Everfuel who recently unveiled its financial results for the second quarter of 2023, has announced its decision to decommission legacy hydrogen refueling stations, with a keen focus on scaling up green hydrogen production.
This move comes as part of Everfuel’s commitment to realign its strategy to meet the objectives outlined in the European Union’s Alternative Fuel Infrastructure Regulation (AFIR). According to AFIR, Everfuel is embarking on an ambitious project to establish no less than 667 hydrogen stations across EU member states by 2030, primarily catering to heavy-duty vehicles.
In a bid to streamline its resources and achieve these lofty targets, Everfuel has opted to shutter “unprofitable” hydrogen refueling stations designed for private vehicles. This strategic shift aims to optimize the company’s cash flow, enhance financial flexibility, and sustain its planned investments until 2025 without necessitating additional equity.
Jacob Krogsgaard, the visionary CEO and founder of Everfuel, articulated the rationale behind this strategic realignment. He affirmed, “Our realignment of strategy will reduce cash burn, add financial flexibility, and is expected to enable us to finance the current planned investments into 2025 before requiring additional equity, supported by cashflow from HySynergy, the Hy24 JV, public grants, and relevant project debt financing.”
Everfuel’s journey towards this pivotal decision has been marked by significant expansion. Initially rooted in Denmark, the company has strategically expanded its operations, carving a presence in key European markets such as Norway, Sweden, The Netherlands, and Germany. Everfuel’s ambitious roadmap extends further, with plans to deepen its footprint across the entirety of Europe.
