Fredericia, Denmark, 11 May 2021 - Everfuel A/S is pleased to announce the plans
of the HySynergy Phase II development of a 300MW electrolyser and Power-to-X
(PtX) facility adjacent to the Fredericia refinery. The HySynergy Phase II
involves a significant scale-up in the production of green hydrogen, planned for
a complementary use in both zero-emission hydrogen mobility and as green
feedstock to various fuel refining processes. Upon its realization, the combined
facility will have the capacity to lower the Danish land-based transport sector
related carbon dioxide (CO2) emissions by nearly 5% already by 2025, directly
contributing to the Danish government objective of reducing CO2 emissions by
70% by 2030.

Approximately 20% of the green hydrogen produced at the facility will be
dedicated to direct usage as pure hydrogen for zero emission mobility, while 80%
will be used as a feedstock for the fuel refining processes. The new facility
will enable a 214,000-ton reduction of annual CO2 emissions from the industry
and mobility sectors, equal to approximately 4.7% of the total CO2 emissions
from the Danish land-based transport sector[1)]. The new facility can also
provide oxygen for on-site carbon capture by an oxyfuel process and a 25%
reduction of the Fredericia refinery emissions by using the green hydrogen for
production of gasoline, diesel, DME and M85 with a lower carbon footprint. Thus,
the second phase of HySynergy may also include production of methanol.

"This is a truly unique project and a global showcase of cross sectoral PtX
synergies, furthermore, posing a significant CO2 emissions reduction potential
on both near- and long term. Adding to the substantial here-and-now CO2
reduction potential from the planned 80/20 capacity distribution between
refining and direct use in mobility, a gradual increase in hydrogen capacity
used directly for land-based transportation may further increase the CO2
reduction up to an annual 450,000 ton, equal to the CO2 displacement from
500,000 electric cars[2)]. Put in another perspective, this is equivalent to a
~10% reduction of the total land-based transport emissions in Denmark. We are
eager to proceed with the HySynergy Phase II project and continue bringing
Fredericia and the Danish Triangle Region forward as a European hub for PtX and
green fuels", says Jacob Krogsgaard, founder and CEO of Everfuel.

Everfuel has commenced further dialogue with public and private stakeholders and
has applied for project funding under the Important Projects of Common European
Interest (IPCEI) scheme for development of large-scale hydrogen projects. The
target is to bring the HySynergy Phase II to a final investment decision (FID),
subject to regulatory approvals and funding, by late 2022, with commissioning in
late 2024. The expected project budget is up to DKK 1,9 billion, equivalent to
EUR 250 million.

The company is currently developing the HySynergy Phase I 20MW electrolyser next
to the Fredericia refinery. The final regulatory approval is expected to be
completed before summer 2021, with start of construction planned for third
quarter. The HySynergy Phase I and II are part of Everfuel's announced plan to
invest EUR 1.5 billion in developing the green hydrogen value chain in Europe
and reach EUR 1 billion of annual revenue from sale of hydrogen before 2030.

"Fredericia is an energy metropolis of Denmark. With that position comes the
responsibility to contribute to Denmark's green transition, in which we see a
great potential in the development of green fuels. The HySynergy project, led by
Everfuel, is a good example of how we can contribute to reducing CO2 emissions
in Denmark and help achieve the nationwide goal of 70% CO2 reduction by 2030,
whilst at the same time realizing the objectives set out in the City Council's
climate plan. Now the planning is underway, so that the framework can be put in
place. I look forward to following the project", says Steen Wrist, Mayor of
Fredericia.

For additional information, please contact

Jacob Krogsgaard, CEO, +45 2871 8945

Uffe Borup, CTO, +45 5151 8587



Key points & references

  · 300MW Electrolyser plant & PtX facility
  · 20% of capacity planned for direct use in zero emission mobility
  · 80% of capacity planned as green feedstock to fuel refining processes
  · Electricity sourced from wind and solar, contributor to grid balancing
  · Oxygen to be used for carbon capture process
  · Integrated heat recovery, exportable to TVIS district heating network
  · Initial CO2 emission reduction potential from mobility and industry sector
by 214,000 ton of CO2 per year
  · Scheduled to be in operation by 2025
  · Land-based transport sector in Denmark includes: All trucks, vans, trains,
and buses

 1. Reference: Klimapartnerskabsrapport - landtransport 2020
https://www.trm.dk/media/4864/klimapartnerskabsrapport-landtransport
-rapport_final-a.pdf
 2. Upper potential CO2 displacement exemplified as relative to 500,000
electric cars driving 9,000km/year, displacing 500,000 gasoline cars with
equivalent driving and average 100 gCO2/km = 450,000 tons CO2


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.