Proposed Changes to the Board of Directors of HydrogenPro

By October 3, 2021 4   min read  (761 words)

October 3, 2021 |

Fuel Cells Works, HydrogenPro AS Appoints New Chief Commercial Officer

As HydrogenPro AS (OSE: HYPRO) accelerates the development of its technology and project pipeline, the Company proposes an expansion of its Board of Directors and the appointment of Ellen Hanetho as new Chair. An extraordinary general meeting will be called to address the proposal.

The proposed changes include the addition of three new members to HydrogenPro’s Board of Directors, Jarle Tautra, Kermit Nash and Jarle Dragvik, who will significantly strengthen the Board of Directors’ capacity to support the company’s management. Current board member Ellen Hanetho is nominated to replace Chair Walter Qvam, who will be stepping down, as will HydrogenPro co-founder Terje Mikalsen.

Hanetho has 20 years of experience from investment banking and private equity as a finance and business development executive in corporations such as Frigaardgruppen, Credo Partners, Goldman Sachs, Brussels Stock Exchange and Citibank in Brussels. She is the founder and chair of Cercis, a cleantech investment company.

«I am proud to have contributed to the positioning of HydrogenPro to become a world-leading supplier of alkaline electrolysers. We have also provided the company with a platform for growth through the successful listing on Euronext Growth. The company has come a long way in building its organization and supply chain and is now ready for major opportunities which will require substantial capacity from the Board and the Chair. I am involved with a number of companies, and due to capacity constraints, the time is now right for the baton to be passed on to a Chair who can work even more closely with the company’s management in maturing contract opportunities, expanding strategic partnerships and increasing the prospect pipeline further. I wish the company and the new board every success for the future,» said Walter Qvam.

The following Board members are proposed to the general meeting:

  • Ellen Hanetho (Chair)
  • Richard Espeseth
  • Jarle Tautra
  • Kermit Nash
  • Jarle Dragvik

“I am delighted to have been nominated Chair and to be provided the opportunity to channel my passion for scaling sustainable businesses into supporting HydrogenPro’s management in realizing the company’s growth ambitions,” said Ellen Hanetho.

“I am equally excited by the great additions proposed to the Board. Jarle Tautra brings extensive international experience in project execution from energy-related powerhouses such as the Aker group and Norsk Hydro to the Board. Kermit Nash is a US-based attorney and brings key legal and business competence to the Board as HydrogenPro expands into the US market. Jarle Dragvik is the president of TM Holding, a major HydrogenPro shareholder, and has held senior international management positions with Norske Skog, Norsk Hydro and Sapa, including five years in China. On behalf of the Board, I would like to thank Walter Qvam for his significant contribution to transforming HydrogenPro into a listed company with a solid financial and technological footing. I would also like to thank Terje Mikalsen who has been instrumental in establishing HydrogenPro and nurturing its growth into a global company. Jarle Dragvik, the president of TM Holding, will replace Terje in the board,” added Hanetho.

HydrogenPro’s core products are large-scale electrolysers used to produce hydrogen for industrial applications without depending on natural gas as input. The company recently completed its new plant for the production of its proprietary next-generation technology in Denmark, and sees significant increase in its sales pipeline, with several investment decisions expected in 2021 or 2022.

A notice of the extraordinary general meeting, incl. time, date and venue, will be distributed shortly.

About HydrogenPro:

HydrogenPro designs and supplies customized hydrogen plants in cooperation with global partners and suppliers, all ISO 9001 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 alkaline high-pressure 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 disclose requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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