Commercial progress for the Barents Blue project

11 Feb 2025 07:30 CET

Sandnes, Norway 11 February 2025: Horisont Energi (EURONEXT: HRGI) is
progressing the commercial work and has now passed a milestone for the Barents
Blue project by signing the first term-sheet (non-binding) for gas supply from
the Snøhvit LNG facility at Melkøya in Northern Norway.

The term sheet (non-binding) is a key part of the commercial work required to
reach the concept select milestone later this year and the first step towards
securing the required gas supply for an annual production of 1 million tonnes of
clean ammonia.

This term-sheet creates a good basis for the further commercial work towards the
realisation of the Barents Blue project and the upcoming concept select
milestone, say Co-CEO's Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad.

The next step for the gas supply agreements, following completion of the
non-binding term-sheets, include negotiating Sales and Purchase Agreements
(SPAs) targeted for completion in 2026.

The Barents Blue project is mature from a technical, contractual and zoning
perspective.
It is an EU IPCEI Hydrogen project setting the highest environmental standards
for clean ammonia production. As the project moves towards achieving the
concept select milestone, when the first FEED study phase will be initiated, the
key focus is to achieve the same level of maturity for the commercial work.
Towards this end, the project has been working on commercial agreements for the
supply of gas, offtake of clean ammonia and storage of CO2.

About the Barents Blue project
The Barents Blue project, being developed by Horisont Energi and Fertiberia, is
a clean ammonia plant located at Markoppnes in Northern Norway. The annual
production for the first phase of the project will be 1 million tonnes. With a
best-in-class carbon capture rate above 99% this will be the most
energy-efficient clean ammonia plant in the world, well-aligned with the EU
taxonomy. Barents Blue has already secured sufficient power supply for the first
phase of the project. The Barents Blue project is supported by a grant of NOK
482 million as part of the EU IPCEI hydrogen program, Hy2Use. The project
targets final investment decision 2026 and estimated production start in
2029/2030.

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:   
www.horisontenergi.no
https://twitter.com/horisontenergi  
https://www.linkedin.com/company/horisontenergi/ 

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