Everfuel A/S : Company Presentation 2023

Company presentation January 2023

Unlocking hydrogen at scale

Everfuel at a glance

o Hydrogen is the green heavy-duty fuel - 100% clean and reaching diesel parity

o Hydrogen in the green gas alternative - 100% clean and reaching natural gas parity

o A dedicated fuel & energy company is needed to commercialize green hydrogen

1. Everfuel is Europe's new integrated energy company - providing green hydrogen for Energy, Industry and Mobility o HQ in Herning, Denmark, listed as EFUEL on Euronext Growth Oslo
   o Everfuel is a Developer, EPC, Owner and Operator of the complete H2 value chain o Currently active in N, S, DK, D, NL, BE

Initial target markets

Following markets

Power	Hydrogen	Hydrogen	Hydrogen	Hydrogen
generation	production	distribution	Industrial offtake	Stations

2

Long-term plan supported by European framework conditions

o The inflation reduction act in US has given the necessary consistent long-term framework conditions for developers to bring projects to FID

o Europe catching up to US with RED II and

Delegated Act in December 2022 following RFNBO certification and national targets for both industry and mobility

o Everfuel engage in national and EU public affairs to address EU urgency for accelerated implementation

Stick and carrot incentives

CO tax and penalties	RED II1 & DA2 for RFNBO i.e., certificates
2

RFNBO targets industry and transport	Funding programs like IPCEI
ESG requirements - funds and industry	Contracts for Difference (CfD)

1 Rev. RED II: revision of the Renewable Energy Directive II	3
2 DA: Delegated Act on additionality, appendix to the rev. RED II

EU Taxonomy & RFNBO criteria will generate strong interest for Everfuel's green hydrogen activities

EU Taxonomy

(Investor focus)

RED II1 & DA2

(RFNBO2)

(Customer focus)

1. Relevant for article 8 & 9 funds and green investors

1. Green hydrogen definition not finally detailed

and in line with EU regulation

1. Ticket schemes for green fuels and hydrogen for mobility e.g., country-specificcertificates

1. Key criteria for green hydrogen defined

1. Clear ambition to be eligible under EU Taxonomy and RFNBO when details are firmed

1. Alignment of the pull for green hydrogen from Everfuel investors and customers

1. Everfuel well positioned

to be a certified green H2 supplier

1 Rev. RED II: revision of the Renewable Energy Directive II	4
2 DA: Delegated Act on additionality, appendix to the rev. RED II

Hydrogen market will reach a demand of 20Mt/y1 in 2030 - likely shortage on green hydrogen initially

Expected RFNBO consumption in 2030 in million tons (Mt) in EU

◼ transport & mobility ◼ industry ◼ others			20
5.3							4.0
						1.3		10	Planned
					1.5			import
8.3				3.2
			3.6
		2.3						10	Planned EU
							production
6.4	1.8
2.3
transport	eFuels	refineries	industrial	chemicals	steel	blending	ammonia/	need of
			heating				derivates	RE H2
							import

Takeaways

1. The European Commission's plan, REPowerEU estimates 10 Mt can be produced the in EU, and 10 Mt needs to be imported

1. Hydrogen Europe's estimation of RFNBO market potential in 2030 is considered a pessimistic estimation compared to other studies

1. Steel production is estimated to be a major off-taker for H2. 1.5Mt in steel reflects less than third of one major steel productions changing to BAF-EAFtrack

1. Chemical production includes domestic production of fertilizers

1) Million tons per year	5
Source: Hydrogen Europe; Deloitte Hydrogen4EU 2021