HydrogenPro ASA announced a private placement to issue 6,605,634 new shares at a subscription price of NOK 12.52 per share for the gross proceeds of NOK 82,702,537.68 on April 10, 2024. The transaction will include participation from new investor Andritz AG for 6,605,634 shares. In connection with the Private Placement, investor has agreed to a 6-month lock-up for its shareholding, subject to customary exemptions.

The investor will nominate one candidate to the Company's board of directors for the upcoming general meetings to be held on April 23, 2024. In connection with the Private Placement, the board of directors of company has resolved to increase the share capital of the Company with NOK 132,112.68 by the issuance of 6,605,634 new shares, each with a nominal value of NOK 0.02 pursuant to an authorization granted by the Company's annual general meeting on May 24, 2023.