed, with an additional 10-year service and support agreement. I want to thank Elling for his contributions, says Ellen Hanetho, Chair of the board of directors of HydrogenPro.
  • For private matters, I want to reduce my workload, and to resign as CEO. HydrogenPro is a fantastic company with great people, and I look forward to being at the company’s disposal in an interim period, says Elling Nygaard.

Richard Espeseth founded HydrogenPro in 2013. He has been CBDO the last year. Espeseth has 25 years of industry experience from Norsk Hydro, Statoil, ABB and RPR, and will act as interim CEO from today.

About HydrogenPro:

HydrogenPro designs and supplies large scale hydrogen production plants in cooperation with global partners and suppliers, all ISO 9001, ISO 45001 and ISO 14001 certified.

The Company was founded in 2013 by individuals with background from the electrolysis industry which was established in Telemark, Norway by Norsk Hydro in 1927. We are an experienced engineering team of leading industry experts, drawing upon unparalleled experience and expertise in the hydrogen and renewable energy industry.

Our core product is the high-pressure alkaline electrolyser. With the new electrode technology, we are able to increase the efficiency of each unit by 14% to reach 93% of the theoretical maximum. This is a significant step forward as the cost of electric power, depending on market prices, amounts to 70-90% of the cost of producing hydrogen, the value of such increased efficiency equals approximately the investment cost for the entire plant in a Total Cost of Operation perspective. The Company is targeting a production cost for green hydrogen of USD 1.2 per kg in 2022.

This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian Securities Trading Act.

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