Everfuel and Hy24 create EUR 200 million JV for accelerated development of green hydrogen infrastructure in the Nordics

28 Feb 2023 07:28 CET

Herning, Denmark, and Paris, France 28 February 2023 - Everfuel A/S, a leading
European green hydrogen energy company, and Hy24, managing the world's largest
clean hydrogen infrastructure fund, are pleased to announce the creation of a
joint venture (the "JV") to finance the accelerated development of electrolyser
capacity across the Nordics. Everfuel will own 51% of the JV and the Hy24
-managed Clean H2 Infra Fund will own 49%.

JV highlights

· Plans to invest a total of EUR 200 million in equity in green hydrogen
infrastructure in Denmark, Norway, Sweden and Finland. This will enable the JV
to fund, build, own and operate up to 1 GW of green hydrogen projects
· Accelerated delivery of existing hydrogen project pipeline and strengthened
collaboration on other hydrogen production assets in the Nordic region
· HySynergy project phase 1 - 20 MW electrolyser, set to commence commercial
operations in second quarter of 2023, is the first asset to be held by the JV
· Combined industrial experience and financial strength of two leaders within
green hydrogen infrastructure
· JV to leverage Everfuel's electrolyser development, construction and
operation capabilities
· JV to benefit from Hy24's extensive business development experience and vast
hydrogen industry and policymaker relationships

The JV combines Everfuel's position as pioneer and leading green hydrogen
project developer in Europe and Hy24's extensive industrial experience and
financial strength. The JV's first investment is to acquire the HySynergy Phase
1 20 MW green hydrogen production plant in Fredericia, Denmark for a purchase
price reflecting the costs incurred at signing, less grants received, subject to
adjustment for additional costs incurred up until closing. The JV will further
benefit from Everfuel's pipeline of hydrogen projects as they are matured to
final investment decision (FID) and transferred to the JV subject to predefined
criteria.

The HySynergy Phase 1 electrolyser is expected to commence commercial operations
in the second quarter of 2023 and will contribute to significant decarbonization
of industrial processes at the adjacent Crossbridge Energy Refinery. HySynergy
will also offer a competitive supply of green hydrogen as zero-emission fuel for
clean mobility. In December 2022, HySynergy Phase 2, 300 MW, green hydrogen
plant was granted IPCEI funding of EUR 33.1 million to support the construction
of the first of three 100 MW electrolysers.

Hy24, managing the world's largest clean hydrogen infrastructure fund, is
helping to realise hydrogen's global potential as the low carbon energy vector
of the future by investing in the entire clean hydrogen value chain. The JV is
aligned with Hy24's ambition of unlocking strategic and large-scale projects
under development to accelerate the scale-up of hydrogen markets in Europe, in
the Americas and Asia Pacific regions. Hy24 is investing through its EUR 2
billion impact fund 'Clean H2 Infra Fund' which was closed in October 2022.

Jacob Krogsgaard, the founder and CEO of Everfuel, said: "This is a major step
towards making green hydrogen commercially available through an accelerated
deployment of our hydrogen hubs. Hy24 is a leading global hydrogen
infrastructure investor and the ideal partner and co-investor for us as the
number one developer of electrolyser capacity in Europe. Together we can develop
green hydrogen infrastructure needed to serve rapidly growing demand from
industry and mobility across our core Nordic markets, and firmly move into the
ramp-up phase of our long-term plan for growth and value creation."

Pierre-Etienne Franc, co-founder and CEO of Hy24, added: "We launched Hy24 and
the Clean Hydrogen Infrastructure Fund to help hydrogen leaders and
entrepreneurs accelerate the scale-up of their projects, and to unlock the
potential for the decarbonisation of hard-to-abate sectors. Everfuel is one of
the most advanced project developers with a broad knowledge of hydrogen
technologies, markets, and business models in the Nordics. It is therefore the
natural partner for fast and wise developments."

Minister for Foreign Affairs of Denmark, Lars Løkke Rasmussen, commented: "I
warmly welcome this important investment and joint venture between Everfuel and
Hy24. Green hydrogen and e-fuels will play a big role in decarbonizing
industries such as shipping, aviation and heavy transportation. So, this is not
only good news for the production of green energy in Denmark, but also for our
global efforts to reduce CO2 emissions. The investment underlines that Danish
companies are frontrunners within green technologies. It also shows that Denmark
remains an attractive destination for foreign green investments thanks to
competitive framework conditions, supporting both Danish and European ambitious
green policies and climate goals."

The hydrogen plants owned and operated by the JV will support the ambitious
Danish hydrogen roadmap. The country is planning to develop 4 to 6 GW of
electrolyser production capacity by 2030 leveraging Denmark's exceptional wind
resources. Everfuel's current project portfolio in Denmark includes more than
1.3 GW of electrolyser capacity.

