Everfuel

What Everfuel does

Everfuel A/S is a vertically integrated green hydrogen infrastructure company, founded in 2019 in Herning, Denmark, as a spin-off from Nel ASA. The company produces, distributes, and supplies RFNBO-certified green hydrogen to hard-to-abate industrial customers (refineries, steel, ammonia, chemicals) and heavy-duty mobility operators (buses, trucks) primarily across Denmark, Germany, the Netherlands, Belgium, Norway, and Sweden. Its core production asset is the HySynergy 20 MW electrolyser facility in Fredericia (8 tonnes/day), operated as a 51/49 joint venture with Hy24, with plans to scale to 300 MW (Phase II), 1 GW by 2030, and up to 2 GW at the planned Project Frigg site in Vejen; the company targets industrial-volume exports to Germany via the planned Danish-German Hydrogen Backbone.

The underlying technology is renewable-powered electrolysis, differentiated by RFNBO certification (ISCC-EU), the world's first combined aFRR grid-balancing and hydrogen-production capability at HySynergy, and proprietary trailer-to-station swap-module integration linking a fleet of 12 high-pressure carbon-cylinder trailers (1,100+ kg each) to a network of refuelling stations in the Netherlands and Germany. Everfuel monetizes three revenue streams: long-term industrial hydrogen supply contracts (e.g., Crossbridge Energy, ~35 tonnes/day demand), recurring mobility hydrogen supply under multi-year deals (e.g., 12-year Connexxion bus contract), and transaction-fee income from RFNBO/THG/HBE certificates, with secondary revenue from aFRR grid services. The go-to-market is enterprise field sales into a small number of anchor industrial and fleet customers, supplemented by distribution via dedicated trailers and pipelines, with project financing heavily reliant on EU/Danish/Swedish public grants and the European Hydrogen Bank.

Following its 2020 listing on Oslo's Merkur Market and the late-2024 take-private by Faro BidCo ApS (with Swiss Life Asset Managers and existing major shareholders including Hy24 and HyVC/ITOCHU-Osaka Gas), Everfuel now operates as a privately held infrastructure developer. Capital intensity is high: cumulative funding raised via grants and equity exceeds EUR 100M, with an additional EUR 244.9M secured in 2026 from the European Hydrogen Bank for Project Frigg's 200 MW first phase, while deliveries to German industrial customers are scheduled to commence in 2031.

Name

Everfuel

Legal name

Everfuel A/S

Website

https://everfuel.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

Everfuel A/S is a Danish, vertically integrated green hydrogen producer that supplies RFNBO-certified hydrogen from its HySynergy 20 MW electrolyser to industrial customers such as the Crossbridge Energy refinery and mobility operators including Connexxion, via dedicated trailers and refuelling stations across Denmark, Germany, and the Netherlands.

Ownership category

akta.pro rank

Product category

Green Hydrogen Production and Distribution

NAICS

Industrial Gas Manufacturing (32512), Electric Power Generation, Transmission and Distribution (2211)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Hydrogen (Industrial & Mobility) (IMAEACAB)

akta.pro secondary industries

Hydrogen Production Supply & Offtake (Green/Blue H2) for Utility Blending (EUAJAJAF), Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC), Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM), Hydrogen Distribution Pipelines (Local/Regional Networks) (TLAGAGAB)

Keywords

• Green hydrogen production
• Hydrogen distribution services
• Electrolyser technology
• Industrial decarbonization
• Hydrogen refueling stations

Headquarters

HQ city

Herning

HQ country

Denmark

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Supply Chain, Operations

Revenue model

1. Green Hydrogen Sales - Industry: Sale of certified green hydrogen (RFNBO) to industrial customers including refineries, steel, ammonia, and chemical producers. Hydrogen is delivered via pipeline to adjacent offtakers or via hydrogen trailers. Primary offtaker is Crossbridge Energy refinery receiving hydrogen for sustainable fuel production.
2. Green Hydrogen Sales - Mobility: Supply of green hydrogen to bus and truck fleet operators via hydrogen refuelling stations. Long-term contracts with operators such as Connexxion in the Netherlands. Hydrogen delivered through trailer fleet to station network.
3. Hydrogen Certificates (THG/HBE): With RFNBO certification, Everfuel can participate in certificate markets including THG (Treibhausgas) and HBE (Herning Bio Energy) certificates, providing additional revenue streams from verified green hydrogen production.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Everfuel produces and distributes RFNBO-certified green hydrogen produced via electrolysis from renewable electricity, primarily serving industrial offtakers (refineries, steel, ammonia, chemicals) and mobility operators (bus and truck fleets). The company operates large-scale electrolyser facilities (HySynergy 20 MW, planned Project Frigg up to 2 GW) and delivers hydrogen via a proprietary fleet of high-capacity trailers, direct pipeline, and refueling stations across Denmark, the Netherlands, and Germany.

