Herning, 10 May 2023 – Everfuel A/S today published its first quarter 2023 financial results.
Launch of JV with Hy24 for EUR 200 million of equity investment for accelerated development of green hydrogen infrastructure in the Nordics
Successfully completed EUR 25 million private placement
HySynergy Phase 1 progressing towards mechanical and electrical completion in late Q2 2023, ramp-up of commercial production subject to establishment of best-practice for safe and efficient operations, facility organisation and permitting
Signed agreement for the First Everfiller pilot
Awarded follow-up order for the planned heavy-duty hydrogen fuelling station in Wuppertal, Germany
Cash position of EUR 38.1 million at end of March 2023
Everfuel's ambition is to make green hydrogen for zero emission mobility and industrial activity 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.
In the first quarter, Everfuel strengthened its European leadership position through the creation of a joint venture with Hy24, the manager of the world's largest hydrogen infrastructure fund, to co-invest EUR 200 million of equity in electrolyser capacity in the Nordic region. The JV agreement was followed by a private placement of new Everfuel shares raising gross EUR 25 million of growth capital.
”We continue to execute our strategy for making green hydrogen commercially available to decarbonise industry and mobility. The joint venture with Hy24 marks a significant milestone in our commitment to scale the hydrogen value chain. Combined with the capital raised in March, we are now positioned to accelerate deployment of hydrogen production capacity in the Nordics and provide sustainable solutions to support energy transition in our key markets. Our near-term focus is on completing the commissioning at HySynergy and to start ramp-up of production of commercial volumes. This will be another major step towards realising the potential of green hydrogen as a key component of the clean energy mix,” said Jacob Krogsgaard, founder and CEO of Everfuel.
Following production of the first green hydrogen in December 2022, Everfuel has progressed with the continued construction and commissioning of the 20 MW HySynergy electrolyser next to Crossbridge Energy’s refinery in Fredericia during the quarter. The project is on track in relation to the revised cost estimates presented in March.
The Company is working towards mechanical and electrical completion of the facility by the end of the second quarter. In parallel, Everfuel is cooperating closely with Crossbridge Energy and Danish authorities to develop new policies and procedures for safe and efficient operation of a 20MW electrolyser facility as well as obtaining public and third-party approvals required to commence commercial operations. This work is expected to extend into the second half of 2023. Once completed, ramp-up of production can commence. Considering the high activity level at the HySynergy facility, Everfuel plans to provide a further project update in late June.
In February, Everfuel and Hy24, managing the world's largest clean hydrogen infrastructure fund, announced the creation of a joint venture (JV) to invest EUR 200 million of equity to develop electrolyser capacity in Denmark, Norway, Sweden, and Finland. This is expected to enable the JV to fund, build, own and operate up to 1 GW of green hydrogen projects. Everfuel will own 51% of the JV once fully established. The 20 MW HySynergy Phase 1 electrolyser is the first asset to be held by the JV. Under the agreement, the JV will deliver revenue and cash flow to Everfuel through fees during the project development, construction, and operation phases. Everfuel will also be entitled to defined development fees from the JV for projects reaching FID based on the return profile of each specific project.
In March, Everfuel completed a private placement of new shares raising gross proceeds of EUR 25 million. Following the placement, Hy24 Clean H2 Infra Fund became Everfuel's third largest shareholder. The proceeds will be used to finance Everfuel's share of investment in the Hydrogen Hub Agder and HySynergy Phase 2 projects, as well as other corporate purposes.
Everfuel had total revenue, representing sale of hydrogen, construction of refuelling facilities in Germany and other operating revenue, of EUR 645 thousand in the first quarter of 2023. This corresponds to a 67% increase compared to the same period in 2022, primarily reflecting revenue from construction contracts in Germany. Direct revenue from hydrogen sales reflects a stable increase in sales to buses filling at Heinenoord in the Netherlands and Taxi fleets in Denmark. EBITDA was negative EUR 5.0 million (negative EUR 2.4 million), reflecting continued ramp-up of activity and organisation during the quarter.
Total Group assets at 31 March 2023 were EUR 117.9 million, compared with EUR 102.7 million at the end of 2022. The cash position was EUR 38.1 million (EUR 31.9 million), reflecting the net proceeds from the private placement of new shares less investments made in the quarter. Total equity amounted to EUR 79.3 million (EUR 59.3 million). Changes from year end 2022 reflects the net loss and investments made through the period.
CEO Jacob Krogsgaard will present the company's results today at 09:00 CEST 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 results webcast via the following link:
Everfuel Q1 2023 Webcast