Everfuel – Q3 2021: Deployment of the station bringing a green H2 to end users

Herning, October 16, 2021 – Everfuel A / S today released its financial results for the third quarter of 2021.

Key events

• The deployment of the Scandinavian hydrogen refueling network is progressing as planned
• Opening of nearby H2 stations Oslo and in Copenhagen, site selections are progressing Sweden with strong partners
• Signature of a strategic cooperation agreement with TECO 2030 for the delivery of green hydrogen
• Construction of the HySynergy Phase I electrolyser underway with the first hydrogen expected at the end of H2 2022
• HySynergy Phase II development on track and selected for potential EU funding IPCEI
• The deployment of taxis is progressing Denmark with vehicles filling the H2 stations of Copenhagen and Arhus
• Cash at the end of September from € 69.5 million a

that of Everfuel the ambition is to make green hydrogen for zero-emission mobility available commercially through Europe. The company engages with partners, customers and authorities throughout the value chain, from production to distribution and supply, as it executes its long-term strategy of creating value by as the European leader in green hydrogen.

The deployment of the Scandinavian hydrogen (H2) refueling network is a key strategic axis for Everfuel. The start-up in Norway, recent opening of new sites in Copenhagen and preparations for the first stations in Sweden are milestones reached to date in 2021. The new H2 stations in operation should have a positive impact on revenues from the fourth quarter. The development of hydrogen production capacity is another key priority, reflected by the start of construction of the HySynergy Phase I electrolyser in Fredericia, progress in planning for Phase II expansion and industrial partnerships. .

The initiatives aim to develop that of Everfuel position as one of the leading European suppliers of safe, stable and profitable green hydrogen to end users through competitive hydrogen supply and all-inclusive refueling solutions targeting large fleets of buses, trucks and taxis, supported through data-driven optimization. All stations are, or soon will be, accessible to customers using the Everfuel app. The company’s hydrogen delivery application and trailers and related assets will be connected to the company’s proprietary Helios big data system aimed at increasing efficiency and competitiveness throughout the company’s value chain. ‘hydrogen.

“With COP26 Fresh in mind, there is no doubt that we are heading for a radical shift in the production of renewable energy and the transition to decarbonization of transport around the world. We are starting to see political recognition of the many possibilities of green hydrogen and PtX as an important part of the solution to the climate change we are facing. We and the entire hydrogen industry must develop the market in close cooperation with technology providers and end users and with the support of the authorities. As such, we are delighted that our HySynergy Phase II project has made progress in the EU’s IPCEI funding plan, a confirmation of European interest in the commercialization of green hydrogen, ”said Jacob Krogsgaard, the founder and CEO of Everfuel.

“We are also delighted to see an increasing number of vehicles switching to zero emission hydrogen. Fleets of hydrogen taxis are deployed in the largest cities of Denmark, contributing to cleaner air and enabling taxi companies to meet growing customer demand for green mobility, ”added Krogsgaard.

Everfuel had a total turnover, representing the sale of hydrogen and other operating products, of 149 thousand euros in the third quarter of 2021. Direct hydrogen sales continued to be impacted by the reduction in Covid-19 traffic combined with reduced capacity in Copenhagen due to the opening of the new high-capacity station has been postponed to the fourth quarter. The other operating income is mainly attributable to one-off items. EBITDA was negative 1.8 million euros, reflecting the continued increase in activity and organization over the period.

The financial results reflect that the company is still in the early stages of commercializing the green hydrogen value chain in its target markets.

Total assets at September 30, 2021 amounted to 84 million euros, compared to € 27.1 million To December 31, 2020, whose liquidity was € 69.5 million (23.4 million euros). Total equity amounted to 80.4 million euros (€ 25.7 million). The variations compared to the end of 2020 mainly reflect the net proceeds of 600 NOK/58.5 million euros private placement in January 2021 and the investments made during the period.

Webcast:

CEO Jacob Krogsgaard and financial director Anders Bertelsen will present the results of the company today at 09h00 CET and invite investors, analysts and the media to join in the live webcast presentation. The presentation is expected to last up to an hour, including questions and answers, and can be followed via a live webcast.

Join the webcast on Teams via the following link:

Join the results webcast via the following link: Presentation of the third quarter of Everfuel

Questions can be submitted via the online webcast during the presentation. A recorded version of the presentation will be available at www.everfuel.com once the presentation is complete.

For more information, please contact:

Anders Bertelsen, CFO, +45 21 35 43 03

Lea Vindvad Hansen, Investor Relations & Communication Manager, +45 61 83 02 05

On Everfuel | www.everfuel.com

Everfuel puts green hydrogen for zero-emission mobility available commercially through Europe, offering competitive all-inclusive hydrogen supply and refueling solutions. We own and operate a green hydrogen infrastructure and work in partnership with automotive manufacturers to connect the entire hydrogen value chain in a transparent manner

supply hydrogen fuel to corporate customers under long-term contracts. Green hydrogen is a 100% clean fuel made from renewable energies and the key to the electrification of the transport sector in Europe and a sustainable future. We are an ambitious young company, headquartered in Herning, Denmark, and with

activities in Norway, Denmark, Sweden, The Netherlands, Germany and Belgium, and a growth plan through Europe. Everfuel is listed on Euronext Growth in Oslo under FUEL.

This information is subject to disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Law.

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