Hydrogenpro Asa
Hydrogenpro Asa is a Norway-based (Oslo) publicly listed designer and manufacturer of high-pressure alkaline electrolyzers, serving industrial customers building megawatt-scale green hydrogen production plants across Europe, North America, and India.
- Company typePublic
- Founded-
- HeadquartersOslo, Norway
- Headcount—
- GTM typeB2B
- OfferingHardware or Manufacturing
What Hydrogenpro Asa does
Hydrogenpro Asa (legally HydrogenPro ASA) is a Norway-headquartered, publicly listed electrolyzer specialist that designs, manufactures, and supplies high-pressure alkaline water electrolysis systems for large-scale green hydrogen production. Its core product is industrial-scale alkaline electrolyzers, with manufacturing conducted in-house at facilities supporting megawatt-class deployments. The company serves enterprise customers developing green hydrogen infrastructure projects for industrial decarbonization and energy transition use cases, with flagship engagements as the exclusive technology supplier for the 220 MW ACES project in Utah (Phase 1 completed) and the 100 MW SALCOS project in Germany.
The company's go-to-market is enterprise field sales targeting project developers, utilities, and heavy-industry offtakers requiring multi-megawatt hydrogen production capacity, supplemented by exclusive channel partnerships for regional market entry — exemplified by the August 2025 Thermax partnership granting exclusive rights in India for supply, installation, and maintenance, including a test facility in Pune. HydrogenPro's revenue model is primarily hardware sales of electrolyzer systems, with no disclosed pricing model or recurring service revenue stream; the only publicly quantified transaction is a USD 2.5 million purchase order received in March 2025, while management is negotiating a pipeline valued at approximately NOK 1 billion with roughly NOK 300 million targeted for conversion by Q3 2026.
Financially, the company is in a stressed but operationally active position: in 2025–2026 it executed a deeply discounted NOK 15 million equity raise through 30 million new shares at NOK 0.50 to stabilize the balance sheet, which triggered a 17.4% share price decline to EUR 0.09 and significant shareholder dilution concerns. No revenue figure is disclosed. Geographically, HydrogenPro currently operates in Norway (HQ), the United States (ACES, Utah), Germany (SALCOS), and India (via Thermax), with markets served spanning North America, Europe, and Asia Pacific.
Hydrogenpro Asa firmographics
Firmographics- Name
- Hydrogenpro Asa
- Legal name
- HydrogenPro ASA
- Website
- https://hydrogenpro.com
- Company type
- Public
- Operating status
- Operating
- Short description
- Hydrogenpro Asa is a Norway-based (Oslo) publicly listed designer and manufacturer of high-pressure alkaline electrolyzers, serving industrial customers building megawatt-scale green hydrogen production plants across Europe, North America, and India.
- Ownership category
- akta.pro rank
Hydrogenpro Asa industry classification
Industry- Product category
- Alkaline Electrolyzers
- NAICS
- Other General Purpose Machinery Manufacturing (3339)
- SIC
- Electrical Industrial Apparatus (3620)
- akta.pro primary industry
- Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM)
- akta.pro secondary industries
- Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC), Hydrogen (Industrial & Mobility) (IMAEACAB)
Keywords
Where Hydrogenpro Asa is headquartered
LocationHeadquarters
- HQ city
- Oslo
- HQ country
- Norway
- HQ region
- Europe
Offices1 record
Markets served
Hydrogenpro Asa business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Personnel, Technology or R&D, Operations
Revenue model
- Electrolyzer Hardware Sales: HydrogenPro generates revenue through the sale of high-pressure alkaline electrolyzer systems to industrial customers. Manufacturing of electrolyzers is conducted in-house with production timelines such as early May 2025 for a USD 2.5 million purchase order.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels2 records
Hydrogenpro Asa product offering
Product offeringCore offering
HydrogenPro ASA designs and manufactures high-pressure alkaline electrolyzers for large-scale green hydrogen production. It supplies the equipment and project technology to industrial and infrastructure customers requiring megawatt-scale hydrogen production capacity.
Product overview
HydrogenPro ASA is a Norwegian hydrogen technology company specializing in alkaline water electrolysis solutions for large-scale green hydrogen production. The company's product portfolio centers on high-pressure alkaline electrolyzers, which serve industrial decarbonization applications. The company is the exclusive technology supplier for Germany's 100-megawatt SALCOS project and completed Phase 1 at the 220-megawatt ACES project in Utah. The company has partnered with Thermax to indigenize solutions for the Indian market, with Thermax holding exclusive rights to supply, install, and maintain systems based on HydrogenPro's technology.
Differentiator
Problem solved
Functional benefit
Products and services
- High-Pressure Alkaline Electrolyzers High-pressure alkaline electrolyzer systems that use alkaline water electrolysis to produce green hydrogen for large-scale industrial and infrastructure projects.
