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 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 4Q2021, it 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 hydrogen refuelling site in Copenhagen. Activity was however impacted by new COVID-19 measures implemented late in the quarter which reduced taxi usage and hydrogen 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 €348 000 in 4Q2021. 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 2021 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 -€2.5 million, reflecting continued ramp-up of activity and organisation during the quarter.
Total revenue for the full year was €0.83 million, compared with €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 -€6.8 million (-€-1.1 million). The financial results reflect that the company is still in the initial stages of commercialising the green hydrogen value chain in its target markets.
Total assets on 31 December 2021 amounted to €83.8 million, compared to €27.1 million on 31 December 2020, of which cash holdings were €59.3 million (€23.4 million). Total equity amounted to €77.2 million (€25.8 million). Changes from year-end 2020 predominantly reflected net proceeds of NOK600/€58.5 million from the private placement in January 2021 and investments made during the year.