Horisont Energi and E.ON sign letter of intent on industrial-scale CO2 storage in the North Sea

30 Nov 2022 08:00 CET

E.ON intends to deliver more than one million tons of CO2 annually by 2030 from
its customers across Europe – corresponding to the annual emissions of around
half a million petrol cars.

November 30, 2022 | Horisont Energi (EURONEXT: HRGI) and E.ON are intensifying
their existing collaboration to jointly build a European carbon value chain.
Today, both companies signed a letter of intent, whereby E.ON intends to provide
more than one million tons of existing CO2 per year from its European customer
sites by 2030, starting from 2027 with gradual increase.

Horisont Energi will provide services on CO2 marine transport and long-term
storage. Subject to license award, Horisont Energi targets to start operation of
the carbon capture and storage (CCS) project “Errai”, located in Norway. To this
end, the development of a European carbon value chain shall apply proven and
mature technologies for capture, transport and storage of CO2 on an industrial
scale.

The agreement is an important milestone in the cooperation between the two
partners and for Horisont Energi's commercial CO2 transport and storage
business. Horisont Energi will apply for the announced license to operate the
CO2 storage Errai in the North Sea by early January. With this agreement, both
Horisont Energi and E.ON position themselves as key players and Errai as a key
project in the decarbonization of European industry and cities.

Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi: “It is greatto take the
next step towards a carbon neutral future together with our partner and
shareholder E.ON. Decarbonisation can only be achieved on a European scale, with
integrated value chains and large-scale CO2 removal solutions. Today's agreement
is a significant step, not only for the realization of the Errai project, but
also for a carbon neutral European industry and society.”

Patrick Lammers, Member of the E.ON Board of Management: “We are very proud to
be a pioneer in the field of industrial CO2 circular economy together with
Horisont Energi. With this next step we aim to extend our decarbonization
solutions portfolio and make carbon capture and storage available to customers
in Europe. For our industrial customers in particular,CCS technology will play a
key role in achieving their net zero targets. As a partner to our customers, we
stand ready to shape this path.”

Horisont Energi plans to store four to eight million tons of CO2 annually in the
first development phase of the Errai project, potentially storing more in later
phases. The project includes an onshore terminal for intermediate CO2 storage,
with the intention to permanently store the CO2 in an offshore reservoir. With
the current plans the Errai project will develop the second CO2 terminal in
Norway. It was initiated by Horisont Energi in 2021,and CO2 storage is expected
to start in 2026.

Horisont Energi and E.ON entered a strategic cooperation agreement in January
2022 for the development of a Europe-wide range of services for the capture,
transport and storage of carbon dioxide, and the establishment of corresponding
value chains. Horisont Energi shall be responsible for transport and storage,
E.ON for carbon capture and liquefaction. The service will be offered to both
existing and new E.ON customers. Together with its customers in Europe, E.ON is
thus decisively driving the decarbonization of European industry, business and
municipalities.

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

About E.ON
E.ON is an international investor-owned energy company, which focuses on energy
networks and customer solutions. As one of Europe's largest energy companies,
E.ON plays a leading role in shaping a clean, digital,decentralized world of
energy. To this end,around 72,000 employees develop and sell products and
solutions for private,commercial and industrial customers. More than 51 million
customers purchase electricity, gas, digital products or solutions for electric
mobility,energy efficiency and climate protection from E.ON. E.ON is
headquartered in Essen, Germany. For more information,please visit www.eon.com

Press contacts:
Horisont Energi
Bjørgulf Haukelidsæter Eidesen
+47 990 36 892
bhe@horisontenergi.com

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

E.ON SE
Isabel Reinhardt
+49 173 6840253
isabel.reinhardt@eon.com

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