HydrogenPro ASA (OSE: HYPRO) has raised approximately NOK 70 million through a private placement with existing shareholders ANDRITZ AG and Mitsubishi Heavy Industries (MHI). Additionally, the company has entered into an agreement for a conditional equity investment of approximately NOK 70 million by LONGi Hydrogen Technology Co., Ltd., pending regulatory approval. Together, these investments total NOK 140 million and will support HydrogenPro’s continued growth and global market development.
Details of the Private Placement
- ANDRITZ and MHI have subscribed to 12.7 million new shares at NOK 5.50 per share, totaling approximately NOK 70 million.
- Both investors have agreed to a six-month lock-up for their shares, subject to standard exemptions.
- Net proceeds from the placement will fund general corporate purposes.
- Issuance of the shares is expected to conclude in January 2025.
Investment Agreement with LONGi Hydrogen
LONGi Hydrogen, a subsidiary of global solar leader LONGi Green Energy Technology Co., Ltd., will subscribe to 12.7 million new shares at the same NOK 5.50 price per share, contingent on regulatory approval in China and approval from HydrogenPro’s shareholders.
Key aspects of this agreement:
- LONGi Hydrogen will hold a six-month lock-up period for its shares.
- LONGi plans to nominate a candidate to HydrogenPro’s board of directors.
- Proceeds will support general corporate purposes and strategic growth initiatives.
Strategic Cooperation Agreement
HydrogenPro and LONGi Hydrogen will collaborate under a Cooperation Agreement to:
- Leverage their respective strengths to deliver high-quality, cost-efficient hydrogen solutions.
- Enhance their manufacturing footprints in China and Europe for optimized production and supply chain efficiency.
- Jointly pursue relevant projects, expanding opportunities in global hydrogen markets.
Jarle Dragvik, CEO of HydrogenPro, commented:
“We are grateful for the trust from ANDRITZ and MHI, who have been instrumental partners in two of the world’s largest green hydrogen projects. We’re equally excited to welcome LONGi Hydrogen as a strategic partner, bringing world-class technical expertise to help us deliver sustainable hydrogen solutions globally.”
Subsequent Offering for Shareholders
To ensure equal treatment and minimize dilution, HydrogenPro plans a subsequent offering of up to 6.35 million shares at the same NOK 5.50 price. Eligible shareholders, excluding ANDRITZ and MHI, will be invited to participate following regulatory approvals, expected in Q1 2025.
Advancing HydrogenPro’s Market Leadership
With the combined investments and strategic partnership with LONGi Hydrogen, HydrogenPro is well-positioned to accelerate its mission of delivering cutting-edge hydrogen solutions, supporting global decarbonization efforts, and solidifying its role as a leader in the clean energy transition.
