Horisont Energi: Financial results third quarter 2022

16 Nov 2022 07:15 CET

SANDNES, Norway – 16 November 2022 – Today, Horisont Energi (EURONEXT: HRGI)
reports its third quarter 2022 results.

Highlights of the quarter:

• The EFTA Surveillance Authority (ESA) and the EU Commission formally approved
the Barents Blue project under the IPCEI Hydrogen program, also known as Hy2Use,
and thereby approved the grant of NOK 482 million.

• In August Horisont Energi and Neptune Energy signed a Memorandum of
Understanding (MoU) to develop Errai, a Carbon Capture and Storage (CCS) project
in Norway. As a continuation of this, the parties early October signed a project
agreement for the joint work and a project organization is now under
establishment.

• Horisont Energi and Koole Terminals, a leading independent liquid bulk storage
company, announced the planned development of a CO2 terminal in the Port of
Rotterdam. This terminal will provide intermediate storage of CO2 before
permanently storage at Errai, Horisont Energi’s planned offshore storage in the
South of Norway.

• The Barents Blue project awarded an extended concept study contract to Saipem,
which is cooperating with technology licensor Topsoe to mature, optimize and
finalize the process design for the clean ammonia factory.

• On the Barents Blue project, we can show best-in-class life cycle carbon
footprint of 50-grams CO2/kg ammonia achieved through a carbon capture rate in
excess of 99%.


“The highlight of the third quarter was the launch of the CCS project Errai
together with Neptune Energy. Carbon capture and storage is crucial to
accelerate the transition to a lower carbon future. The Errai project can play a
significant role by storing substantial amounts of CO2 from third parties. We
also continue to develop the Barents Blue project, with our mission in mind:
Accelerating the energy transition to carbon neutrality through pioneering
projects,” says Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.

Horisont Energi is in a project development phase and consequently has no
income, and the net loss was NOK 15.8 million in the third quarter of 2022. The
company has a total of NOK 443 million in cash and expects to have sufficient
funds to bring Barents Blue, including the associated Polaris CCS project, and
the new CCS project Errai up to investment decisions.

Please find the third quarter 2022 report attached.

Horisont Energi will present its financial results for the third quarter of 2022
today at 08:00 CET. The presentation will be in English, and questions can be
submitted throughout the event. Here is a ink to the webcast:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20221116_1


For further information, please contact:
Bjørgulf Haukelidsæter Eidesen, CEO
+47 990 36 892
bhe@horisontenergi.com

Dan Jarle Flølo, CFO
+47 901 13 159
djf@horisontenergi.com

Media Relations
Siri Melberg
+47 470 35 718
sm@horisontenergi.com

Horisont Energi (EURONEXT: HRGI) is a Norwegian clean energy company that
provides clean energy and carbon transport and storage services. The company
will transform natural and renewable gases, water and renewable energy into
cost-leading clean ammonia and hydrogen and offer CO2 transportation and storage
services using proprietary technology, paving the way for a low carbon economy.
The company was founded in 2019 and the head office is in Sandnes, Norway.
www.horisontenergi.no

More information:
Access the news on Oslo Bors NewsWeb site

575846_Horisont Energi Q3 Report Final.pdf