Fertiberia and Horisont Energi strengthen Barents Blue partnership with signing of joint development agreement

24 Aug 2023 07:51 CEST

SANDNES, Norway 24 August 2023 – Horisont Energi (EURONEXT: HRGI) has signed a
joint development agreement with the European ammonia specialist Fertiberia as
the new partner in the clean ammonia project Barents Blue, a best-in-class blue
ammonia plant underpinning Europe’s transition towards carbon neutrality
securing local use of natural resources and significant value creation. The
joint development agreement builds on a cooperation agreement entered between
the two parties on 1 February 2023.

Through the 50/50 joint development agreement (JDA), Horisont Energi and
Fertiberia have agreed on a partnership for Barents Blue, which in the initial
phase aims to take the project to a first DEVEX (development expenditure)
decision. Once this milestone is reached, the plan is to move forward the
project through next decision gates in a staggered approach: detailed
engineering phase (DG2) and Final Investment Decision. The principle for the JDA
and the work going forward is based on joint use of internal resources and
shared external costs towards realisation of the project. A project SPV is
contemplated and expected to be established shortly after the first DEVEX
decision.

“Fertiberia shares our vision of developing clean ammonia projects on an
industrial scale and has ambitious plans to accelerate the transition to carbon
neutrality. With an objective to lead the development of Europe’s clean ammonia
market, Fertiberia will be a strong partner for Horisont Energi in the continued
development of Barents Blue, and we look forward to work with a competent and
dedicated team,” says Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.

“Fertiberia intends to leverage five decades of know-how in the design,
maintenance, and operation of ammonia plants to help accelerate and develop the
Barents Blue project. Clean ammonia will play a key role in decarbonising areas
such as agriculture, energy, transport, and industry. Fertiberia is taking a
leading position in transforming the future from the present and the Barents
Blue project holds a significant potential in this transition”, says Javier Goñi
del Cacho, CEO of Grupo Fertiberia.

Fertiberia is one of the main crop nutrition and environmental solutions
providers in the European Union and one of the leading companies in Spain and
Portugal. In 2022, the company committed to reducing emissions to net zero by
2035 – as the first major company in the crop nutrition sector.

The Barents Blue project will become Europe's largest clean ammonia production
plant, located in Finnmark in Northern Norway, once in operation. The project
targets deliveries to the European ammonia market and is supported by a grant of
NOK 482 million under the EU IPCEI hydrogen program, Hy2Use. Once the first
construction stage is operational, Barents Blue is planned to produce 1 million
tonnes of clean ammonia annually. With a best-in-class carbon capture rate above
99% this will be the most energy-efficient clean ammonia plant in the world and
well-aligned with the EU taxonomy, also termed deep blue ammonia.

Bringing in Fertiberia as a partner in the Barents Blue project is an important
step towards realising the project. Another important step was the recent
approval for power supply for the first Barents Blue ammonia production train
from Statnett. Securing gas supply from Melkøya is a third key element and
critical success factor for the project, and Horisont Energi and Fertiberia are
engaging with potential gas sellers.

Horisont Energi continues the work to establish a new licence group with a new
operator for the Polaris carbon storage licence, that is associated with the
Barents Blue project. Furthermore, going forward the Barents Blue project will
focus on getting clarity on the development of Norwegian and European schemes
supporting specifically blue ammonia and hydrogen projects.

For more information:

For more information:

Bjørgulf Haukelidsæter Eidesen, CEO

+47 990 36 892

bhe@horisontenergi.com


Leiv Kallestad, CFO

+ 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 company was founded in
2019 and is headquartered in Sandnes, Norway.

www.horisontenergi.no

Please follow us on:

https://twitter.com/horisontenergi

https://www.linkedin.com/company/horisontenergi/


About Fertiberia:

Fertiberia has more than 1.600 employees and 14 industrial activity locations
spread throughout the Iberian Peninsula and France. The company's vision is to
lead the green hydrogen value chain of the future in Europe to decarbonize
agriculture and other sectors such as industry or transport, as well as to
continue leading the development of sustainable and high added value solutions
for crop nutrition. It is also the first company in its sector to commit to
achieving net zero emissions by 2035. The company belongs to Triton Partners,
which is driving its growth to make this Spanish company a leader in the
fertilization of the future, enabling farmers to obtain higher yields with
maximum environmental sustainability. https://www.fertiberia.com/en/


Rocío Domínguez Ruiz de Castro, Head of communication

+34 915 866 200

rocio.dominguez@fertiberia.es

More information:
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597771_JDA Horisont Energi Fertiberia.pdf