Everfuel - Q3 2022: Continuous positive market momentum

23 Nov 2022 07:00 CET

Herning, 23 November 2022 - Everfuel A/S today published its third quarter 2022
financial results.

Key events

· HySynergy Phase II received IPCEI status
· HySynergy Phase I aiming at first hydrogen in late 2022 as the first
operational hydrogen hub
· Progressing hydrogen hub projects in Denmark, Norway and Sweden
· Received EUR 7.67 million grant for building eight H2 stations for GREATER4H
project
· Received SEK 79 million grant for three H2 stations in Sweden
· New H2 station opened at Alnabru in Oslo, Norway
· Collaboration with DAT and Universal Hydrogen for zero-emission regional
aviation in Denmark by end-2025
· Cash position of EUR 40.8 million at end of September 2022

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 third quarter, Everfuel continued to progress its hydrogen hub concept
and develop the European fuelling network supported by own hydrogen production
and industrial partnerships.  End-user activity was steady in the quarter with
hydrogen taxis in Denmark and zero-emission buses in Heinenoord, the
Netherlands, representing the main off-takers.

"Everfuel has set out to scale the green hydrogen value chain to decarbonise
industry and mobility.  Delivering on our strategy has become even more urgent
with events unfolding in Europe that threaten the regional energy supply," said
Jacob Krogsgaard, the founder and CEO of Everfuel. "We maintain high activity
across the entire value chain for making green hydrogen commercially available
at scale. This includes good progress on construction of the HySynergy Phase I
electrolyser and the development of Phase II, execution of our hydrogen hub
strategy and in developing collaborations to drive decarbonisation of industry
and mobility."

Construction of HySynergy Phase 1 continued as planned with first hydrogen
planned towards the end of the year as part of commissioning. The project
provides Everfuel with unique experiences and skills related to the development
of industrial scale hydrogen production facilities. Everfuel secured most
equipment and material deliveries early and ahead of the recent price increases
seen in various raw materials. Still, the project budget has escalated during
2022 due to general and component-specific cost inflation, supply chain
challenges, non-standardised supplier solutions as well as project adjustments
made by the company. The current total investment budget for the 20MW HySynergy
electrolyser is approximately EUR 29 million. This compares the over EUR 24
million communicated in May this year, and the initial budget of approximately
EUR 20 million.

On 21 September, the European Commission granted Important Projects of Common
European Interest (IPCEI) status to the HySynergy 2.0 project, enabling public
funding of the second phase of the HySynergy facility which is developed with
Crossbridge Energy as a partner. Following receipt of IPCEI status, Everfuel is
awaiting a grant decision by the Danish government.

Everfuel had total revenue, representing sale of hydrogen and other operating
revenue, of EUR 521 thousand in the third quarter of 2022. This corresponds to a
350% increase in revenue compared to the same period in 2021. Direct revenue
from hydrogen was little changed compared to the previous quarter due to a delay
in ramp-up of buses filling at Heinenoord, a stable taxi fleet and technical
downtime on the Hvam station in Norway. EBITDA was negative EUR 3 million,
reflecting continued ramp-up of activity and organisation during the quarter.

Total assets at 30 September 2022 amounted to EUR 87.8 million, compared to EUR
83.8 million at 31 December 2021, of which the cash holdings was EUR 40.8
million (EUR 59.3 million). The decrease reflects investments made year to date,
partly offset by the receipt of the first disbursement from an EIB loan facility
in January 2022. Total equity amounted to EUR 66 million (EUR 77.2 million).

Webcast:

CEO Jacob Krogsgaard and CFO Anders Bertelsen will present the company's results
today 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 via the following link:

Everfuel Q3 Presentation (https://teams.microsoft.com/l/meetup
-join/19%3ameeting_YjIwOWNlNTItMDFmNy00YTk2LWJjM2QtMTE5ZGZlYzcxZjg4%40thread.v2/
0
?context=%7B%22Tid%22%3A%228fd76cfd-8767-462b-bc96
-5238dcfb9fd6%22%2C%22Oid%22%3A%229c88ebd0-4687-4045-bdcc
-98d8e5050db7%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&bty
p
e=a&role=a)

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

For additional information, please contact:


Anders Bertelsen, CFO, +45 21 35 43 03

Mads Tirsgaard Mortensen, Investor Relations Manager, Everfuel, mm@everfuel.com,
+45 61 71 56 25





About Everfuel | www.everfuel.com



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.



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

More information:
Access the news on Oslo Bors NewsWeb site

576434_Q3_Report2022_231122.pdf
576434_Everfuel_Presentation_Q3_2022_23_November.pdf
576434_Q3_2022_earnings_release_November_23.pdf