HydrogenPro, a leading Norwegian hydrogen-plant manufacturer, announced a significant turnaround in its financial performance for the second quarter. The company reported a net profit of 6.5 million Norwegian kroner ($620,000) compared to a loss of NOK20.6 million in the same period last year. This impressive result can be attributed to a surge in revenue, reaching NOK137.0 million as opposed to NOK7.8 million previously.
Despite the challenges posed by the global economic climate, HydrogenPro has maintained high activity levels, demonstrating its resilience in the hydrogen market. The company's order backlog remains strong, standing at NOK548 million as of June, compared to NOK648 million at the end of March.
HydrogenPro noted that the hydrogen market continues to mature, with a substantial increase in the announcement of new projects worldwide projected until 2023. While the market shows promise, the company acknowledges that there is still a delay in final investment decisions. However, it believes that the anticipated demand for green hydrogen will drive an exponential development in the market over the next few years. Furthermore, HydrogenPro expects this growth to positively impact the market for electrolysers compatible with renewable-energy sources.
The company remains optimistic about its prospects and looks forward to capitalizing on the growing base of solid projects in its core markets. With a robust sales pipeline and minimal project cancellations, HydrogenPro is well-positioned to capitalize on the increasing demand for sustainable hydrogen solutions.