HydrogenPro is considering a shift in strategy and exploring a potential listing on the Nasdaq stock exchange. The company aims to expand capacity in the US while securing financing through alternative means. The CEO will be stepping down and a new C...
Troy D. Hanson
August 09, 2023
HydrogenPro, a Norwegian hydrogen-plant manufacturer, has announced its decision to adopt a new strategic direction. One of the components of this shift includes exploring the possibility of listing on the Nasdaq stock exchange. The company aims to secure access to a larger investor base by pursuing this avenue. In light of these changes, Chief Executive Tarjei Johansen will be stepping down.
Despite the strategic realignment, HydrogenPro remains steadfast in its plan to expand capacity in the United States. However, given the current market sentiment and the unattractive environment for raising funds, the company is actively seeking alternative means of financing to decrease dependence on a share issue.
HydrogenPro has also revealed that Jarle Dragvik, CEO of the company's second largest shareholder, will assume the role of Chief Executive Officer. Dragvik is a familiar face at HydrogenPro, having previously served on the company's board until May 2023 and acting as chairman of their China operations for several years.
Alongside considering a potential Nasdaq listing, HydrogenPro aims to capitalize on the growing investor interest in hydrogen within the US market. This interest has been stimulated by various incentive schemes introduced by federal and local governments.
To further support its presence in the US, HydrogenPro intends to strengthen its management team with local business development expertise and access to financial resources.
Additionally, HydrogenPro remains committed to developing next-generation efficient and high-pressure electrolyzers. The company also plans to enhance its European organizational capabilities, optimize its existing production facility in China, and cultivate Middle East markets through strategic partnerships with local partners.