The original equipment manufacturer’s (OEM) EBITDA also took a major hit. It fell from NOK 12m ($1.1m) in Q4 2023 to NOK -56m (-$5.2m) in the first quarter of the year, seeing a net loss of NOK 63m ($5.8m).

Jarle Dragvik, CEO of HydrogenPro, attributed the “intermediate quarter” results to completing equipment for the Advanced Clean Energy Storage (ACES) hydrogen project in Utah, US, and preparing deliveries for the 100MW plant at Salzgitter’s steel mill in Germany.

Read more: HydrogenPro supplied alkaline electrolyser for hydrogen storage hub in Utah

Dragvik stressed there was a high level of activity in the company’s sales department in handling tender requests and negotiations.

The firm’s cash balance stood at NOK 185m ($17m) in Q1 2024, its highest since Q1 2023. Dragvik said the company had “no immediate plans” to raise capital.

Martin Thanem Holtet, Chief Financial Officer (CFO) at HydrogenPro, noted the NOK 82.7m ($7.6m) investment from Andritz would be logged in Q2, “further strengthening the position.”

Read more: HydrogenPro raises $7.6m through a private placement in Andritz

The CEO said Andritz’s stake was a “testimony to its confidence and belief in HydrogenPro,” adding it was not just a capital contribution.

Dragvik said there were clear synergies between HydrogenPro and Andritz across EPC and technology, with the technology group holding a strong sales and market position in sectors that could turn to green hydrogen.

The results come almost two weeks after HydrogenPro confirmed its third Chair in the space of a year.

Dag Opedal was appointed Chair after the resignation of Terje Mikalsens in April (2024), after just five months in the role, having replaced Ellen Hanetho in October (2023).

Read more: Opedal confirmed as HydrogenPro’s third Chair in the space of a year

Hanetho stepped down after a “difference of views” as the company doubled down on a US focus.