Quantifiable outcome
- USD 2.5 million purchase order secured in March 2025 for high-pressure alkaline electrolyzers
- +2 more outcomes
Companies that use Hydrogenpro Asa
Customer profileNamed customers3 records
Segments1 record
Ideal customer profiles1 record
Hydrogenpro Asa technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Hydrogenpro Asa partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- ThermaxcoreThermax and HydrogenPro ASA entered a strategic partnership to indigenize alkaline water electrolysis solutions for large-scale green hydrogen projects in India. Under the agreement, Thermax holds exclusive rights in India to supply, install, and maintain systems based on HydrogenPro's technology. A test facility is being established in Pune to support local engineering and manufacturing capabilities.
Scale indicators4 records
Recent moves5 records
Expansion highlights4 records
Hydrogenpro Asa competitors and assessment
Company assessmentDirect peers
- ITM Power: UK-based PEM electrolyzer manufacturer targeting utility-scale and industrial green hydrogen projects. Competes for the same industrial offtake customers as HydrogenPro, albeit with a different core technology.
- Green Hydrogen Systems: Danish pressurized alkaline electrolyzer company focused on modular and scalable green hydrogen plants. Direct competitor with similar product positioning and customer segments to HydrogenPro.
- Nel ASA: Norwegian-headquartered electrolyzer manufacturer offering both alkaline and PEM stacks at industrial scale. Direct competitor to HydrogenPro in large-scale green hydrogen projects globally.
- John Cockerill: Belgium-based industrial group with large-scale alkaline electrolyzer production and integrated hydrogen project delivery. Competes with HydrogenPro for utility-scale electrolyzer contracts in Europe, MENA, and Asia.
- Thyssenkrupp nucera: German alkaline electrolyzer specialist with a large installed base and reference projects at multi-hundred-MW scale. Competes head-to-head with HydrogenPro on industrial green hydrogen tenders in Europe and the Middle East.
- McPhy Energy: French alkaline electrolyzer manufacturer serving large-scale industrial and mobility hydrogen projects across Europe. Closely comparable to HydrogenPro on technology choice, customer type, and project scale.
Broad incumbents
- Plug Power: US-based hydrogen platform spanning electrolyzers, fuel cells, and end-use applications. Overlaps with HydrogenPro on industrial-scale PEM and emerging alkaline deployments, with broader downstream exposure.
- Siemens Energy: Global energy technology incumbent with PEM electrolyzer offerings and hydrogen project capabilities. Indirectly competes with HydrogenPro via large integrated tenders, leveraging a much broader portfolio.
- Cummins (Accelera): Diversified power and hydrogen OEM with electrolyzer products via its Accelera segment. Competes with HydrogenPro on industrial electrolyzer RFPs while leveraging a much larger manufacturing and service footprint.
Emerging players
- Enapter: German-Italian AEM electrolyzer specialist targeting smaller-scale and distributed green hydrogen applications. Adjacent competitor with overlapping customers at the smaller end of HydrogenPro's addressable market.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights5 records
Customer concentration
Hydrogenpro Asa financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hydrogenpro Asa leadership team
Management profileNumber of profiles
Profiles1 record
Hydrogenpro Asa funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Hydrogenpro Asa M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Hydrogenpro Asa
What does Hydrogenpro Asa do?
HydrogenPro ASA designs and manufactures high-pressure alkaline electrolyzers for large-scale green hydrogen production. It supplies the equipment and project technology to industrial and infrastructure customers requiring megawatt-scale hydrogen production capacity.
Is Hydrogenpro Asa a public or private company?
Hydrogenpro Asa is a public company. It is classified as public and is currently operating.
When was Hydrogenpro Asa founded?
Hydrogenpro Asa was founded in -1.
Where is Hydrogenpro Asa based?
Hydrogenpro Asa is headquartered in Oslo, Norway, in the Europe region.
How does Hydrogenpro Asa make money?
One revenue line is on record: electrolyzer Hardware Sales.
Who are Hydrogenpro Asa's main competitors?
Direct peers on record are ITM Power, Green Hydrogen Systems, Nel ASA, John Cockerill, Thyssenkrupp nucera and McPhy Energy. Broad incumbents are Plug Power, Siemens Energy and Cummins (Accelera). Enapter is listed as an emerging player.
Does Hydrogenpro Asa have an API?
No public API is recorded for Hydrogenpro Asa.
What industry is Hydrogenpro Asa in?
Hydrogenpro Asa's product category is Alkaline Electrolyzers. Its primary akta.pro industry code is IMAGAHAM, Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems), with a secondary code of EUABAJAC, Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol). Its NAICS code is 3339 and its SIC code is 3620.