Horisont Energi Q2 2024: Progressing the commercial maturity of our pioneering projects

29 Aug 2024 07:30 CEST

Sandnes, Norway – 29 August 2024 – Horisont Energi (EURONEXT: HRGI) Horisont
Energi continues to progress the projects in the three business areas clean
ammonia, carbon storage and carbon infrastructure towards commercial maturity.

“We have developed substantial competency, IP, and know-how over the past five
years, and have entered partnerships with leading industrial players. Building
pioneering green industries takes time but we have established a strong position
and a solid basis for creating value for our shareholders and solving the
challenges ahead of us, says Horisont Energi’s Co-CEOs Bjørgulf Haukelidsæter
Eidesen and Leiv Kallestad.

Horisont Energi intends to start operations at the Gismarvik CO2 hub in 2029,
followed by Barents Blue and Polaris start-up in 2029/2030, subject to final
investment decisions for the three projects in 2026.

Highlights Q2 2024:
• Continued progress has been made on the status of the commercial agreements
for the Barents Blue project
• Horisont Energi decided to submit a licence application for a new carbon
storage with deadline 29 August 2024
• Hosted Barents Blue Days in Hammerfest together with our partners Fertiberia
and PGNiG Upstream Norway.
• Received EU Project of Mutual Interest status for the Gismarvik CO2 Hub and
cross-border CO2 infrastructure network.Preparing application for CEF (EU
funding).
• Ministry of Energy approved deadline extension for Decision of Concretisation
(BoK) of Polaris project with new deadline 1 November 2024.

Subsequent events:
• Licence application for a new carbon storage in the North Sea will be
submitted on 29 August.

Financial highlights:
• Main financial priority to extend capital runway – reduced costs by ~50% from
Q2 2023 to Q2 2024 and from 1H 2023 to 1H 2024.
• Net loss of NOK 29.0 million in Q2 2024 compared to net loss of NOK 58.7
million in Q2 2023.
• Cost reduction primarily attributed to lower use of external resources,
combined with improved operational efficiency.
• Cash and cash equivalents amounted to NOK 130.6 million at the end of Q2 2024,
providing sufficient capital to carry out planned activities through the 2H 2024
and towards key project milestones and decision gates in 2025.
• Exploring additional capital sourcing to fund projects and provide a
sustainable basis for future operations.

Practical information
Please find the Q2 2024 report attached. You will also find the report on our
webpage www.horisontenergi.no.
Horisont Energi Co-CEOs Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad will
present the Q2 2024 results by webcast today at 08.00 CET.

Please follow the link to access the webcast here:
https://channel.royalcast.com/webcast/hegnarmedia/20240829_1

For more information:
Bjørgulf Haukelidsæter Eidesen, Co-CEO
+ 47 990 36 892
bhe@horisontenergi.com

Leiv Kallestad, Co-CEO
+ 47 958 95 661
Leiv.kallestad@horisontenergi.com

Siri Melberg, Head of branding & communication
+ 47 470 35 718
sm@horisontenergi.com

About Horisont Energi
Horisont Energi (EURONEXT: HRGI) is a Norwegian clean energy company that
provides clean energy and carbon transport and storage services. The company
will transform gas, 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 Horisont Energi group
includes three subsidiaries, Horisont Ammoniakk for the clean ammonia business,
Horisont Karbon for the carbon storage business and Horisont Infra for the
mid-stream CCS infrastructure. The company was founded in 2019 and is
headquartered in Sandnes, Norway.

You can follow us on:
https://twitter.com/horisontenergi
https://www.linkedin.com/company/horisontenergi/

More information:
Access the news on Oslo Bors NewsWeb site

626506_Q2_Report_2024_FINAL 280824.pdf