Everfuel signs long-term conditional HySynergy oxygen supply agreement
Herning, Denmark, 03 January 2023 – Everfuel A/S has signed a conditional agreement with an undisclosed partner for supply of oxygen from HySynergy 2.0. This is the company’s first agreement to deliver oxygen made from electrolysis, thereby increasing the utilisation of the HySynergy facility in Fredericia, Denmark.
Oxygen and surplus heat are both biproducts from green hydrogen production through electrolysis. The oxygen supply agreement will improve the overall utilisation and efficiency of the HySynergy 2.0 electrolyser facility and provide a long-term revenue stream. The agreement is conditional on final investment decision by the undisclosed partner for the construction of a process facility adjacent to HySynergy which will use the oxygen and Everfuels decision to progress HySynergy 2.0, which recently received DKK 246.3 million in Danish IPCEI funding.
“Previously we have announced the contract for hydrogen supply to the Crossbridge Energy refinery subject to the now-granted DKK 246.3 million in IPCEI funding for HySynergy 2.0. With an agreement for oxygen offtake on HySynergy 2.0, we will have established a leading industrial-scale PtX facility. Combined with contracts on process heat to the local district heat operator TVIS from HySynergy 1.0 we utilise all primary products in the electrolysis process: hydrogen, oxygen, and surplus heat.” Said Jacob Krogsgaard, the CEO of Everfuel.
The long-term contract includes payment for a capacity reservation of oxygen and a recurring payment for the oxygen supply. Everfuel expects a minimum revenue of EUR 1 million per year once the agreement is fully implemented with no expected additional cost to Everfuel. The company expects to provide further information as appropriate.
For additional information, please contact:
Mads Tirsgaard Mortensen, Investor Relations Manager, Everfuel, [email protected] mobile +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. Everfuel is listed on Euronext Growth in Oslo under EFUEL.