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    Everfuel - Q4 2022: Accelerated development of green hydrogen infrastructure

    March 22, 2023 - Cision


      Herning, Denmark, 22 March 2023 - Everfuel A/S today published its fourth quarter financial results and annual report for 2022.

      Key Events Q4 2022:

      • First hydrogen produced at HySynergy in December - a major milestone towards commercial deliveries expected from Q2 2023
      • HySynergy Phase 2 received DKK 246 million (EUR 33.1 million) in IPCEI funding
      • Green Fuels for Denmark received DKK 600 million in IPCEI funding with Everfuel as project partner providing two refuelling stations
      • Progressing hydrogen hub projects in Denmark, Norway and Sweden
      • Cash position of EUR 31.9 million at end of December 2022

      Key events tO date in 2023:

      • Launch of JV with Hy24 for EUR 200 million of equity investment for accelerated development of green hydrogen infrastructure in the Nordics
      • Successfully completed EUR 25 million private placement
      • First Everfiller pilot signed
      • Award of follow-up order for the planned heavy-duty hydrogen fuelling station in Wuppertal, Germany

      Everfuel's ambition is to make green hydrogen for zero emission mobility and industrial activity commercially available across Europe. The Company is engaging with partners, customers and authorities across the entire value chain, from production to distribution and fuelling, when executing its long-term strategy for value creation as a leading European green hydrogen company.

      In the fourth quarter, Everfuel continued to progress its hydrogen hub concept and develop the European fuelling network supported by own hydrogen production and industrial partnerships. This included first hydrogen during testing at the HySynergy Phase 1 electrolyser and award of IPCEI funding for the next HySynergy phase. This was followed in early 2023, by the announcement of a JV with Hy24, the manager of the world's largest hydrogen infrastructure fund, for co-investing EUR 200 million of equity in electrolyser capacity in the Nordic and the successful completion of a EUR 25 million private placement of new shares to future growth investments.

      "We have made significant progress across our business operations. This includes major technical and operational milestones at the HySynergy electrolyser, the successful roll-out of our hydrogen hub strategy, R&D and hydrogen technology innovation led by the Everfiller, and by growing our team of highly motivated Everfuellers. Together, we are making hydrogen happen," said Jacob Krogsgaard, the founder and CEO of Everfuel.

      "In late February 2023, we announced the joint venture with Hy24. Together we can fund, build, own and operate up to 1 GW of green hydrogen projects in the Nordic region. The agreement validates Everfuel's position as green hydrogen pioneer and leading project developer in Europe, and we look forward to working closely with Hy24 and benefit from their extensive industrial experience and financial strength when jointly developing projects, and as a recent Everfuel shareholder," Krogsgaard continued.

      Key financials

      Everfuel had total revenue, representing sale of hydrogen, construction of refuelling facilities in Germany and other operating revenue, of EUR 2.6 million in the fourth quarter of 2022. This corresponds to a 650% increase compared to the same period in 2021 primarily reflecting revenue from construction contracts in Germany. Direct revenue from hydrogen sales reflects a stable increase in sales from buses filling at Heinenoord in the Netherlands and Taxi fleets in Denmark. EBITDA was negative EUR 3.2 million, reflecting continued ramp-up of activity and organisation during the quarter. Revenue for the full year was EUR 4.0 million compared to EUR 0.83 million in 2021. Revenue reflected increased sale of hydrogen and reduction in other operating revenue such as public project funding. EBITDA was negative EUR 11.6 million (negative EUR 6.79 million).

      Total Group assets at 31 December 2022 were EUR 102.7 million, compared with EUR 83.8 million at the end of 2021. The cash position was EUR 31.9 million (EUR 59.3 million). Total equity amounted to EUR 59.3 million (EUR 75 million). Changes from year-end 2021 predominantly reflected the net loss and investments made through the year.


      On 16 December 2022, Everfuel produced first hydrogen at the 20 MW HySynergy electrolyser. The initial volumes were produced on schedule as part of the planned start-up and commissioning of the production equipment to confirm that the electrolyser, power supply and ancillaries operate as intended. Commercial production is expected to commence in the second quarter of 2023.

      During the quarter and into 2023, Everfuel has incurred additional costs related to the completion and commissioning of HySynergy Phase 1 and preparations for the next development phase. The expected cost to completion of electrolyser and other assets included in the HySynergy Fredericia subsidiary is approximately EUR 43 million and includes the associated heat recovery system, Phase 2 preparations and the distribution centre. The budget is not directly comparable to the approximately EUR 29 million communicated in November 2022 and earlier cost estimates.

      Also in December, Everfuel was awarded a grant DKK 246.3 million (EUR 33.1 million) for the development of the second phase of the HySynergy facility under the Important Projects of Common European Interest (IPCEI) program. It will be developed together with Crossbridge Energy Fredericia as partner and will produce green hydrogen used to decarbonise industrial processes and transportation. Final investment decision is expected in late 2023, subject to regulatory approval and funding.

      Strategy and financing

      On 28 February 2023, Everfuel and Hy24, managing the world's largest clean hydrogen infrastructure fund, announced the creation of a joint venture (JV) to finance the accelerated development of electrolyser capacity across the Nordics. Everfuel will own 51% of the JV which plans to invest a total of EUR 200 million in equity in green hydrogen infrastructure in Denmark, Norway, Sweden, and Finland. This is expected to enable the JV to fund, build, own and operate up to 1 GW of green hydrogen projects. The 20 MW HySynergy Phase 1 electrolyser is the first asset to be held by the JV. Under the agreement, the JV will deliver revenue and cash flow to Everfuel through fees during the project development, construction, and operation phases. Everfuel will also be entitled to defined development fees from the JV for projects reaching FID based on the return profile of each specific project.

      On 9 March 2023, Everfuel completed a private placement of new shares raising gross proceeds of EUR 25 million. Following the placement, Hy24 Clean H2 Infra Fund became Everfuel's third largest shareholder. The proceeds will be used to finance Everfuel's share of investment in the Hydrogen Hub Agder and HySynergy Phase 2 projects, as well as other corporate purposes.

      For more information, please see the 2022 annual report and the fourth quarter presentation which are available on the Everfuel webpage and at


      CEO Jacob Krogsgaard will today present the company's annual report and fourth quarter results at 09:00 CET and invite investors, analysts, and media to join the live webcast presentation. The presentation is expected to last up to one hour, including Q&A, and can be followed via live webcast.

      Join the results webcast on Teams via the following link: Fourth quarter results and Annual Report 2022

      Questions can be submitted through the online webcast during the presentation. A recorded version of the presentation will be made available at after the presentation has concluded.

      For further information, please contact:

      Jacob Krogsgaard, CEO, Everfuel, +45 2871 8945

      Mads Tirsgaard Mortensen, Investor Relations Manager, Everfuel,, +45 6171 5625

      About Everfuel |

      Everfuel is making green hydrogen for zero emission industry and mobility commercially available across Europe, offering competitive all-inclusive hydrogen supply and fuelling solutions. We own and operate green hydrogen infrastructure and partner with industry and vehicle OEMs to connect the entire hydrogen value chain and seamlessly provide hydrogen fuel to enterprise customers under long-term contracts. Green hydrogen is a 100% clean energy carrier made from renewable solar and wind power and key to decarbonising industry and transportation in Europe. We are an ambitious, rapidly growing company, headquartered in Herning, Denmark, and with activities in Norway, Denmark, Sweden, The Netherlands, Germany and Belgium, and a plan to grow across Europe. Everfuel is listed on Euronext Growth in Oslo under EFUEL.

      This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.,c3737996,c3158412


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