HydrogenPro reports $18m loss for 2024 amid falling revenues and green hydrogen market slowdown

The Norwegian electrolyser manufacturer plans to embark on a cost-cutting programme

Jarle Dragvik, CEO of HydrogenPro
Jarle Dragvik, CEO of HydrogenProPhoto: HydrogenPro

Electrolyser manufacturer HydrogenPro has reported a NKr200m ($17.98m) loss for 2024, with revenues sinking from NKr568m in 2023 to NKr196m in the past year.

In its latest quarterly report, the Norwegian-headquartered firm noted that a number of previously announced green hydrogen projects in the 50-200MW scale had been cancelled in the fourth quarter of 2024 — some of which had been prospective HydrogenPro customers.

“The primary reasons cited for these withdrawals include a lack of government funding, rising capital and setup costs due to general inflation, and increased expenses on balance of plant equipment and construction, all of which make these projects financially unviable,” the company noted in its fourth-quarter report.

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