SANDNES, NORWAY – December 17, 2021 – Horisont Energi AS (EURONEXT: HRGI) announced today that Barents Blue, the EU’s first world-scale clean ammonia plant, has been awarded a NOK 482 million grant from Enova SF to participate in the Important Projects of Common European Interest (IPCEI) Hydrogen, subject to final approval by the EFTA Surveillance Authority (ESA).
The Barents Blue project is a world-scale clean ammonia project in Finnmark, Northern Norway, which will include planned CO2 storage offshore. Once operational, Barents Blue will have a production capacity of 3000 tons of ammonia per day. During the production process, carbon will be captured and transported by ship for storage in a reservoir below the seabed named Polaris, with an estimated capacity in excess of 100 million tons. This is equivalent to twice Norway’s annual greenhouse gas emissions.
“Being selected for IPCEI is a testimony to the significant potential, ambition and innovative nature of the Barents Blue project, which we aim to make the most environmentally-friendly, cost-efficient and energy-efficient ammonia plant in the world. Barents Blue can serve as a major contributor to achieving European technological leadership in hydrogen and allowing European companies to take the lead in the emerging global market for hydrogen.”
Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi
The European Union’s IPCEI programme will provide Horisont Energi with a unique opportunity to link the Barents Blue project to other projects and value chains in the 23 participating European countries, to create positive spillover effects and benefit from possible knowledge transfer, financing, market size and other economies of scale.
“Barents Blue will be a flagship project of great importance to Norway and Europe. The project shall demonstrate that new, energy-efficient technology for ammonia production and carbon capture could make low-emission ammonia competitive.”
Nils Kristian Nakstad, CEO of Enova
Enova’s NOK 482 million grant is subject to approval by the EU Commission and ESA. Should the grant be approved, Horisont Energi, with partners Equinor ASA and Vår Energi AS, will proceed to the FEED phase of the Barents Blue project in 2022. Construction work is planned to take place from 2023 to 2025, and the plant is expected to be in operation around the turn of the year 2025-26.
Ammonia has numerous industrial applications, including in fertiliser production, and is currently the world’s second-most used industrial gas, with an established infrastructure for shipping throughout the world. In the future, ammonia is also expected be used as a climate-neutral fuel, especially in the maritime industry and for climate-neutral power production.
Hydrogen is an environment and climate-friendly energy carrier. Thus, hydrogen technology holds significant decarbonisation potential for the industry, transport and energy sectors. It allows emission-free production, storage and utilisation of energy. Developing hydrogen technology and markets is a key element of the EU’s plan to become the first climate-neutral continent by 2050.
IPCEI was established to accelerate this development. Norway is part of IPCEI Hydrogen, and Enova manages the participation of Norwegian companies in the initiative. Enova received 25 applications, of which three were selected, including Horisont Energi.
About Horisont Energi
Horisont Energi (EURONEXT: HRGI) is a Norwegian carbon tech company that provides clean energy and carbon storage services. The company transforms gas into cost-leading ammonia and hydrogen, and offers CO2 transportation and storage solutions using proprietary technology, paving the way for a low carbon economy. The company was founded in 2019 and is headquartered in Sandnes, Norway.
Enova works to enable Norway’s transition to a low-emission society. The transition requires that we reduce greenhouse gas emissions, contribute to technology development and innovation, and create new values. That is why Enova seeks to ensure that new energy and climate technology is developed and put to use.
Enova SF is located in Trondheim and has approximately 80 employees. The company is owned by the Ministry of Climate and Environment.
IPCEI is a mechanism for promoting investments in cross-border R&D and industrial projects of particular importance for European development. IPCEIs are large innovation projects that often involve a great level of risk, and which require a coordinated effort and cross-border investments from public authorities and industries in several European countries to be realised. They are particularly aimed at new industrial areas that are not realised due to various barriers. Read more on the IPCEI Hydrogen process here: https://www.enova.no/ipcei/
For further information:
Horisont Energi AS
Bjørgulf Haukelidsæter Eidesen, CEO and founder
+47 922 22 978