Herning, 8 February 2021 - Everfuel A/S today published its fourth quarter and
preliminary full-year 2021 financial results.

Key events

  · Increased hydrogen sales driven by new H2 stations and a growing FCEV taxi
fleet
  · Signed agreement for scale-up of hydrogen taxis in Copenhagen with Toyota
and DRIVR
  · To supply excess heat from HySynergy facility to local district heating
network
  · Entering the German hydrogen fuel market with long-term supply contracts
  · Awarded SEK 45 million in grants for two refuelling stations in Sweden
  · End of December cash position of EUR 59.3 million after asset investments
done in Q4
  · First disbursement from EIB loan facility for HySynergy Phase I project in
Q1-2022

Everfuel's ambition is to make green hydrogen for zero emission mobility
commercially available across 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 fuel company.

In 2021, the company progressed several strategic initiatives to establish a
Scandinavian hydrogen (H2) fuelling network, develop hydrogen production and
establish industrial partnerships to position hydrogen as a leading zero
-emission fuel and enabler for decarbonised transport at scale. These
initiatives position Everfuel as a leading European provider of safe, stable and
cost-efficient hydrogen made from renewable solar- and wind energy.

In the fourth quarter, Everfuel experienced an increase in end-user activity.
The growth is a function of the growing fleet of hydrogen taxis in Denmark
combined with the opening of a new H2 refuelling site in Copenhagen. Activity
was however impacted by new COVID-19 measures implemented late in the quarter
which reduced taxi usage and H2 dispensing.  These measures have continued into
the first month of 2022.

"We are pleased with the strategic progress Everfuel is making. This is
reflected in increased end-user activity at our refuelling stations, the
expansion into Germany, strong partnerships and an exciting project pipeline. We
remain focused on making hydrogen happen, and I am confident that Everfuel is
well on the way to become one of the leading European providers of green
hydrogen," said Jacob Krogsgaard, the founder and CEO of Everfuel.

Everfuel had total revenue, representing sale of hydrogen and other operating
revenue, of EUR 348 thousand in the fourth quarter of 2021. Direct revenue from
hydrogen increased compared to the previous quarter with the opening of the new
high-capacity station in Copenhagen. However, fuelling activity was negatively
impacted by Covid-19 and additional public health measures implemented in
December in response to a new virus variant. The measures reduced traffic
towards year-end and into early 2022. Other operating revenue is primarily
driven by one-off items. EBITDA was negative EUR 2.5 million, reflecting
continued ramp-up of activity and organisation during the quarter.

Total revenue for the full year was EUR 0.83 million, compared with EUR 1.05
million in 2020. The development in revenue is caused by an increased sale of
hydrogen and a reduced other operating revenue. EBITDA was negative EUR 6.8
million (EUR -1.1 million). The financial results reflect that the company is
still in the initial stages of commercializing the green hydrogen value chain in
its target markets.

Total assets at 31 December 2021 amounted to EUR 83.8 million, compared to EUR
27.1 million at 31 December 2020, of which cash holdings were EUR 59.3 million
(EUR 23.4 million). Total equity amounted to EUR 77.2 million (EUR 25.8
million). Changes from year-end 2020 predominantly reflected net proceeds of NOK
600/EUR 58.5 million from the private placement in January 2021 and investments
made during the year.

Webcast:

CEO Jacob Krogsgaard and CFO Anders Bertelsen will present the company's results
today at 09:00 CET and invite investors, analysts and media to join the live
webcast presentation. The presentation is expected to last up to one hour,
including Q&A, and can be followed via live webcast.

Join the webcast on Teams via the following link:

Join the results webcast via the following link: Everfuel Fourth Quarter
Presentation (https://teams.microsoft.com/l/meetup
-join/19%3ameeting_Zjg4OTIwYzUtMWY5Ni00ZjJlLWJlY2QtYTNjYmVkY2E5M2U3%40thread.v2/
0
?context=%7b%22Tid%22%3a%228fd76cfd-8767-462b-bc96
-5238dcfb9fd6%22%2c%22Oid%22%3a%2265670f25-34ed-41d4-81d5
-5f50ff4b2093%22%2c%22IsBroadcastMeeting%22%3atrue%7d&btype=a&role=a)

Questions can be submitted through the online webcast during the presentation. A
recorded version of the presentation will be made available at www.everfuel.com
after the presentation has concluded.

For additional information, please contact:

Anders Bertelsen, CFO, +45 21 35 43 03

Lea Vindvad Hansen, Investor Relations & Communications Manager, +45 61 83 02 05

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.

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