Herning, Denmark, 20 May 2021 - Everfuel A/S and Hydro's renewable hydrogen
company have signed a Memorandum of Understanding (MoU). The two companies will
seek to establish a framework for coordinated development, operation, and
optimization of hydrogen electrolysers based on renewable energy in Europe.

The two companies intend to develop projects adjacent to Hydro-owned aluminum
plants with dedicated special purpose companies (SPV) facilitating the
construction and operation of each electrolyser. The SPVs will either be fully
owned by Hydro, or majority owned by Everfuel, depending on the expected offtake
from the specific site.

Initially, the companies have agreed to focus on three sites in Norway and in
mainland Europe, to be announced in the second half of 2021. Everfuel will be
the majority owner of two of the three initial sites. Both parties share an
ambition of expanding the markets for industrial and mobility use of hydrogen.
Both companies expect the cooperation to facilitate accelerated green hydrogen
production growth while creating a platform for risk sharing and cost
reductions.

"Hydro and Everfuel are two complementary companies with extensive hydrogen know
-how and a shared ambition of moving quickly to scale hydrogen production and
developing the European market. Hydro is a partner of choice for us as we
prepare to expand from project development in Scandinavia, BeNeLux and Germany
to building our presence across Europe in the coming years. Access to
electrolysers with an industrial baseload and flexibility to increase production
to meet growing mobility demand will be a key factor for Everfuel as we deliver
on our long-term ambitions," says Jacob Krogsgaard the founder and CEO of
Everfuel.

"We need to power the world on renewable energy, and renewable hydrogen is a way
to bring green energy to industries and sectors that historically have been hard
to decarbonize. Hydrogen use will enable more sustainable operations in Hydro,
and through the partnership with Everfuel we will also be able to supply the
growing green mobility market in Europe," says Arvid Moss, Executive Vice
President for Energy in Hydro.

The cooperation will build on Everfuel's EPC and project execution competences
developed in ongoing electrolyser projects. Both companies are committed to
sharing knowledge to jointly optimize development and operation to reduce costs.
Everfuel is currently developing a "Hydrogen distribution center" solution for
fast and safe fueling of high capacity hydrogen trailers. As part of the
cooperation with Hydro, Everfuel will install and operate hydrogen distribution
centers at the electrolyser sites adjacent to Hydro-owned aluminum plants.

For additional information, please contact

Jacob Krogsgaard, CEO, +45 2871 8945



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
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.

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. This stock exchange release
was published by Nicolaj Rasmussen, Business development director, Everfuel A/S
on 20 May 2021 at 07:30 CEST.