HySynergy 2.0 receives DKK 246.3 million in IPCEI funding

16 Dec 2022 10:35 CET

Herning, Denmark, 16 December 2022 - Everfuel A/S is pleased to announce the
receipt of notification from the Danish government of funding under the
Important Projects of Common European Interest (IPCEI) program. The grant by the
Danish government of total DKK 246.3 million (EUR 33.1 million) will be made
available for the development of the second phase of the HySynergy facility.

HySynergy 2.0 will be developed together with Crossbridge Energy Fredericia as
partner and will produce green hydrogen used to decarbonise industrial processes
and transportation. In June, Everfuel and Crossbridge Energy agreed on terms for
hydrogen supply from HySynergy 2.0, subject to receiving the now-granted IPCEI
funding.

"This is a major milestone as we progress phase two of HySynergy towards final
investment decision and a confirmation of the PtX project's scale and
significant contribution to decarbonisation of industry and transport in
Denmark. We are very pleased with the support provided by the Danish government,
the EU and our partners in the HySynergy project which will help accelerate
commercialisation of green hydrogen," says Jacob Krogsgaard, the CEO of
Everfuel.

"We are now starting the new and greener future. Hydrogen is the key to
producing greener fuels. HySynergy Phase two is a giant milestone and an
industrial deployment of hydrogen production capacity will enable us to move
fast forward," says Finn Schousboe, the CEO Crossbridge Energy A/S.

Today's notification follows the IPCEI status granted by the EU Commission on 21
September 2022. The funds will support development of Everfuel's electrolyser
and Crossbridge Energy's co-processing. HySynergy 2.0 was in 2021 shortlisted by
the Danish government as one of two Danish power-to-X projects eligible for
public funding subject to IPCEI status. Both have since reived IPCEI status as
projects that contribute to job creation and sustainable economic growth in the
EU. The Danish government has allocated approximately DKK 850 million of funding
for the two projects. Everfuel will receive the grant according to standard
Danish regulations for public funding.

The first phase of the HySynergy project is the 20 MW electrolyser. HySynergy
2.0 will extend the existing facility with 300 MW electrolyser capacity through
the development of three sections of 100 MW each. The public funding that
follows the IPCEI status is connected to building the first 100 MW of the second
phase.

HySynergy aims at producing large quantities of green hydrogen to be used in
industry processes by the adjacent Crossbridge Energy refinery and other
partners as well as for mobility purposes at Everfuel stations. By 2025, when
the 300 MW electrolyser facility is established, HySynergy will facilitate an
annual reduction of up to 500,000 tonnes of carbon emissions from the mobility
sector and the industry, which corresponds to 11% of the total carbon emissions
from the Danish land-based transport sector in 2020. Accumulated facility
capacity planned for 1GW in 2030.

HySynergy is a project collaboration between Everfuel, Crossbridge Energy A/S,
EWII, TREFOR, Aktive Energi Anlæg, TVIS and ENERGINET. It is a part of the first
Everfuel hydrogen hub which are PtX facilities that scale green hydrogen via
local value chains for production, distribution and consumption backed by long
-term customer agreements.

For additional information, please contact:

Jacob Krogsgaard, CEO, Everfuel, +45 2871 8945

Mads Tirsgaard Mortensen, Investor Relations Manager, Everfuel,
mm@everfuel.com, +45 6171 56 25

Torben Øllegaard Sørensen, External Relations Advisor, Crossbridge Energy
Fredericia, +454077 9257

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. Everfuel is listed on Euronext Growth in Oslo under EFUEL.

About Crossbridge|crossbridgepartners.com

Crossbridge is a leading energy platform with an environmental focus on
developing and driving sustainable energy solutions. Crossbridge acquired the
A/S Dansk Shell refinery (renamed to Crossbridge Energy A/S) in June 2022.
Crossbridge Energy supplies approximately 35% of the total Danish liquid fuel
consumption. Crossbridge is focused on transitioning traditional energy
infrastructure and growing through acquisition in North America, Europe and
other locations. The platform has $2.0 billion in annual turnover.

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

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