Electrolyser maker HydrogenPro boasts tenfold increase in revenue for 2023, but still unable to turn a profit
Norwegian company claims its equipment can already produce hydrogen at $1.20/kg — when power prices are low
Norwegian electrolyser manufacturer HydrogenPro’s annual revenue for 2023 skyrocketed to NKr568m ($53m), a tenfold increase from NKr56m ($5.2m) the year before, according to its new annual report.
Stay ahead on hydrogen with our free newsletter
However, much of this revenue has come from delivering a 220MW order for 40 of its pressurised alkaline equipment to the ACES Delta green hydrogen project in Utah.
Over the past year, the Norwegian company’s backlog of firm orders has shrunk from NKr747m ($69.7m) to NKr 423m ($39.4m), including a 100MW purchase by EPC firm Andritz for installation at a Salzgitter Flachstahl steelworks in Germany.
As detailed in its fourth-quarter results, the company plans to ramp down manufacturing at its 500MW factory in Tianjin, China, as it expects to produce fewer electrolysers in the coming year.
However, HydrogenPro had last month hinted that it was currently engaged in FEED studies — often a precursor to an electrolyser purchase order — for more than 1,755MW of electrolysis capacity, of which 1,100MW is located in the US, a market it continues to describe as its top priority.
The firm also reported a NKr63m ($5.9m) loss for 2023, although this is around 45% closer to breaking even than the NKr114m ($10.6m) loss it reported in 2022.
Extremely low cost?
HydrogenPro has also boasted in its 2023 results that it has met a target for its electrolysers to produce hydrogen at a cost of $1.20 per kilogram.
However, the company also admitted that this depends on an input electricity price of $20/MWh.
For comparison, investment bank Lazard’s levelized cost of energy analysis published in April last year estimated a range of $24-96/MWh for utility-scale solar and $24-75/MWh for onshore wind in the US, assuming no subsidies for either technology.