(Herning / Denmark) – The Danish Everfuel A/S wants to concentrate more on the production of green hydrogen in the future. Due to recent market and company developments, priority is being given to developing production capacities for green hydrogen and reducing investments in the refueling network.
When restructuring the hydrogen filling station network, unprofitable old filling stations should be closed down due to the currently “immature mobility market”. Everfuel also justifies this with delayed hydrogen deliveries from third parties, restrictions in the supply chain and cost inflation. This affected the company's commercial and financial development.
In addition, the growth of the green hydrogen market in Europe remains subject to lengthy political processes, delayed large-scale deployment of hydrogen vehicles, a limited pool of skilled personnel and limited access to capital in the current market environment.
After the final political agreement on the regulation on the infrastructure for alternative fuels (AFIR), the aim is to concentrate again on heavy commercial vehicles for the future hydrogen filling station network. This was announced by Jacob Krogsgaard, the CEO and founder of Everfuel, when announcing the financial results for the second quarter and first half of 2023.
Sales increased fourfold
The company recorded an increase in sales by a factor of 4,5 compared to the same quarter last year due to the high activity in the construction of filling stations in Germany, although sales from hydrogen refueling remained stable over the course of the quarter. “We are sticking to our goal of achieving one billion euros in revenue from the sale of green hydrogen to industry and mobility, but it will take longer to achieve this goal and investments will be higher than we initially expected,” says Krogsgaard.
The realignment will “reduce cash burn, increase financial flexibility and will likely enable us to finance currently planned investments through 2025 before we need additional equity.”
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Everfuel wants to postpone the expansion of the filling station network for the time being and concentrate on the production of hydrogen. © Everfuel A/S
