Everfuel submits project proposal for large H2 production project, uniquely positioned for the coming Danish-German H2 pipeline

Herning, Denmark, Friday 14 June 2024, Everfuel A/S is pleased to announce that
it has submitted a project proposal for the phased development of up to 2 GW
green hydrogen production capacity at the Revsing Energy Park under development
by the municipality of Vejen, Denmark. The project named Frigg, if included by
the municipality, is set to become Everfuel's first large-scale production
facility dedicated to hydrogen supply via pipeline to industrial customers in
Germany.

Everfuel have secured land for the built-out of Frigg and is now continuing
development and feasibility work to secure access to the available
infrastructure for the uniquely positioned project. Frigg is located in close
proximity to the Revsing transformer station and within the area of the hydrogen
backbone. Frigg is planned to be expandable up to 2 GW of electrolyser capacity
with potential direct connection to greenfield local renewable energy production
from solar and wind developed by Everfuel or partners, as well as integration
with local district heating. In May, Everfuel announced a Letter of Intent with
an undisclosed German industrial customer for initial supply of up to 10,000
tons of green hydrogen per year. Project Frigg is the intended supply source for
the German customer and for other future industrial offtakers.

"We are excited to move ahead with the Frigg project which represents a
significant expansion to the development of Denmark's hydrogen production
infrastructure. It will support local employment and create other positive
ripple effects across the region, while also reducing CO2 emissions in Europe.
Frigg is a key enabler for our commercial discussions with our LoI-partner and
other industrial customers in Germany. The project is also an important element
in the dialogue with the Danish authorities regarding Everfuels indicated
pipeline capacity reservations," said Jacob Krogsgaard, founder and CEO of
Everfuel.

Frigg is located on the "Lower T", specifically in the intersection between the
North-South and East-West hydrogen backbone, which is expected to be the first
section to be built and operational by 2028 as announced by the Danish TSO,
Energinet. Frigg is positioned to scale rapidly according to market demand.
Additionally, HySynergy is also expected to be connected to the Lower T
-pipeline, enabling critical balancing and redundancy-supply functions between
the two facilities.

HySynergy, Sif and Frigg's planned capacity are expected to be sufficient to
execute Everfuel's updated strategic ambition as communicated in the Q1 2024
report. The three projects are located in the DK1 power zone in Jutland,
Denmark, located to utilise Denmark's unique position within renewable energy.
The competitive advantage of green hydrogen production in DK1 is documented in
an analysis conducted by Aurora Energy Research, on behalf of Hy24 and Everfuel.
Please see executive summary from the Aurora report attached to this press
release.

Everfuel is committed to advancing the Frigg project and will keep relevant
stakeholders informed of any significant developments as they arise. The
realisation of the Frigg is subject to successful continued development and
inclusion of the project by the Vejen municipality.

For further information, please contact:

Jacob Krogsgaard, CEO, Everfuel, [phone]
Mads Tirsgaard Mortensen, Investor Relations Director, Everfuel,
[e-mail], [phone]

About Everfuel | www.everfuel.com

Everfuel is making green hydrogen for zero emission industry and mobility
commercially available across Europe, offering competitive all-inclusive
hydrogen supply and fuelling solutions. We own and operate green hydrogen
infrastructure and partner with industry and 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 energy
carrier made from renewable solar and wind power and key to decarbonising
industry and transportation in Europe. We are an ambitious, rapidly growing
company, headquartered in Herning, Denmark, and with activities in Norway,
Denmark, Sweden, The Netherlands and Germany, and a plan to grow across Europe.
Everfuel is listed on Euronext Growth in Oslo under EFUEL.

About Aurora Energy Research | www.auroraer.com

Established in 2013, Aurora Energy Research is a leading global provider of
power market forecasting and analytics for critical investment and financing
decisions. Headquartered in Oxford, we operate out of 14 offices worldwide
covering Europe, North & South America, Asia, and Australia. Our comprehensive
services include market outlook packages for energy industry participants,
advisory support, and innovative software solutions. We foster diversity with a
team of over 600 experts with backgrounds in energy, finance, and consulting,
offering unparalleled expertise across power, renewables, storage, hydrogen,
carbon, and fossil commodities. Our mission is to facilitate the global energy
transition through widely trusted quantitative analysis and high-quality
decision support.

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