Horisont Energi publishes 2024 results and annual report

27 Mar 2025 17:00 CET

Sandnes, Norway 27 March 2025: Horisont Energi (EURONEXT: HRGI) has today
published its annual report for 2024.

2024 marked a year of transition for Horisont Energi, as a slowdown in the green
transition had an adverse impact on project timelines. Despite these challenges,
the company has achieved commercial progress, strengthened strategic
partnerships, and streamlined operations to support long-term value creation.

2024 Key Business Development Activities
• Obtained status as EU Project of Mutual Interest (PMI) for the Gismarvik CO2
hub
• Extended option agreement with Haugaland Næringspark for the realisation of
the Gismarvik CO2 hub.
• Reservation of power supply confirmed by Fagne 10 MW covering the first phase
of the Gismarvik CO2 hub
project.
• Collaboration agreement for the Norway-Netherlands CO2 corridor with ECOLOG.
• Joined new industry coalition to develop green fuels and CO2 corridors and
connect Portugal and Northern
Europe, led by Madoqua Renewables and featuring leaders like Cargill,
Mitsui and Siemens.
• Decision on Concretisation (BoK) for Polaris extended until May 2025 – seeking
new operating partner.
Subsequent Events
• Signed the first term-sheet (non-binding) for gas supply from the Snøhvit LNG
facility at Melkøya in
Northern Norway passing a milestone for the Barents Blue project.
• Progressing partnership dialogues to develop the Barents Blue project after
Fertiberia exited in Q1 2025.
• Signed ammonia sales term-sheet (non-binding) with European energy group.
Financial Highlights
• Reported income of NOK 4.0 million, primarily paid feasibility studies for the
Gismarvik CO₂ hub project.
• Operating loss reduced to NOK 115.4 million compared to NOK 203.0 million in
2023, reflecting cost
measures.
• Cash and equivalents at NOK 82.3 million at year-end compared to NOK 200.4
million in 2023.
• Currently funded to complete planned project development into 2026, assuming
that additional activities
related to the next phase of the projects will be financed through
successful completion of ongoing and
planned financing processes.

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642416_HRGI_AR_2024-FINAL_27.03.2025_Signed_Ready_ Notification.pdf