HydrogenPro ASA Corrects Insider Disclosure After Tianjin GM Jan-Henrik Kuhlefelt's Share Subscription

Details of the Subsequent Offering and Share Subscription

The announcement pertains to a subsequent offering launched on 13 July 2026, where HydrogenPro ASA is offering up to 12,762,444 new shares at NOK 0.50 each. This capital raise is a significant corporate event, available to select investors during a defined subscription period. The offering was initially announced via stock exchange notices on 13 July 2026, signaling the company's capital-raising plans.

Jan-Henrik Kuhlefelt, acting as General Manager of HydrogenPro Tianjin and a primary insider, subscribed for 100,000 Offer Shares in total. This includes 3,141 shares obtained through subscription rights and 96,859 shares subscribed without rights. This over-subscription reflects strong insider interest in the capital raise. Prior to this, Kuhlefelt owned 10,000 shares, increasing his total to 110,000 shares post-settlement, pending regulatory approval and completion of the offering.

Jan-Henrik Kuhlefelt’s Insider Role at HydrogenPro Tianjin

As General Manager of HydrogenPro Tianjin, Kuhlefelt holds a senior management role at the company’s Chinese operations. His status as a primary insider indicates access to material non-public information. Insider participation like Kuhlefelt’s often signals confidence in the company’s strategic outlook and valuation. Regulatory bodies and investors closely monitor such insider transactions for insights.

Kuhlefelt’s decision to subscribe for an additional 96,859 shares beyond his subscription rights demonstrates strong conviction in HydrogenPro’s prospects. His personal capital commitment, especially as leader of the company’s key Asian operations, is notable for investors assessing the capital raise and strategic market positioning. This over-subscription highlights active insider involvement beyond minimum allocations.

HydrogenPro’s Technology and ISO Certifications

HydrogenPro ASA is an OEM and technology provider specializing in high-pressure alkaline electrolysers and large-scale green hydrogen plants. Its core platform delivers scalable hydrogen generation solutions for industrial and energy applications. All products are certified to ISO 9001 (quality management), ISO 45001 (occupational health and safety), and ISO 14001 (environmental management), underscoring the company’s commitment to international manufacturing and operational standards.

Founded in 2013 by experts with deep electrolysis industry experience, HydrogenPro builds on a heritage dating back to Norsk Hydro’s electrolysis industry origins in Telemark, Norway, in 1927. The company boasts an experienced engineering team with extensive expertise across hydrogen and renewable energy sectors, positioning it strongly within the established hydrogen technology ecosystem.

Capital Raise Pricing and Subscription Structure

The subsequent offering sets the subscription price at NOK 0.50 per share for up to 12,762,444 shares. Although the total capital target was not disclosed, full subscription would generate significant gross proceeds. The offering includes subscription rights for qualifying investors and allows over-subscription of shares without rights on a first-come, first-served basis.

Kuhlefelt’s subscription of 3,141 shares via rights and 96,859 shares through over-subscription illustrates this two-tiered structure, designed to balance fair allocation with flexibility for increased investor commitments.

Regulatory Disclosure and Insider Notification Compliance

This announcement complies with mandatory disclosure requirements under Article 19 of EU Regulation No 596/2014 (Market Abuse Regulation) and Section 5-12 of the Norwegian Securities Trading Act. These regulations mandate timely disclosure of transactions by primary insiders with access to material non-public information.

The corrected announcement replaces an earlier notice from 20 July 2026 at 10:16 CEST (message ID 678431) that lacked the mandatory notification form. The updated version, published at 14:27 CEST the same day, includes the full transaction details. All other information remains unchanged, with the correction solely adding the required documentation.

Advisory Roles in the Offering

HydrogenPro ASA appointed Clarksons Securities AS as manager of the subsequent offering, leveraging their expertise in equity capital markets and fundraising. Clarksons Securities supports structuring, marketing, and placement services for the capital raise.

Wikborg Rein Advokatfirma AS serves as legal counsel, providing regulatory and securities law advice. This combination of financial and legal advisors ensures compliance and procedural integrity throughout the offering process.

Strategic Importance of Tianjin Operations and Geographic Expansion

Kuhlefelt’s role as General Manager of HydrogenPro Tianjin highlights the company’s operational footprint in China, a critical region for hydrogen technology growth. Tianjin, located in the Bohai Rim industrial area near Beijing, is strategically important for serving the Asian market.

China’s decarbonisation goals and green hydrogen initiatives make it a major growth market. HydrogenPro’s senior management presence in Tianjin underscores its commitment to expanding in Asia and engaging large-scale customers. Insider participation from this region reflects the company’s distributed management and operational structure across multiple geographies.

Announcement Timeline and Market Information Flow

The subsequent offering was announced on 13 July 2026, outlining subscription terms and insider participation intentions. Approximately one week later, on 20 July 2026, Kuhlefelt’s actual subscription was disclosed, initially without the mandatory notification form, followed by a corrected announcement including full documentation.

This phased disclosure—from offering launch to insider intention to transaction confirmation—aligns with securities regulations. The same-day correction demonstrates HydrogenPro’s commitment to timely and accurate regulatory compliance.

Green Hydrogen Market Context and Industry Drivers

HydrogenPro operates in the expanding green hydrogen sector, propelled by global climate targets, decarbonisation policies, and renewable energy incentives. Governments worldwide support hydrogen strategies, fueling demand for electrolyser technologies.

The July 2026 capital raise reflects the sector’s capital-intensive nature, funding R&D, manufacturing scale-up, project execution, and market development. Insider participation like Kuhlefelt’s signals management’s confidence in capitalising on growth opportunities. While no specific revenue or growth forecasts were disclosed, the offering scale and insider involvement suggest positive company outlooks.

Correction and Disclosure Compliance Protocols

The corrected announcement issued on 20 July 2026 illustrates HydrogenPro’s adherence to disclosure regulations and rapid response to incomplete filings. The original omission of the mandatory notification form was promptly rectified, ensuring full transparency for investors assessing insider transactions.

The correction solely added the required notification form, with all substantive transaction details unchanged. This procedural precision highlights the company’s commitment to regulatory compliance rather than altering transaction facts.