New CEO appointed at HydrogenPro

Source: press release, 25 October 2021

CEO of HydrogenPro, Mårten Lunde
CEO of HydrogenPro, Mårten Lunde (photo: HydrogenPro)

Elling Nygaard has been appointed new CEO of HydrogenPro. Mårten Lunde, who has been CEO since the IPO in October last year, has chosen to step down.

“The Board is extremely pleased that Elling has agreed to join HydrogenPro. He brings a profound understanding of hydrogen, large-scale industrial projects and global strategic partnerships. His background within industrial sales and business development, and his broad international network in the renewable energy sector is ideally-suited for HydrogenPro as we accelerate the development of our leading hydrogen technology,” says Ellen Hanetho, Chair of HydrogenPro.

Nygaard brings a demonstrated sales and business development experience from project-oriented technology businesses, where strategic partnerships have played a central role. For more than 20 years, he has held a number of senior management positions, lately working at ABB specifically on hydrogen, including developing a global partnership with HydrogenPro. He has also held the CEO position at several technology companies. He holds an electrical engineer degree, and economy- and market management from BI.

“I am looking forward to taking on the role as CEO of HydrogenPro, which I know well as a commercial partner of ABB. HydrogenPro is uniquely positioned to take the lead in developing large-scale hydrogen plants that will be instrumental in meeting the growing demand for energy, while realising the de-carbonisation strategies of the European Union, US and Asia. I see great opportunities for HydrogenPro’s highly-scalable electrolyser technology among industrial customers, and I am eager to accelerate the company’s commercial development,” says Nygaard.

Nygaard will join HydrogenPro as CEO on 1 November 2021. At the same time Mårten Lunde will step down but will support the company during a transition phase.

Mårten Lunde comments, “The past year since the IPO in October 2020 has been active. We have transformed HydrogenPro in material respects and built a competent team with significantly increased capacity. Projects are ongoing, we have started to record revenues and the company is attractively positioned for several large green hydrogen projects to play a key role in the energy transition. I am very happy that Elling, who knows HydrogenPro well, will join the team. I am confident that he will be an excellent CEO for HydrogenPro and wish him all the best.”

“I would like to thank Mårten for his contributions to HydrogenPro, first as CFO and later as CEO. Through his vision and clear direction, HydrogenPro has successfully raised substantial capital, transitioned to become a publicly listed company and established the foundation for further commercialisation and growth,” adds Ellen Hanetho.