Herning, Denmark, 15 May 2024 - Everfuel A/S today published its first quarter
2024 financial results.

Key events Q1 2024:

  · HySynergy 1 start-up moved to second half 2024 due to failed commissioning
tests of certain sub-systems provided by the supplier postponing internal
Everfuel and supplier software validation
  · LOI with undisclosed industrial offtaker of green hydrogen in Germany
  · Political agreement in Denmark for financing of the hydrogen pipeline
infrastructure
  · Five trailers in operation, serving the Heinenoord bus station and upcoming
bus depots in Germany
  · Q1 EBITDA of EUR -2.6. million (EUR -5 million Q1 2023)
  · Cash position of EUR 25.4 million at end of March 2024
  · Significant cost reduction in downstream business activities
  · Current liquidity position expected to fund investment and operation plans
well into 2025
  · Updated long-term ambition of >2 GW installed capacity, EUR >1 billion
revenue by end-2035 with an EBITDA margin of 30-35%

Everfuel's ambition is to make green hydrogen for zero emission industrial
activity and mobility commercially available across Europe. Everfuel primarily
focus on the development of large-scale green hydrogen production capacities
starting in Denmark and providing green hydrogen for industrial and mobility
users in Europe. The Company is engaging with partners, customers and
authorities across the entire value chain, from production to distribution and
fuelling, when executing its long-term strategy for value creation as a leading
European green hydrogen company.

On May 8, Everfuel announced a Letter of Intent (LoI) with a large industrial
offtaker in Germany for the supply of up to 10,000 tons of green hydrogen per
year from 2028. Industrial-scale green hydrogen production, distribution and
fuelling networks are required for Europe to meet stated climate targets.
Everfuel's activities support these targets and maintains the ambition of being
one of the first green hydrogen companies to reach over EUR 1 billion in revenue
from hydrogen sales to industry and mobility customers.

"Everfuel continues the implementation of our realigned strategy, prioritising
the development of large-scale electrolysers supplying industry and heavy-duty
mobility, while at the same time reducing cash burn and adding financial
flexibility. Today, we present our updated long-term ambitions as a leading
European independent hydrogen producer, enabling hard-to-abate industries to
decarbonise, as reflected in the recent LOI signed with a new partner in
Germany. Execution of our strategy is supported by the Hy24 JV, which positions
us to accelerate the deployment of green hydrogen production to meet strong
European demand growth driven by the urgent need for zero-emission energy and
transport systems," said Jacob Krogsgaard, the founder and CEO of Everfuel.

Following the strategy realignment, Everfuel has updated the company's financial
model and set new long-term ambitions based on the development of the hydrogen
backbone infrastructure in line with agreements announced Danish and German
Governments. Everfuel targets to have more than 2 GW of green hydrogen
production capacity installed by end-of 2035 based on the execution of three
electrolyser projects in Denmark, supporting the above-mentioned revenue target
and an expected EBITDA margin of 30-35%. Total investments are forecast to
around EUR 2 billion, of which EUR  300 million is expected externally raised
equity financing and the remainder being expected cashflow from operations, debt
at group and SPV level and various grants. Of the EUR 300 million equity
requirement, approximately one-third has already been raised.

Everfuel recognises, that as an early mover in a new industry, the Company is
breaking new ground and continuously contribute to constructive maturation of
technology together with suppliers and stakeholders, exposing the Company to
protracted political progress, immature technology, supply chain challenges,
cost inflation and scarce resources including access to competence.

Key financials

Total revenue, representing the sale of hydrogen, projects and other operating
income, was EUR 1.2 million in the first quarter of 2024, up from EUR 0.6
million in the same period of 2023. Total revenue included EUR 0.4 million in
proceeds from sales of legacy assets related to the downstream business.

EBITDA was negative EUR 2.5 million (negative EUR 5.0 million in first quarter
2023). The improvement is driven by high-grading of the downstream project
portfolio and optimised downstream operations as well as savings in group cost.

Total Group assets at 31 March 2024 were EUR 107.6 million, compared with EUR
111.2 million at year-end 2023. The increase in non-current assets reflects that
the construction phase of HySynergy 1 is close to completion. The decrease in
current assets reflects that accrued grants have been received and a reduction
in in cash and cash equivalents. At period end, the cash position was EUR 25.4
million, compared to EUR 28.6 million at year-end 2023. The decrease reflects
investments made during the period. Total equity amounted to EUR 67.5 million
(EUR 70.3 million). Changes from year-end reflects the net loss in the period.

HySynergy 1 update

On 24 April 2024, Everfuel provided an update on the commissioning of the 20 MW
HySynergy 1 electrolyser with focus on sub-systems required to start production
and delivery of green hydrogen. The main electrolyser facility is ready for
start-up, while some sub-systems experience delays following commissioning
tests. This is impacting the planned start-up of the HySynergy 1 facility with
production now expected to commence in the second half of 2024.

Testing, verification and certification is being executed in close cooperation
with the electrolyser supplier, Nel, and other sub-suppliers with focus on the
following areas