Herning, Denmark, 29 June 2023 - With reference to the first quarter 2023 report
disclosed on 10 May, Everfuel A/S today provides and update on completion and
commissioning activities on the 20 MW HySynergy phase 1 electrolyser in
Fredericia, Denmark.

Several milestones were attained during the second quarter towards mechanical
completion of the electrolyser facility in June. This includes obtaining
environmental approval of the hydrogen plant by the Danish Environmental
Ministry. The company has also made progress on finalising the electrical system
and the distribution centre, both of which are expected to be completed towards
the end of the third quarter, immediately followed by validation and
commissioning activities to prepare for start-up.

Following an operational readiness analysis conducted in the second quarter, the
Company has decided to implement an expanded framework for safe and efficient
operations including policies, procedures and master control system for facility
operations to cover HySynergy phase 1 and subsequent phases, as well as all the
planned future hydrogen hubs. This has led to an increased scope compared to the
original plan communicated in May. This operational platform is developed in
close cooperation with Crossbridge Energy and Danish authorities and covers
technical documentation, training and obtaining required public and third-party
approvals to commence commercial operations, as well as development of the
company's proprietary software for facility operations and related system
integration.

"As an early mover within green hydrogen, we are breaking new ground for a new
industry, which is taking longer than initially expected. However, we have
together with Crossbridge Energy established a robust path to ensure best
-practice procedures from the start-up with regards to safety and operational
readiness. We are building an organisation with unique experiences and
capabilities that strengthens Everfuel's long-term growth potential as a leading
European green hydrogen company." said Jacob Krogsgaard, the CEO and founder of
Everfuel.

The Company's original plan towards commercial operation date (COD) was based on
initiating commissioning of completed sections of the facility while continuing
construction on other parts. Once commissioning was completed, start-up of
production based on manual operations was planned in parallel with development
of operational procedures and automation of the hydrogen plant.

The updated, plan requires a sequential progress, starting with mechanical
completion followed by validation combined with organisational build-up,
including training the surveillance and maintenance teams prior to gradual ramp
-up of production. The process will be based on final reviewed and approved
documentation and supported, amongst other, by multiple PSSR (pre-startup safety
reviews) before final commissioning is initiated. This will be followed by the
initial supply of hydrogen to Crossbridge Energy, which is expected to commence
in the first quarter of 2024. Initially, Everfuel will prioritise supplies to
Crossbridge Energy before delivering green hydrogen through the distribution
centre.

"Following the review process, we identified an improved path to establish our
operational platform and control systems that can be applied to all the
HySynergy phases and serve as a blueprint for our other hydrogen hubs. This
requires an up-front investment but will create a more robust system prepared
for future upgrades and integrations, as well as enable synergies over the long
run as we can deploy this to our future production facilities," said Jacob
Krogsgaard.

As consequence of the extended project scope and timeline, the Company expects
an EUR 2 million increase to the HySynergy phase 1 investment budget to a total
of approximately EUR 45 million compared to EUR 43 million previously
communicated. The additional costs are mainly attributed to internal hours and
external consultants.

Everfuel will provide further information on HySynergy as part of the second
quarter reporting on 30 August.

For further information, please contact:

Jacob Krogsgaard, CEO, Everfuel, +45 2871 8945
Mads Tirsgaard Mortensen, Investor Relations Manager, Everfuel, mm@everfuel.com,
+45 7730 4727

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, Germany and Belgium, and a plan to grow across
Europe. Everfuel is listed on Euronext Growth in Oslo under EFUEL.

This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.