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- Aker Horizons ASA: Third-quarter Results 2024
Aker Horizons ASA: Third-quarter results 2024
01 Nov 2024 07:00 CET
Issuer
Aker Horizons ASA
Aker Horizons ASA (OSE: "AKH"), a developer of green energy and industry, today
announced results for the third quarter 2024. Aker Horizons' net capital
employed stood at NOK 6.1 billion, a decrease of NOK 1.0 billion from the second
quarter, mainly driven by impairments in Mainstream. The company reported a cash
position of NOK 3.0 billion and an undrawn credit facility of EUR 500 million,
giving available liquidity of NOK 8.8 billion.
Third quarter main developments:
The JV between Aker Carbon Capture (ACC) and SLB was renamed SLB Capturi and
announced its first US-based project:
· SLB Capturi was awarded a FEED contract by CO280 Solutions for a large-scale
carbon capture plant at a pulp and paper mill on the US Gulf Coast.
· The Board of Directors of ACC continues the process of determining the
future strategy and structure of ACC and will communicate conclusions within Q1
2025.
Mainstream Renewable Power (Mainstream) is delivering on its pipeline in South
Africa and focuses on business optimization:
· The 50 MW solar project Ilikwa in South Africa reached financial close.
· The commercial margin of the Andes platform in Chile improved in Q3.
· Mainstream is streamlining its business to focus on growth in core markets
South Africa, Australia and the Philippines, with continued investment in key
offshore projects.
Aker Horizons Asset Development (AAD) completed a concept optimization for
Narvik Green Ammonia; strong data center interest for sites in Northern Norway:
· A concept optimization for the Narvik Green Ammonia project has been
concluded with a decision to move the project to Lallasletta.
· An MoU was signed with Masdar to explore collaboration and investment
opportunities in green hydrogen.
· Data center players are showing significant interest in Kvandal and other
industrial sites in the Powered Land site portfolio.
SuperNode secured funding to advance superconducting transmission technology
development:
· Significant grants were secured from Irish and UK institutions to fund
research & development.
· SuperNode opened a new Cable Technology Centre in Blyth, UK, enabling first
production of superconducting cables for bulk electricity transmission
Lars P. Sørvaag Sperre, CEO of Aker Horizons, commented:
"We are pleased to see ACC and SLB Capturi reaching material milestones this
quarter to enter the important US carbon capture market. Mainstream will now
embark on a business plan that focuses on growth in selected core markets. This
will enable Mainstream to speed up the development of projects. Furthermore, we
have continued to develop and explore options for Aker Horizon's green hydrogen
projects and the Powered Land sites. It is really encouraging to see the strong
interest from the data center industry around our activities in the Narvik
area".
Aker Horizons reports net capital employed to reflect a portfolio composed
mainly of unlisted assets. Net capital employed includes Aker Horizons' initial
investment in the portfolio company, adjusted for any profit or loss and any
additional investments, adjusted for foreign exchange fluctuations. As of the
third quarter, Aker Horizons had NOK 2.4 billion net capital employed in ACC,
NOK 2.8 billion in Mainstream, NOK 543 million in AAD, NOK 197 million in
SuperNode and NOK 242 million in other assets.
ENDS
The Q3 2024 presentation is attached.
Aker Horizons' CEO Lars P. Sørvaag Sperre and CFO Kristoffer Dahlberg, and
Mainstream's CEO Mary Quaney will present the main developments in the third
quarter 2024 today at 08:30 CEST, followed by a Q&A session. The presentation,
which is open to all, will be held in English and will be webcast on Aker
Horizons' website:
https://akerhorizons.com/investors
For further information, please contact:
Stian Andreassen, Investor Relations, tel: +47 41 64 31 07, email:
stian.andreassen@akerhorizons.com
Mats Ektvedt, Media, tel: +47 41 42 33 28, email:
mats.ektvedt@corporatecommunications.no
About Aker Horizons
Aker Horizons develops green energy and green industry to accelerate the
transition to Net Zero. The company is active in renewable energy, carbon
capture and hydrogen and develops industrial-scale decarbonization projects. As
part of the Aker group, Aker Horizons applies industrial, technological and
capital markets expertise with a planet-positive purpose to drive
decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and
headquartered in Fornebu, Norway. Across its portfolio, the company is present
on five continents. www.akerhorizons.com
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements in
Regulation EU 596/2014 and the Norwegian Securities Trading Act § 5-12. This
stock exchange announcement was published by Mats Ektvedt, Partner in Corporate
Communications, on 1 November 2024 at 07:00 CET.
More information:
Access the news on Oslo Bors NewsWeb site
Source
Aker Horizons ASA
Provider
Oslo Børs Newspoint
Company Name
AKER HORIZONS ASA, Aker Horizons AS 21/25 FRN FLOOR C
ISIN
NO0010921232, NO0010923220
Symbol
AKH
Market
Oslo Børs