Danish green hydrogen company Everfuel is progressing with work to start up its flagship project HySynergy 1 in the first quarter of 2024 and implement a realigned strategy focused on scaling green hydrogen production.
On November 22, the company published its third quarter 2023 financial results, stating that HySynergy 1 is progressing according to an updated timeline supported by fully developed operational organization and procedures.
HySynergy 1 is a 20 MW green hydrogen production plant in Fredericia, Denmark, acquired in late September 2023 by Everfuel’s joint venture (JV) with Hy24 as the first investment under the €200 million framework.
The project was initially expected to commence commercial operations in the second quarter of 2023 and is intended to contribute to the decarbonization of industrial processes at the adjacent Crossbridge Energy Refinery.
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Electrolyzer facility HySynergy hits several milestones Business Developments & Projects In August, Everfuel revealed a strategy realignment, prioritizing the development of large-scale green hydrogen production capacity and focusing on refueling solutions for heavy-duty trucks and buses.
“Since then, Everfuel has implemented the planned organizational restructuring and the decommissioning of legacy passenger car stations is progressing according to schedule. Additional initiatives will be implemented over the coming six months with the objective of reducing costs and investments by optimizing the organization and high-grading refueling station and project portfolio,” the company said.
The strategic realignment and related organizational adjustment are expected to enable the Danish company to execute current growth plans into 2025 before requiring additional equity as large-scale electrolyzer projects are brought to the final investment decision.
Jacob Krogsgaard , CEO and Founder of Everfuel, commented: “We have full focus on completing HySynergy 1 and on the implementation of our realigned strategy, prioritising the development of large-scale electrolysers and profitable mobility solutions for the heavy-duty transport market, while at the same time reducing cash burn and adding financial flexibility.
“This is supported by the recent signing of Hy24 joint venture agreement which positions us to accelerate deployment of green hydrogen production to meet strong European demand growth driven by the urgent need to decarbonise energy and transport systems.”
When it comes to other company-related news, it is worth noting that Everfuel-Hy24 JV was recently notified as one of the winners of Denmark’s first power-to-X (PtX) tender for the production and supply of green hydrogen.