Everfuel Announces Q1 2021

Source: www.gulfoilandgas.com 5/26/2021, Location: Europe

Everfuel A/S published its first quarter 2021 financial results.

Key events
• MOU with Hydro for cooperation on industrial scale hydrogen supply
• Launch of Scandinavian hydrogen fueling network strategy
• Progressing HySynergy electrolyser and launch of Phase II development plan
• Cooperation with Cabonline on developing Nordic market for hydrogen-fueled taxis
• Strengthening organization across all key functions
• End of March cash position of EUR 79.2 million after January private placement

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.

To date in 2021, the company has focused on developing Scandinavian hydrogen (H2) fueling network plan, maturing new and existing partnerships led by the cooperation with Hydro on industrial scale hydrogen production, progressing the HySynergy electrolyser projects and executing the organizational build-up to drive long-term growth. All are key elements of 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.

"Our ambition is to be a driving force for transition to zero emission transport in Europe by establishing value chains for safe and efficient production, distribution and fueling of green hydrogen. Initially, we are scaling our business in the Scandinavian home market and focusing on development projects in Germany, the Netherlands and Belgium. The increase in activity is supported by a fast growing Everfuel organization. We have year-to-date added 18 employees across all disciplines. We experience great interest from highly qualified individuals who want to become Everfuellers and help scale our company and execute our longterm plan for growth and value creation,” said Jacob Krogsgaard, the founder and CEO of Everfuel.

Everfuel had total revenue, representing sale of hydrogen and other operating revenue, of EUR 191,000 in Q1 2021. EBITDA was negative EUR 1 million, reflecting significant ramp-up of activity and organization during the period. 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 March 2021 amounted to EUR 85.9 million, compared to EUR 27.1 million at 31 December 2020, of which cash holdings were EUR 79.2 million (EUR 23.4 million). Total equity amounted to EUR 83.8 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.

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