Everfuel – Q2 2021: Firming Up The Green Hydrogen Value Chain

By August 19, 2021 4   min read  (773 words)

August 19, 2021 |

Fuel Cells Works, Everfuel – Q2 2021: Firming Up The Green Hydrogen Value Chain
  • Herning – Everfuel A/S today published its second quarter 2021 financial results.

Everfuel continues to execute its strategy of making green hydrogen for zero emission mobility commercially available across Europe and maintains high activity in engaging with partners, customers and authorities across the entire green hydrogen value chain from production to distribution and fueling stations.

Key events

  • Launch of the full Scandinavian hydrogen fueling network strategy and opening of H2 stations near Oslo and in Copenhagen
  • Cooperation with OKQ8 on Swedish station network
  • Progressing cooperation with Hydro on industrial scale hydrogen supply
  • Construction-start on HySynergy Phase I electrolyser and progressing Phase II development
  • Cooperation with Cabonline on developing Nordic market for hydrogen-fueled taxis
  • LoI with ASKO in Norway
  • Order of H2Station from Nel – as a prototype or a movable H2Station
  • Two initial hydrogen trailers from Hexagon Purus in operation – six to follow in coming months
  • End of June cash position of EUR 74.7 million

In the first half of 2021, Everfuel has focused on developing Scandinavian hydrogen (H2) fueling network plan including start-up of H2 refueling in Norway and recent opening of one new site and another in final stages of commissioning in Denmark. In July, Everfuel took delivery of the first hydrogen distribution trailer from Hexagon Purus. The two trailers now in operation are supplying green hydrogen to fueling stations in Denmark, Copenhagen. In addition, Everfuel is progressing several new partnerships such as the cooperation with Hydro on industrial scale hydrogen production and the collaboration with Cabonline and Toyota for developing a Nordic market for hydrogen-fueled taxis. In July, the company signed cooperation agreements with Greenstat in Norway for hydrogen production and with OKQ8 in Sweden for establishing a network of hydrogen stations. In Denmark, construction of the HySynergy electrolyser in Fredericia recently commenced with significant progress made on planning the further expansion.

The ongoing 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 fueling solutions supported by data driven optimization.

“Everfuel is in execution mode and this translates into activities across our green hydrogen value chain. We are bringing zero-emission transport in Europe from the drawing board and into real life. This includes the start-up of green hydrogen fueling in Norway and the opening of our medium capacity H2 station close to the H.C. Orsted power station in Copenhagen. We have also received our first purpose-built hydrogen trailers, which started to supply hydrogen to stations in Denmark” said Jacob Krogsgaard, the founder and CEO of Everfuel.

“Developing production of green hydrogen at scale is one of the key enablers for delivering on our long-term ambitions. We are therefore pleased to have started construction of the 20MW HySynergy electrolyser just yesterday in Fredericia, and the development and financing of the HySynergy Phase II electrolyser are progressing. In addition, we are moving forward with the planned cooperation with Hydro in Norway and Europe. Hydrogen from these sites will be distributed on our own trailers supplying our Scandinavian fueling network of 40 to 50 H2 stations planned by 2023, and to other end-users across Europe.” Jacob Krogsgaard added.

Everfuel had total revenue, representing sale of hydrogen and other operating revenue, of EUR 137,876 in the second quarter of 2021. EBITDA was negative EUR 1.5 million, reflecting significant ramp-up of activity and organization during the period. Revenue for first half of 2021 was EUR 328,518 and the EBITDA was negative EUR 2.5 million. Net loss amounted to EUR 1.2. 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 June 2021 amounted to EUR 85.9 million, compared to EUR 27.1 million at 31 December 2020, of which cash holdings were EUR 74.7 million (EUR 23.4 million). Total equity amounted to EUR 82.3 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.

About Everfuel |

Everfuel is making green hydrogen for zero emission mobility commercially available across Europe, offering competitive all-inclusive hydrogen supply- and fueling 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.


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