Everfuel - Q4 2022: Accelerated development of green hydrogen infrastructure

22 Mar 2023 07:00 CET

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.

Operations

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 www.newsweb.no.

Webcast

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 (https://teams.microsoft.com/l/meetup
-join/19%3ameeting_YzFkNzk2NDEtYzNhYS00NWNiLThlNTUtNWVmNGEzOTVhY2U2%40thread.v2/
0
?context=%7B%22Tid%22%3A%228fd76cfd-8767-462b-bc96
-5238dcfb9fd6%22%2C%22Oid%22%3A%22cbb0b794-8233-4af5-bdaf
-8f9689f17f1b%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 further information, please contact:

Jacob Krogsgaard, CEO, Everfuel, +45 2871 8945

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

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.

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

585847_20230322_Everfuel_Q4_2022_earnings_release.pdf
585847_20220322_Everfuel_Q4_presentation.pdf
585847_Everfuel_Annual_Report_2022.pdf