Everfuel: HySynergy update

Herning, Denmark, 24 April 2024 - Everfuel A/S today provides an update on the commissioning of the 20 MW HySynergy 1 electrolyser.

The Company continues to progress commissioning focused on the sub-systems required to start production and delivery of green hydrogen. As previously communicated, the main electrolyser facility is ready for start-up, while some sub-systems experience delays following commissioning tests. This is impacting the planned start-up of the HySynergy 1 facility with production now expected to commence in the second half of 2024.

Testing, verification and certification is being executed in close cooperation with the electrolyser supplier, Nel, and other sub-suppliers with focus on the following areas:

• High-pressure systems
• Compressors
• Finalisation of software and automation, documentation and certifications

Since leakage was detected in February 2024, the electrolyser supplier has been working on completing the rebuild of the deoxidiser, which removes oxygen and moisture from the hydrogen flow as part of the electrolyser’s high-pressure auxiliary system. The supplier has implemented a solution currently awaiting PED (pressure equipment directive) certification. Everfuel and the electrolyser supplier agree that a safe and long-term robust solution is in the interest of both parties.  

Everfuel has implemented additional safety measures to ensure integrity of the plant resulting in identification of a leakage during verification test of the rebuild gas holder, which serves a pressure balancing and safety function. The unit requires onsite rebuild and solutions are currently being investigated by the electrolyser supplier.

Everfuel and sub-suppliers have committed highest attention and priority for completing the remaining commissioning steps which are strongly interdependent with certain steps subject to specific time windows for external expertise to undertake testing and verification. As a consequence of the mentioned activities, commissioning of the main compressor, final validation of the high-pressure system and completion of the automation and software system are affected.

“We are currently experiencing some technical challenges related to a couple of Balance of Plant modules that Nel has the responsibility for. Although these modules are not part of Nel’s current standard project scope, we remain committed to fixing the problems in close cooperation with Everfuel’s team. Nel will also support Everfuel on other technical challenges, which are not part of Nel’s scope of supply, in order to bring HySynergy 1 safely into operation as soon as possible”, said Håkon Volldal, Nel’s CEO.

“Implementation of a safe and long-term sustainable hydrogen production facility is of the absolute highest priority of Everfuel. We are working very closely with partners and suppliers to make sure this is completed in a good collaborative manner as fast as possible. Pioneering the hydrogen industry is a challenge for all participants. Together we will succeed, building unique competences along the way, positioning us to capitalise on the fast-growing hydrogen market,” said Jacob Krogsgaard, the founder and CEO of Everfuel

We strongly encourage stakeholders to watch the following video where CEO, Jacob Krogsgaard explain the complexities in the HySynergy commissioning process. Link: HySynergy 1 update

For further information, please contact:

Jacob Krogsgaard, CEO, Everfuel, +45 2871 8945
Mads Tirsgaard Mortensen, Investor Relations Director, Everfuel, mm@everfuel.com, +45 7730 4727

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 and Germany, 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. This information was issued as inside information pursuant to the EU Market Abuse Regulation, and was published by Mads Tirsgaard Mortensen, Director of Investor Relations, at Everfuel A/S on the date and time provided.