246,3M I IPCEI-FUNDING

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EFUEL 16.12.2022 kl 11:52 326

EFUEL: HYSYNERGY 2.0 MOTTAR DKK 246,3M I IPCEI-FUNDING
Oslo (Infront TDN Direkt): Everfuel har mottatt 246,3 millioner danske kroner i IPCEI-funding fra danske myndigheter for utvikling av andre fase av HySynergy-anlegget.

Det fremgår av en melding fredag.

HySynergy 2.0 skal utvikles sammen med Crossbridge Energy Fredericia og vil produsere grønt hydrogen for avkarbonisering av industrielle prosesser og transport.

TDN Direkt finans@tdn.no
Infront TDN Direkt, +47 21 95 60 70
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16.12.2022 kl 14:16 305

First hydrogen produced at Europe's largest electrolyser, HySynergy

Herning, Denmark, 16 December 2022 - Everfuel A/S is pleased to announce the
production of first hydrogen at HySynergy. The initial volumes produced today at
Europe's largest electrolyser, represent a major milestone towards the
commercialisation of green hydrogen as a clean source of energy for industry and
mobility.

The hydrogen was produced from the first set of electrolyser stacks as part of
the planned start-up and testing of production equipment at the 20 MW HySynergy
facility in Fredericia, Denmark. The start of the commissioning phase was
executed according to plan, confirming that the electrolyser, power supply and
ancillaries operate as intended. The small amount of hydrogen produced was
safely vented into the atmosphere with no environmental impact.

"First hydrogen is a major milestone both for Everfuel and for a greener
society. We are executing on our promise to soon bring commercial green hydrogen
to the market, and I am grateful to the project team and partners who have
worked tirelessly to make this happen on schedule amid a challenging supply
chain market," said Jacob Krogsgaard, founder and CEO of Everfuel.

The initial production is the first step towards ramping up the electrolyser
facility to supply green hydrogen to customers seeking to decarbonise industrial
processes, such as the adjacent Crossbridge Refinery, and to customers seeking
clean fuels for zero-emission mobility. Commercial production is expected to
commence in the second quarter of 2023, subject to relevant approvals by Danish
authorities, as HySynergy is currently the first large-scale PtX facility in
Denmark and is considered a learning case for the authorities' work related to
coming Danish PtX projects. Earlier this year, HySynergy was appointed as a
Flagship project by Hydrogen Europe as it spearheads the roll-out of large-scale
hydrogen implementation in Europe.

The HySynergy project will be developed in stages with the 20 MW electrolyser
representing the first phase. Everfuel plans to add an up to 10 MW test
facility, expected to be operational during 2023. It will enable electrolyser
manufacturers to test equipment in a controlled environment where the produced
hydrogen can be used by Everfuel or Crossbridge.

The test facility will be offered to a shortlisted group of electrolyser
suppliers in the tender for the second phase of HySynergy which today has
received DKK 246.3 million in Danish IPCEI funding. Phase two is set to add
further 300 MW of capacity in 2025 through the development of three 100 MW
sections. The DKK 246.3 million funding announced today will be used to finance
building the first of the 100 MW sections.
Link to the press release: https://news.cision.com/everfuel-a-s/r/hysynergy-2-0
-receives-dkk-246-3-million-in-ipcei-funding,c3684958

By end of 2025, when the 300 MW electrolyser facility is established, HySynergy
will have the capacity to produce green hydrogen that may facilitate an up to
500,000 tonnes reduction of carbon emissions per year from the industry and the
mobility sectors, corresponding 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
mobile +45 6171 5625

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.

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