Everfuel – Q3 2021: Station roll-out bringing green H2 to end-users

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Herning, 16 October 2021 – Everfuel A/S today published its third quarter 2021 financial results.

Key events

  • Roll-out of Scandinavian hydrogen fuelling network progressing to plan
  • Opening of H2 stations near Oslo and in Copenhagen, site selections progressing in Sweden with strong partners  
  • Signed strategic cooperation agreement with TECO 2030 for the delivery of green hydrogen
  • Construction of HySynergy Phase I electrolyser underway with first hydrogen expected in late H2 2022
  • HySynergy Phase II development on track and selected for potential EU IPCEI funding
  • Taxi roll-out progressing in Denmark with vehicles filling at H2 stations in Copenhagen and Aarhus 
  • End of September cash position of EUR 69.5 million a

Everfuel’s ambition is to make green hydrogen for zero emission mobility 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.

The roll-out of the Scandinavian hydrogen (H2) fuelling network is a key strategic priority for Everfuel. The start-up in Norway, recent opening of new sites in Copenhagen and preparations for the initial stations in Sweden are milestones achieved to date in 2021. The new H2 stations in operations are expected to positively impact revenue starting in the fourth quarter. Developing hydrogen production capacity is another key priority, reflected in construction start on the HySynergy Phase I electrolyser in Fredericia, progress on planning for the Phase II expansion and industrial partnerships.  

The initiatives are aimed at developing Everfuel’s position as a leading European provider of safe, stable and cost-efficient green hydrogen to end-users through competitive all-inclusive hydrogen supply- and fuelling solutions targeting large bus-, truck- and taxi-fleets supported by data-driven optimisation. All stations are, or will soon be, accessible for customers using the Everfuel App. The app and the company’s hydrogen distribution trailers and related assets will be connected to the company’s proprietary Helios big data system aimed at driving efficiency and competitiveness across the hydrogen value chain.

“With COP26 fresh in mind, there is no doubt that we are moving towards a step-change in production of renewable energy and transition to decarbonisation of transportation world-wide. We are starting to see political acknowledgement of the many possibilities of green hydrogen and in PtX of as an important part of the solution to the climate changes we are facing. We and the entire hydrogen industry need to develop the market in close cooperation with technology providers and end-users and with support of the authorities. As such, we are pleased that our HySynergy Phase II project has progressed in the EU’s IPCEI funding plan, a confirmation of European interest in making green hydrogen commercially available,” said Jacob Krogsgaard, the founder and CEO of Everfuel.

“We are also excited to see an increasing number of vehicles transitioning to zero-emission hydrogen. Fleets of hydrogen taxies are rolling out in the largest cities in Denmark, contributing to cleaner air and enabling taxi companies to meet rising customer demand for green mobility,” Krogsgaard added.

Everfuel had total revenue, representing sale of hydrogen and other operating revenue, of EUR 149 thousand in the third quarter of 2021. Direct revenue from hydrogen remained impacted by Covid-19 curbing traffic combined reduced capacity in Copenhagen due to opening the new high-capacity station was postponed until in the fourth quarter. Other operating revenue is primarily driven by one-off items. EBITDA was negative EUR 1.8 million, reflecting continued ramp-up of activity and organisation during the period.

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 30 September 2021 amounted to EUR 84 million, compared to EUR 27.1 million at 31 December 2020, of which cash holdings were EUR 69.5 million (EUR 23.4 million). Total equity amounted to EUR 80.4 million (EUR 25.7 million). Changes from year-end 2020 predominantly reflected net proceeds of NOK 600/EUR 58.5 million from the private placement in January 2021 and investments made through the period.


CEO Jacob Krogsgaard and CFO Anders Bertelsen will present the company's results today 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 webcast on Teams via the following link:

Join the results webcast via the following link: Everfuel Third 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.