Everfuel – Q2 2023: Realignment of strategy with focus on scaling green hydrogen production

Everfuel’s ambition is to make green hydrogen for zero emission industrial activity and 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 company.

Everfuel has made significant progress since listing on Euronext Growth Oslo in 2020. At the same time, immature technology, project complexities, delayed third-party hydrogen sources, supply chain constraints and cost inflation have impacted commercial and financial development. Further, the growth of green hydrogen market in Europe remains subject to protracted political processes, delayed roll-out of hydrogen vehicles at scale, a narrow pool of competent personnel as well as limited access to capital in the current market environment.

Based on recent market and corporate developments, Everfuel has decided to prioritise development of green hydrogen production capacity and reduce refuelling network investments by high grading the existing portfolio of refuelling stations and projects.

Jacob Krogsgaard, the CEO and founder of Everfuel, commented:

“We are very pleased to see increased momentum in Europe in support of green hydrogen across multiple dimensions, including the RED-II directive, the AFIR regulation, the European Hydrogen Backbone initiative and the recent agreement for a hydrogen pipeline connecting Denmark and Germany. Together, these form the foundation for unlocking a large European hydrogen market for which Everfuel is well positioned.

Still, we recognise, that as an early mover within green hydrogen, we are breaking new ground for a new industry and continuously contribute to constructive maturation of technology together with suppliers and stakeholders, exposing us to delays in political processes, immature technology, supply chain challenges, cost inflation and scarce resources including access to competence. Our ambition of EUR 1 billion revenue from green hydrogens sales to industry and mobility remains firm, but it will take longer to get there, and investments will be higher than we initially expected. Our realignment of strategy will reduce cash burn, add financial flexibility and is expected to enable us to finance the current planned investments into 2025 before requiring additional equity, supported by cashflow from HySynergy, the Hy24 JV, public grants and relevant project debt financing.”

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