HySynergy 2.0 receives DKK 246.3 million in IPCEI funding

Herning, Denmark, 16 December 2022 – Everfuel A/S is pleased to announce the receipt of notification from the Danish government of funding under the Important Projects of Common European Interest (IPCEI) program. The grant by the Danish government of total DKK 246.3 million (EUR 33.1 million) will be made available for the development of the second phase of the HySynergy facility.

HySynergy 2.0 will be developed together with Crossbridge Energy Fredericia as partner and will produce green hydrogen used to decarbonise industrial processes and transportation. In June, Everfuel and Crossbridge Energy agreed on terms for hydrogen supply from HySynergy 2.0, subject to receiving the now-granted IPCEI funding.

“This is a major milestone as we progress phase two of HySynergy towards final investment decision and a confirmation of the PtX project’s scale and significant contribution to decarbonisation of industry and transport in Denmark. We are very pleased with the support provided by the Danish government, the EU and our partners in the HySynergy project which will help accelerate commercialisation of green hydrogen,” says Jacob Krogsgaard, the CEO of Everfuel.

“We are now starting the new and greener future. Hydrogen is the key to producing greener fuels. HySynergy Phase two is a giant milestone and an industrial deployment of hydrogen production capacity will enable us to move fast forward,” says Finn Schousboe, the CEO Crossbridge Energy A/S.

Today’s notification follows the IPCEI status granted by the EU Commission on 21 September 2022. The funds will support development of Everfuel’s electrolyser and Crossbridge Energy’s co-processing. HySynergy 2.0 was in 2021 shortlisted by the Danish government as one of two Danish power-to-X projects eligible for public funding subject to IPCEI status. Both have since reived IPCEI status as projects that contribute to job creation and sustainable economic growth in the EU. The Danish government has allocated approximately DKK 850 million of funding for the two projects. Everfuel will receive the grant according to standard Danish regulations for public funding.

The first phase of the HySynergy project is the 20 MW electrolyser. HySynergy 2.0 will extend the existing facility with 300 MW electrolyser capacity through the development of three sections of 100 MW each. The public funding that follows the IPCEI status is connected to building the first 100 MW of the second phase.

HySynergy aims at producing large quantities of green hydrogen to be used in industry processes by the adjacent Crossbridge Energy refinery and other partners as well as for mobility purposes at Everfuel stations. By 2025, when the 300 MW electrolyser facility is established, HySynergy will facilitate an annual reduction of up to 500,000 tonnes of carbon emissions from the mobility sector and the industry, which corresponds to 11% of the total carbon emissions from the Danish land-based transport sector in 2020. Accumulated facility capacity planned for 1GW in 2030.

HySynergy is a project collaboration between Everfuel, Crossbridge Energy A/S, EWII, TREFOR, Aktive Energi Anlæg, TVIS and ENERGINET. It is a part of the first Everfuel hydrogen hub which are PtX facilities that scale green hydrogen via local value chains for production, distribution and consumption backed by long-term customer agreements.
 

For additional information, please contact:

Jacob Krogsgaard, CEO, Everfuel, +45 2871 8945

Mads Tirsgaard Mortensen, Investor Relations Manager, Everfuel, mm@everfuel.com, +45 6171 56 25

Torben Øllegaard Sørensen, External Relations Advisor, Crossbridge Energy Fredericia, +45 4077 9257

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.

About Crossbridge | crossbridgepartners.com

Crossbridge is a leading energy platform with an environmental focus on developing and driving sustainable energy solutions. Crossbridge acquired the A/S Dansk Shell refinery (renamed to Crossbridge Energy A/S) in June 2022. Crossbridge Energy supplies approximately 35% of the total Danish liquid fuel consumption. Crossbridge is focused on transitioning traditional energy infrastructure and growing through acquisition in North America, Europe and other locations. The platform has $2.0 billion in annual turnover.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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