HydrogenPro Puts Texas Manufacturing Plan on Hold

Norwegian hydrogen-plant manufacturer HydrogenPro is experiencing a high level of inquiries from large industrial players in North America, indicating strong potential for low-carbon hydrogen production. However, due to uncertainty surrounding U.S. incentives, the company has decided to postpone its manufacturing plan in Texas.

Delayed Decisions

The company expressed that the lack of clarity on funding regimes, legislation, and natural gas prices has impacted the economic viability of green hydrogen projects, leading to delays in final investment decisions. Additionally, the draft rules for the low-carbon hydrogen production tax credit are still being developed as part of the Inflation Reduction Act, with the expectation of being finalized this spring.

Market Assessment

While HydrogenPro remains committed to the North American market, it stated that the establishment of a manufacturing facility in Texas is currently on hold. The company is re-evaluating the location, manufacturing model, and local supply chains to adapt to the evolving market landscape.

Financial Update

Despite facing challenges, HydrogenPro reported a reduced net loss in the fourth quarter compared to the previous year. With an increasing revenue and a significant order backlog, the company remains optimistic about its future prospects in North America.

HydrogenPro's focus on aligning with customer needs and remaining at the forefront of low-carbon hydrogen production demonstrates its commitment to sustainability and innovation.

EQT X Fund Raises €22 Billion in Commitments

Taylor Wimpey 2023 Results Overview

Leave A Reply

Your email address will not be published. Required fields are marked *