Product overview

Everfuel is an integrated green hydrogen infrastructure company managing the complete hydrogen value chain from production to distribution and end-use. Core production assets include the operational HySynergy 20 MW electrolyser in Fredericia (among Europe's largest) and the planned Project Frigg with up to 2 GW capacity in Vejen. Distribution capabilities include a fleet of 12 hydrogen trailers with 1,100+ kg capacity each and refueling stations in the Netherlands and Germany serving bus and truck fleets. All hydrogen production is RFNBO-certified under EU standards, and the HySynergy facility uniquely provides grid balancing services while producing hydrogen. Future supply to Germany is planned via the Danish Hydrogen Backbone pipeline.

Differentiator

Problem solved

Functional benefit

Brands

• HySynergy: Large-scale green hydrogen production facility in Fredericia, Denmark. Phase I: 20 MW operational, Phase II: 300 MW planned with first 100 MW receiving IPCEI funding. Joint venture with Hy24 (51%/49% split).
• Project Frigg

Products and services

• HySynergy Electrolyser Facility 20 MW operational electrolyser facility in Fredericia, Denmark — one of Europe's largest green hydrogen production plants. Produces approximately 8 tons of hydrogen per day, supplying the adjacent Crossbridge Energy refinery via pipeline and distributing via hydrogen trailers to industrial and mobility customers.
• Project Frigg Hydrogen Production Facility Planned large-scale hydrogen production facility at Revsing Energy Park in Vejen Municipality, Denmark, designed for phased development up to 2 GW of electrolyser capacity. Intended to supply German industrial customers via the planned Danish-German hydrogen backbone by 2030.
• Hydrogen Delivery by Trailer Fleet of 12 hydrogen distribution trailers operated from HySynergy in Fredericia, each 45ft trailer storing and moving over 1,100 kg of hydrogen using 129 onboard high-pressure carbon cylinders — 4x the capacity of conventional steel tube trailers. Trailers integrate as swap modules into Everfuel's refueling stations.
• Hydrogen Refueling Stations Operates hydrogen refueling stations for fuel cell vehicles including the Heinenoord station in the Netherlands (supplying 20+ Connexxion fuel cell buses scalable to 50+ vehicles under 12-year contract), plus Frankfurt and Wuppertal bus depot stations in Germany. Stations designed for both buses and trucks.
• RFNBO Certified Green Hydrogen Renewable Fuels of Non-Biological Origin (RFNBO) certified green hydrogen meeting EU RED II and RED III directives, certified under ISCC-EU scheme with >99% emissions reduction compared to fossil fuels. Enables participation in THG and HBE certificate markets and meets EU RFNBO obligations for transport and industry from 2026 onward.
• Industrial Hydrogen Supply Hydrogen supply service to hard-to-abate industries including refineries, steel, ammonia, and chemical production. Primary offtaker is the adjacent Crossbridge Energy refinery in Fredericia. Supply methods include pipeline to adjacent industrial neighbors and trailer delivery for distributed customers.
• Pipeline Supply (Hydrogen Backbone) Everfuel is developing strategically located production facilities to supply green hydrogen to Germany via the planned Danish Hydrogen Backbone pipeline infrastructure. Expected operational by 2030, enabling lowest possible levelized cost of hydrogen (LCOH) for European industrial customers.

Quantifiable outcome

• 500,000 tonnes CO2 reduction potential by 2025 with 300 MW facility
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered major, minor and core.

