HydrogenPro ASA Completes Subscription Period for NOK 0.50 Per Share Subsequent Capital Raise

HydrogenPro's Expertise in Alkaline Electrolyser Technology

HydrogenPro ASA operates as a technology company and original equipment manufacturer (OEM) specialising in high-pressure alkaline electrolyser systems and large-scale green hydrogen plants. The company holds ISO certifications including ISO 9001 (quality management), ISO 45001 (occupational health and safety), and ISO 14001 (environmental management), reflecting its commitment to international standards in manufacturing, safety, and environmental responsibility. These credentials define HydrogenPro's regulatory and operational standing within the green hydrogen industry.

Founded in 2013, HydrogenPro's team originated from experts in the electrolysis sector, building on Norway's historic electrochemical manufacturing legacy pioneered by Norsk Hydro in Telemark since 1927. This extensive technical heritage provides the company with a competitive edge in engineering and renewable energy applications, underpinning its position as an experienced provider within the hydrogen production market.

Details of the NOK 0.50 Per Share Subsequent Offering

The subsequent offering allowed investors to subscribe for up to 12,762,444 new shares at a fixed price of NOK 0.50 each. Announced on 13 July 2026, the subscription window remained open until 16:30 CEST on 20 July 2026, providing a seven-day period for eligible investors to commit capital. Subscription rights not exercised by the deadline would automatically expire without value. The announcement did not disclose the total capital target or specific use of proceeds.

Subscriptions were accepted through multiple channels to accommodate various investor types. Norwegian residents with personal identification numbers could subscribe online via the VPS (Verdipapirsentralen) system, accessible through Clarksons Securities' investment banking website. Alternatively, investors could submit completed subscription forms directly to Clarksons Securities AS by email or post, with instructions provided in the form. This dual approach enabled participation from both retail and institutional investors domestically and international qualified investors.

Clarksons Securities AS as Offering Manager and Legal Advisory

Clarksons Securities AS managed the subscription process, handling receipt and processing of applications submitted online or via subscription forms. The firm served as the primary contact for investor inquiries and maintained subscription documentation. The announcement includes a disclaimer that Clarksons Securities does not guarantee the accuracy or completeness of the offering documents.

Wikborg Rein Advokatfirma AS, a Norwegian law firm, provided legal counsel to HydrogenPro for the offering. Their role ensured compliance with Norwegian Securities Trading Act provisions and coordinated regulatory filings. The announcement was made under section 5-12 of the Norwegian Securities Trading Act and Market Abuse Regulation (MAR) requirements, confirming adherence to applicable securities regulations.

Subscription Process and Investor Access via VPS and Subscription Forms

Norwegian investors with personal identification numbers accessed the VPS online subscription system, Norway’s standard platform for electronic share subscriptions and securities settlement. The VPS system streamlined subscription and settlement for domestic investors, with access provided through Clarksons Securities' website.

Investors unable to use the VPS system, including non-Norwegian and qualified international investors, subscribed by submitting completed subscription forms to Clarksons Securities via email or post. The subscription form contained full details on terms, conditions, subscription procedures, and allocation principles, serving as the binding legal document for the offering. Only subscriptions made through the official form were considered valid.

Expiration of Unused Subscription Rights Without Compensation

The offering stipulated that subscription rights not exercised by the 16:30 CEST deadline on 20 July 2026 would expire without value or compensation. This clause meant shareholders who did not subscribe within the period forfeited their right to purchase shares at NOK 0.50, a standard condition in rights offerings designed to encourage timely participation.

The announcement did not specify the total number of subscription rights issued, allocation methodology, or whether the offering was a pro-rata rights issue or an open offer. Investors were advised to consult the subscription form or related documentation for eligibility and allocation details. The emphasis on the deadline served as a clear notice of the irreversible nature of missed subscription opportunities.

Jurisdictional Restrictions and Regulatory Compliance

The offering excluded distribution in Australia, Canada, Hong Kong, Japan, South Africa, and the United States, where such distribution would be unlawful. In the U.S., the securities were not registered under the Securities Act of 1933 and could only be sold to qualified institutional buyers under Rule 144A. HydrogenPro has no plans to register or publicly offer these securities in the U.S.

Within the European Economic Area (EEA), the offer targeted only qualified investors as defined by Regulation 2017/1129 (Prospectus Regulation), allowing omission of an approved prospectus. In the United Kingdom, distribution was limited to investment professionals and high-net-worth entities under specific Financial Services and Markets Act 2000 exemptions. These restrictions ensured compliance with local securities laws and focused the offering on sophisticated investors.

Forward-Looking Statements and Risk Disclosures

The announcement included standard forward-looking statement disclaimers, highlighting that terms such as "believe," "expect," "anticipate," "intend," and "estimate" indicate projections subject to significant risks and uncertainties beyond the company’s control. These risks include changes in investment demand, economic and political conditions, talent acquisition, strategic investments, and regulatory changes. The company disclaims any obligation to update forward-looking statements and does not guarantee their accuracy.

Green Hydrogen Market Position and Company Background

HydrogenPro’s announcement occurs amid growing global investment in green hydrogen technologies. Its focus on high-pressure alkaline electrolysers supports efficient hydrogen production powered by renewable energy, reducing costs associated with compression and enhancing supply chain efficiency for industrial and fuel-cell applications.

Founded in 2013 during the early commercialisation of renewable hydrogen, HydrogenPro leverages Norway’s electrochemical expertise dating back to Norsk Hydro’s pioneering work in Telemark since 1927. Norway’s renewable energy leadership and industrial capabilities provide a strong foundation for electrolyser manufacturing and export. The subsequent offering likely aims to fund growth, capacity expansion, or strategic initiatives aligned with rising global electrolyser demand.

Strategic Timing and Implications of the Capital Raise

The July 2026 subsequent offering reflects market and corporate strategies amid increasing institutional interest in green hydrogen. The company did not disclose the total capital raised, allocation of proceeds, or subscription results, which are typically announced post-subscription period.

The NOK 0.50 subscription price’s attractiveness depends on historical share performance and market conditions, details not provided in the announcement. The use of a subsequent offering mechanism indicates management’s confidence in growth prospects and willingness to leverage shareholder capital. The immediate market impact and investor reception remain undisclosed.