Everfuel Accelerated Development of Green Hydrogen in Q4 2022

Source: www.gulfoilandgas.com 3/22/2023, Location: Europe

Everfuel A/S 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.

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