On 22 June 2026, HydrogenPro announced that it has secured NOK 15 million in new equity through a private placement of 30,000,000 new shares directed towards certain new investors, at a subscription price of NOK 0.50 per share. According to the Company, the proceeds are intended to improve the liquidity position for the near to medium term and for general corporate purposes. In parallel, the Board resolved on a potential subsequent offering of up to 12,762,444 new shares at the same price, directed towards eligible existing shareholders. The same day, the Company also published a business update reiterating a NOK 1 billion late-stage pipeline expected to reach FID within 12 months, of which two contracts representing close to 30% are expected to conclude during Q3-26. The update further noted electrolyzer efficiency improvements to 4.2 kWh/Nm³ (Beginning of Life) in lab scale and the completed commissioning of the 220 MW first stage of the ACES project in Utah.
Analyst Group’s View on the Capital Raise
Analyst Group does not view the capital raise as a surprise. In connection with the Q1-26 report, HydrogenPro initiated a strategic review and engaged Clarksons Securities AS to evaluate alternatives supporting the Company’s liquidity needs, while indicating that its cash runway was limited and that additional external financing was likely to be required in the near term. With a cash position of NOK 55.8m at the end of Q1-26, down from NOK 102.2m at the end of Q4-25, and a quarterly net cash outflow of NOK 46.4m, Analyst Group assessed already at the time of the Q1-26 comment that a near-term capital raise or other strategic transaction was increasingly probable. The placement therefore confirms the outcome that the strategic review pointed towards.
The subscription price of NOK 0.50 represents a discount of approximately 76% to the closing price of NOK 2.11 on 19 June 2026, the last trading day before the announcement. The placement of 30,000,000 new shares increases the share count from 95,524,889 to 125,524,889, corresponding to a dilution of approximately 24% for existing shareholders who did not participate. Analyst Group assesses that the pricing reflects the prevailing equity market conditions for the green hydrogen sector, and notes that the Company has prioritized securing funding in a timely manner to support continued operations through to expected order intake.
To partly mitigate the dilution and address equal treatment, the Board has resolved to potentially carry out a subsequent offering of up to 12,762,444 new shares at the same price of NOK 0.50. This gives eligible existing shareholders, who were not invited to participate in private placement, the opportunity to subscribe for new shares on the same terms through non-transferable subscription rights, thereby reducing their relative dilution. The subsequent offering remains conditional, among other things, on completion of the private placement, a final Board resolution, an approved prospectus expected during Q3-26, and the share price trading above the subscription price. Analyst Group notes that the Board may also elect not to proceed if shareholders could acquire shares in the market on materially equivalent terms, which is why the subsequent offering should be regarded as a possibility rather than a certainty.
Analyst Group’s View on the Investment Case
Analyst Group assesses that securing near-term liquidity is an important step that allows HydrogenPro to convert its commercial pipeline into revenue-generating contracts. The proceeds strengthen the Company’s ability to operate through the period until expected FIDs materialize, and the business update reinforces the underlying case, with NOK 1 billion in late-stage negotiations, two contracts representing close to 30% expected to conclude during Q3-26, continued efficiency gains lowering the levelized cost of hydrogen, and completed delivery at scale to the ACES project in Utah validating the Company’s ability to execute on the world’s largest renewable hydrogen projects. Analyst Group views the asset-light model, the strong partner network including Mitsubishi, Andritz, Longi, Thermax and J.H.K., and the 3rd-generation electrode technology as the core pillars of the investment case.
In conclusion, Analyst Group considers the capital raise a logical and expected consequence of the strategic review that secures the short-term liquidity needed to carry the Company through to its anticipated order intake. With a maturing NOK 1 billion late-stage pipeline, two contracts expected to conclude during Q3-26, demonstrated competitive efficiency and a proven ability to deliver at scale, Analyst Group assesses that HydrogenPro is well positioned to convert commercial momentum into firm orders, which would meaningfully improve both the revenue trajectory and the financing conditions available to the Company going forward.
