Norwegian electrolyser firm HydrogenPro has partnered with J.H.K. Group to develop 5-50MW green hydrogen plants across Germany, Austria and Benelux, amid declining momentum for large-scale green hydrogen developments.
Through the partnership, J.H.K. will act as plant integrator and EPC contractor for HydrogenPro’s pressurised alkaline electrolyser technology, for smaller-scale projects.
Despite an initial focus on larger-scale green hydrogen projects, such as the Chevron-majority-owned ACES project in Utah, Jarle Dragvik, CEO of HydrogenPro, said the firm recognises that markets will initially tackle smaller-scale projects.
“J.H.K. brings the necessary know-how to use our advanced technology in smaller green hydrogen projects in the European market,” he explained, describing the partnership as a “win-win” for companies and customers.
The partnership was announced alongside HydrogenPro’s Q3 2024 results, where it posted revenues of NOK 72m ($6.5m), up from the previous quarter’s NOK 50m ($4.5m), but down from Q3 2023’s NOK 220m ($19.9m). The firm’s EBITDA loss narrowed from NOK -65m (-$5.9m) in Q2 to NOK -38m (-$3.4m).
In its report, the company said it had witnessed wider green hydrogen project cancellations ranging from 50-220MW in size across Europe and the US.
Despite not having an impact on HydrogenPro’s sales pipeline, it said the pace of developments is “somewhat slower than initially anticipated.”
“While we await final investment decisions (FIDs) on announced projects, global OEM suppliers continue to face overcapacity. Therefore, maintaining disciplined and flexible ramp-up capabilities, rather than pre-emptively scaling operations, will be critical.
“Additionally, structuring our operations to withstand extended periods of low order volume is essential so we can be prepared when projects are eventually realised.”
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