Everfuel – Q4 2021: Increased end-user activity and H2 dispensing

Herning, 8 February 2021 – Everfuel A/S today published its fourth quarter and preliminary full-year 2021 financial results.

Key events

• Increased hydrogen sales driven by new H2 stations and a growing FCEV taxi fleet
• Signed agreement for scale-up of hydrogen taxis in Copenhagen with Toyota and DRIVR
• To supply excess heat from HySynergy facility to local district heating network
• Entering the German hydrogen fuel market with long-term supply contracts
• Awarded SEK 45 million in grants for two refuelling stations in Sweden
• End of December cash position of EUR 59.3 million after asset investments done in Q4
• First disbursement from EIB loan facility for HySynergy Phase I project in Q1-2022

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.

In 2021, the company progressed several strategic initiatives to establish a Scandinavian hydrogen (H2) fuelling network, develop hydrogen production and establish industrial partnerships to position hydrogen as a leading zero-emission fuel and enabler for decarbonised transport at scale. These initiatives position Everfuel as a leading European provider of safe, stable and cost-efficient hydrogen made from renewable solar- and wind energy. 

In the fourth quarter, Everfuel experienced an increase in end-user activity. The growth is a function of the growing fleet of hydrogen taxis in Denmark combined with the opening of a new H2 refuelling site in Copenhagen. Activity was however impacted by new COVID-19 measures implemented late in the quarter which reduced taxi usage and H2 dispensing.  These measures have continued into the first month of 2022.

“We are pleased with the strategic progress Everfuel is making. This is reflected in increased end-user activity at our refuelling stations, the expansion into Germany, strong partnerships and an exciting project pipeline. We remain focused on making hydrogen happen, and I am confident that Everfuel is well on the way to become one of the leading European providers of green hydrogen,” said Jacob Krogsgaard, the founder and CEO of Everfuel.

Everfuel had total revenue, representing sale of hydrogen and other operating revenue, of EUR 348 thousand in the fourth quarter of 2021. Direct revenue from hydrogen increased compared to the previous quarter with the opening of the new high-capacity station in Copenhagen. However, fuelling activity was negatively impacted by Covid-19 and additional public health measures implemented in December in response to a new virus variant. The measures reduced traffic towards year-end and into early 2022. Other operating revenue is primarily driven by one-off items. EBITDA was negative EUR 2.5 million, reflecting continued ramp-up of activity and organisation during the quarter.

Total revenue for the full year was EUR 0.83 million, compared with EUR 1.05 million in 2020. The development in revenue is caused by an increased sale of hydrogen and a reduced other operating revenue. EBITDA was negative EUR 6.8 million (EUR -1.1 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 December 2021 amounted to EUR 83.8 million, compared to EUR 27.1 million at 31 December 2020, of which cash holdings were EUR 59.3 million (EUR 23.4 million). Total equity amounted to EUR 77.2 million (EUR 25.8 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 during the year.

Webcast:

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 Fourth 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.