Everfuel – Q2 2022: Continuous positive market momentum

Herning, 30 August 2021 – Everfuel A/S today published its second quarter and first half year 2022 financial results.

Key events

• Increased hydrogen sales driven by the new H2 station in the Netherlands
• Progressing hydrogen hub concept with strong industrial partners, customers and public funding
• HySynergy Phase I on track for first hydrogen in late 2022 
• Agreement with Crossbridge Energy on terms for HySynergy Phase II hydrogen supplies
• Introducing mobile Everfiller refuelling unit as the first Everfuel Tech product
• Agreement to support testing of Volvo hydrogen trucks
• Secured three strategic locations for heavy-duty segment in Denmark
• Received multiple grants for new stations and technology development
• End of June cash position of EUR 50.4 million

Everfuel’s ambition is to make green hydrogen for zero emission mobility and energy supply 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 fuel company for customers within mobility and industry.

End-user activity continued to increase during the second quarter with a growing fleet of hydrogen taxis in Denmark and a full quarter of operation fuelling zero-emission buses in Heinenoord, the Netherlands. 

The Company continued to progress its hydrogen hub concept and develop the European fuelling network supported by own hydrogen production and industrial partnerships. The aim is to make hydrogen a leading enabler for decarbonising transport and industry at scale.

“We observe a continuous positive market momentum and look forward to producing our first hydrogen late this year at our initial hub in Fredericia, Denmark. The green hydrogen will be distributed to mobility customers, used to reduce CO2-emissions at the adjacent refinery and deliver excess heating to the local district heating network,” said Jacob Krogsgaard, the founder and CEO of Everfuel. “The hub concept is a natural evolution of Everfuel’s strategy. It enables us to leverage our planned hydrogen production capacity through new long-term partnerships within industry and complement our growing position in mobility. The hubs will be a key driver for our long-term growth and value creation for all stakeholders.”

Everfuel had total revenue, representing sale of hydrogen and other operating revenue, of EUR 456 thousand in the second quarter of 2022. Direct revenue from hydrogen increased compared to the previous quarter mainly due to a full quarter of bus filling at Heinenoord. However, the hydrogen sales remain at a low level due to few buses delivered to date and offtake is expected to increase with the active bus fleet. EBITDA was negative EUR 3 million, reflecting continued ramp-up of activity and organisation during the quarter. 

Revenue for the first half of 2022 was EUR 840 thousand and the EBITDA was negative EUR 5.4 million. The financial results reflect that the company is still in the initial stages of commercializing the green hydrogen value chain in its target markets.

Total assets at 31 June 2022 amounted to EUR 91.7 million, compared to EUR 83.8 million at 31 December 2021, of which the cash holding was EUR 50.4 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 69.9 million (EUR 77.2 million).

Webcast:

CEO Jacob Krogsgaard and CFO Anders Bertelsen will present the company's results today at 09:00 CEST 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 Teams webcast via the following link: Everfuel Second Quarter Presentation

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

Lea Vindvad Hansen, Investor Relations & Communications Manager, +45 61 83 02 05

About Everfuel | www.everfuel.com

Everfuel is making green hydrogen for zero emission mobility commercially available across Europe, offering competitive all-inclusive hydrogen supply- and fuelling solutions. We own and operate green hydrogen infrastructure and partner with 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 fuel made from renewable energy and key to electrification of the transportation sector in Europe and a sustainable future. We are a young ambitious 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.