Everfuel to decommission “unprofitable” hydrogen stations
Published on: Sep 15, 2023
The company will refocus its efforts on green hydrogen production and continue to establish a refueling network for heavy duty vehicles.
Everfuel has revealed plans to decommission legacy hydrogen refueling stations to focus on scaling green hydrogen production. The company published its Q2 2023 financial results and stated that it will be closing its “unprofitable” for private vehicles.
The company said that it will be focusing its efforts “on heavy duty vehicles for future hydrogen station network” according to the EU’s Alternative Fuel Infrastructure Regulation (AFIR). This project seeks to establish at least 667 hydrogen stations by 2030 across member states.
“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,” stated Jacob Krogsgaard, CEO and founder of Everfuel.
In recent years, the Denmark-based company has been expanding its operations and is now present as well in Norway, Sweden, The Netherlands and Germany, with plans to grow across Europe.