Additional terms and implications of the JV for Everfuel

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.
Everfuel retains an exclusive right to market merchant hydrogen volumes from the
electrolysers owned and operated by the JV to support the growth of Everfuel's
downstream business activities. The JV will be named Everfuel Hy24 A/S and fully
consolidated in Everfuel's accounts.

The purchase price paid by the JV to Everfuel for the acquisition of HySynergy
Phase 1 is estimated at EUR 28 million. With the transfer of HySynergy Phase 1
to the JV, Everfuel will repay the outstanding EUR 10 million loan provided by
the European Investment Bank. Hy24 will also provide a bridge loan of EUR 15
million to JV that is expected to be replaced with a larger facility from
external debt providers as HySynergy Phase 2 is matured. Everfuel holds an
option to purchase Hy24's shares in the JV at a pre-agreed return within a
specified time period.

Following completion of the JV's establishment, Everfuel is sufficiently funded
to support its share of anticipated JV investments, including projects passed
through FID, towards the end of 2023. As part of the JV incorporation, Hy24 has
committed to participate in a potential future capital raise by Everfuel to
support the company and the realisation of green infrastructure projects,
subject to certain conditions.

Webcast

Everfuel CEO Jacob Krogsgaard and Hy24 CEO Pierre-Etienne Franc will today, 28
February, hold a joint webcast at 10:00 CET to present the JV to media,
investors and analysts via the following link: Live
webcast (https://teams.microsoft.com/l/meetup
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0
?context=%7B%22Tid%22%3A%228fd76cfd-8767-462b-bc96
-5238dcfb9fd6%22%2C%22Oid%22%3A%229100f624-bd33-4aa9-9259
-c017ca60ab32%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&bty
p
e=a&role=a)

Advisors

Evercore Partners International LLP and Nordea Bank Abp, filial i Norge, acted
as financial advisors to Everfuel. Advokatfirmaet Thommessen AS and Kromann
Reumert I/S acted as legal advisors. DLA Piper acted as Hy24's advisor  on Legal
& structuring, Arup on Commercial and Technical due diligence, KPMG as financial
and tax due diligence advisor.

For additional information, please contact:

Jacob Krogsgaard, CEO, Everfuel, +45 2871 8945

Mads Tirsgaard Mortensen, Investor Relations Manager, Everfuel, mm@everfuel.com,
+45 6171 5625

Sam Barrett, Hy24, FTI Consulting, hy24@fticonsulting.com, +44 7977 591662

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 Hy24 | www.hy24partners.com

The world's largest clean hydrogen infrastructure fund results from the
initiative of Air Liquide, TotalEnergies and VINCI Concessions, combined with
the one of Plug Power, Chart Industries and Baker Hughes, which were sharing a
common objective to accelerate the development of the hydrogen sector with the
launch of the "Clean H2 Infra Fund".

The Clean H2 Infra Fund is managed by Hy24, a 50/50 joint venture between
Ardian, a world leading private investment house, and FiveT Hydrogen, a clean
hydrogen investment platform which enabled the gathering of the two initiatives.
The fund has also attracted additional anchor industrial partners such as LOTTE
Chemical, Airbus, and Snam, Enagás, GRTgaz (together as one Anchor partner) and
anchor financial investors such as AXA, Crédit Agricole Assurances, CCR,
Allianz, CDPQ, JBIC as well as other investors: Border to Coast Pensions
Partnership, the CMA CGM Group, ERAFP, Nuveen, Ballard, Schaeffler, Société
Générale Assurances, Groupe ADP, EDF, Norinchukin, Caisse des dépôts, DBJ,
Itochu, Groupama and BBVA. The fund is now up and running with Euro 2 billion
of
allocations.

With strong industrial and financial expertise at its core, Hy24 will have a
unique capacity to accelerate the scaling up of hydrogen solutions along the
whole value chain: production, conversion, storage and supply and usage. Hy24
will support large early stage and strategic projects into becoming essential
energy infrastructures.

This information is considered inside information pursuant to the EU Market
Abuse Regulation and subject to the disclosure requirements of Section 5-12 of
the Norwegian Securities Trading Act. The stock exchange release was published
by Mads Tirsgaard Mortensen, Investor Relations Manager at Everfuel on 28
February 2023 at 07:28 CET.

More information:
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583753_20230228_Everfuel_and_Hy24_presentation_of_joint_venture.pdf
583753_20230228_Everfuel_and_Hy24_joint_venture_press_announcement_ENG.pdf
583753_HY24_Everfuel_280223_SoMe.pdf
583753_20230228_Everfuel_and_Hy24_joint_venture_press_announcement_DK.pdf