• H2Accelerate TRUCKS ConsortiummajorStrategic or Co-development Partner · 28 January 2026Europe's largest EU-funded project for zero-emission hydrogen-powered heavy-duty transport. Deploying 125 hydrogen trucks across six European countries by 2028. Everfuel provides hydrogen supply and refuelling infrastructure.
• TotalEnergies / Air Liquide (TEAL Mobility)majorStrategic or Co-development Partner · 27 January 2026Joint venture TEAL Mobility (TotalEnergies and Air Liquide) strengthening hydrogen refuelling network. TEAL Mobility aims to operate next-generation hydrogen stations with capacities exceeding 1,000 kg per day. Everfuel part of H2Accelerate TRUCKS consortium.
• CavendishminorImplementation/ SI/ Consulting Partner · 15 January 2026Partner as subcontractor to design, permit, construct, and maintain a hydrogen fueling station in Western Germany. Station will operate at 350 bar pressure, designed to fuel 25 buses daily.
• EnerginetmajorStrategic or Co-development Partner · 22 December 2025Danish grid operator. Long collaboration to integrate HySynergy as balancing capacity in electricity system. Everfuel became first PtX plant in Denmark to provide aFRR balancing services.
• Centrica EnergymajorStrategic or Co-development Partner · 22 December 2025Collaboration on integrating green hydrogen production with aFRR balancing. Centrica supports energy trading and optimisation for the HySynergy facility.
• Crossbridge Energy Fredericia A/ScoreStrategic or Co-development Partner · 3 November 2025Main partner and industrial offtaker in HySynergy project. The refinery receives green hydrogen for sustainable fuel production. Crossbridge Energy supplies about 40% of Denmark's liquid fuel consumption and is Europe's most energy-efficient refinery.
• Karlstads EnergiminorStrategic or Co-development Partner · 13 December 2024Joint initiative with Swedish local utility company for potential 20 MW electrolyser project in Karlstad, Sweden. Grant awarded up to EUR 13.9 million from Swedish Environmental Protection Agency.
• TVISminorStrategic or Co-development PartnerDistrict heating operator. Recipient of surplus heat from HySynergy plant for use in local district heating system.
• EWII / TREFOR / Aktive Energi AnlægminorStrategic or Co-development PartnerPart of HySynergy project collaboration for green hydrogen production, storage, and distribution development.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Nel ASA: Norwegian electrolyser manufacturer and Everfuel's former parent company (spun off in 2019). Both companies operate in green hydrogen production and refuelling infrastructure across Europe with overlapping customer segments and Nel-as-supplier relationships (Nel supplies Project Trekant technology).
• ITM Power: UK-based PEM electrolyser manufacturer producing green hydrogen for industrial, transport, and power sectors. Direct competitor in the European green hydrogen production market with comparable scale-up ambitions and subsidy-backed project pipeline.

Broad incumbents

• Linde plc: Global industrial gas major with a hydrogen portfolio spanning production, distribution, and refuelling infrastructure. Overlaps with Everfuel in industrial hydrogen supply and mobility refuelling stations but operates across a much broader industrial gas portfolio at massive scale.
• Air Liquide: Global industrial gas leader with major green hydrogen investments and H2 mobility joint ventures (TEAL Mobility with TotalEnergies, in which Everfuel participates). Competes in industrial hydrogen supply and refuelling station deployment, with Pierre-Etienne Franc (Air Liquide alumnus) on Everfuel's board.
• TotalEnergies: Integrated energy major with growing hydrogen value chain presence. TEAL Mobility JV with Air Liquide (where Everfuel is a partner) and broader Power-to-X ambitions make TotalEnergies both a strategic ally and a broad incumbent competitor in European hydrogen mobility and industrial supply.

Regional players

• Norsk Hydro: Norwegian aluminium and energy company with green hydrogen ambitions leveraging Norwegian hydropower. Comparable as a Scandinavian clean hydrogen producer for industrial decarbonisation but focused on different end-markets (primarily metals and process industries).

Emerging players

• Copenhagen Infrastructure Partners (CIP): Danish infrastructure fund developing large-scale Power-to-X projects including green hydrogen in Denmark. Co-winner alongside Everfuel of the EUR 1.3B German hydrogen tender, making it both a peer and a competitor for European industrial hydrogen supply.
• European Energy: Danish renewable energy developer with green hydrogen and e-methanol projects. Co-recipient of the German hydrogen tender with Everfuel and CIP, making it a comparable emerging player in the Danish-German Power-to-X corridor.
• Plug Power: US-based hydrogen fuel cell and electrolyser company building green hydrogen production and refuelling infrastructure globally. Comparable in electrolyser deployment and mobility focus, though operating primarily in North America rather than Europe.
• Hydrogenious LOHC: German liquid organic hydrogen carrier (LOHC) technology company enabling hydrogen storage and transport. Adjacent technology peer to Everfuel's high-pressure trailer approach, addressing the same long-distance hydrogen logistics challenge for European industrial customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/everfuel
• Xx.com/EverfuelEU

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries2 records

Funding overview

Funding rounds6 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Everfuel