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2022-06-23 12:20:14
Herning, Denmark and Kristiansand, Norway, 23 June 2022 - Everfuel A/S and
Greenstat ASA are pleased to announce the award a grant of NOK 148 million from
Enova to support the development of the Hydrogen Hub Agder. The hub includes the
construction of a 20 MW electrolyser at the Elkem Fiskaa industrial compound in
Kristiansand, Norway.

The primary focus for the hub is to serve the shipping industry with renewable
fuel where Kristiansand is a major port for both Norwegian coastal traffic and
marine traffic to the rest of the European continent. Kristiansand is also a key
landing point for the European transportation corridor through Jylland in
Denmark onwards to Norway. The planning and execution of the project will
commence immediately with planned start-up of operations in the fourth quarter
of 2024.

The project hub is the first major joint venture between Everfuel and Greenstat
following cooperation agreement signed in July 2021. Hydrogen Hub Agder will be
developed in collaboration between the two parties and the industrial companies
Elkem and Glencore Nikkelverk.

"We are very pleased with the grant from Enova and consider it as a vote of
confidence to the role Everfuel and Greenstat are playing to facilitate the
green shift in Norway. We are looking forward to work with our clients and
together with Greenstat, Elkem and Glencore Nikkelverk to deliver on the plan we
have presented to Enova," says Jacob Krogsgaard, the CEO of Everfuel.

"In Greenstat we would also like to express our gratitude to the support and
trust from Enova to realise the Hydrogen Hub Agder project.  It is a real
pleasure for us to work with this project in our home region. Kristiansand
municipality and Agder County have both mobilised strong and valuable support
for the project. Together we have a clear ambition to realise the 'Electric
Region Agder' vision and to make the maritime sector fossil-free," says Torstein
Thorsen Ekern, managing director of Greenstat Energy.

"The partnership with Everfuel has been very constructive and has complemented
our own competence and business orientation. Everfuel's extensive experience
with hydrogen production and distribution is of great value to the development,
and the cooperation with the industry companies Elkem and Glencore Nikkelverk,
adds further strength and solidity to the Hydrogen Hub Agder project," says
Vegard Frihammer, the CEO of Greenstat ASA.

The partners are targeting the fast-growing shipping segment and offtake
opportunities from partners in the construction industry, trucking mobility,
refuse services, taxi fleets as well as providing green energy supplies to
industrial clients. Everfuel and Greenstat has signed Letters of Intent with
several clients representing a total offtake of more than 8 000 metric tons (MT)
of compressed hydrogen per year. The full hub potential is planned to be
realised after a second development phase which will increase the electrolyser
capacity to 60 MW.

"The hub development reflects the fruitful collaboration we have with Greenstat,
who are equally dedicated as us in making green hydrogen commercially available.
In this project, we have engaged with a number of visionary and ambitious
partners who are all exploring different ways of decarbonising their operations.
We look forward to developing competitive hydrogen solutions for multiple
purposes and to make shipping, mobility and industry in Norway a bit greener.
The Hub will also support the development of an efficient supply chain to serve
our fuelling network along the south coast of Norway with green hydrogen," says
Helge Skaarberg Holen, Country Manager for Everfuel in Norway.

The project has entered into a partnership agreement with Elkem for the lease of
seafront land on the Fiskaa industrial compound near the Kristiansand harbour.
The construction is planned in two phases, where the first phase is a hydrogen
production facility with a 20 MW electrolyser producing around 8 MT of green
hydrogen per day. The second phase is expected to be commissioned in 2027,
expanding the PtX facility to a 60 MW electrolyser.

The location near the harbour is ideal for maritime hydrogen supplies using both
container swapping and cascade fuelling. A group of ambitious partners including
Holland-Norway Lines,  FFS Marine, Arriva Shipping and several undisclosed
companies have signed letters of intent (LOIs), expressing their interest in
offtaking hydrogen from the facility. As Kristiansand is also a logistics hub
for multiple companies, the location is attractive for partners in the mobility
segments. ASKO, a leading logistics company, and UMOE, a leading hydrogen gas
container producer located in Kristiansand, are among mobility partners signing
LOIs for hydrogen offtake.

Furthermore, an LOI has been signed with Glencore Nikkelverk for the offtake of
the excess oxygen from the production facility. Combined with a potential use of
excess heat from the facility in collaboration with Elkem Carbon, Everfuel and
Greenstat will create a highly energy-efficient PtX-facility aiming for a power
efficiency in excess of 90%. This would make it one of the most efficient water
electrolysis facilities in Europe.

Depending permitting, the commissioning of the first phase is expected in late
2024.

For additional information please contact

Helge Skaarberg Holen, Country Manager Norway, Everfuel, + 47 941 60 707

Torstein Thorsen Ekern, Managing Director, Greenstat Energy AS,  +47 90 98 29 59

About Everfuel | www.everfuel.com

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

About Greenstat | www.greenstat.no

Greenstat is a Norwegian company with shared registered in the Euronext-VPS
register with 1785 unique shareholders (May 2022). Greenstat develops and owns
green energy solutions, and focuses on production of green hydrogen, wind and
solar energy. Greenstat often develop hydrogen projects in collaboration with
partners, and develops, owns and service hydrogen production facilities for
further distribution. Greenstat has several hydrogen projects under development
at strategic locations in Norway and also has activities abroad, including
India.

This information is considered inside information pursuant to the EU Market
Abuse Regulation and is subject to the disclosure requirements pursuant to
Section 5-12 the Norwegian Securities Trading Act.