Sandnes, Norway – 25 August 2021 – Horisont Energi (EURONEXT: HRGI) today reported its first-half year results. Horisont Energi is in a project development phase and consequently had no income in the first half of 2021. The net loss was NOK 16.4 million.
“During the first half year of 2021, we have delivered on our promises and positioned Horisont Energi as a European clean ammonia and carbon storage company, and more specifically positioned the Barents Blue project as a key hydrogen project.”
Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.
The company has a solid financial position with a total of NOK 117 million in cash and expects to have sufficient resources to bring the Barents Blue project up to investment decision by end of 2022, based on current plans.
Highlights of the first half 2021:
- Listed on Euronext Growth Oslo in January
- Signed cooperation agreement with Equinor May 19th for the Polaris offshore storage project
- Developed a novel system design for the first world-scale blue ammonia plant in Europe together with Haldor Topsoe
- Signed EPC Onshore Concept Studies with Saipem and Technip Energies
- Entered into various agreements with industry-leading companies such as Baker Hughes, Knutsen Group and TGS
- Selected Markoppneset, in Hammerfest municipality, as the preferred site for the Barents Blue plant. This will be confirmed at decision gate 2 (concept selection, expected February 2022)
- Initiated pre-FEED studies for Barents Blue with an Enova grant of NOK 10 million to contribute to the development of the innovative clean ammonia system
- Matured our carbon removal business, which will contribute to EU’s carbon removal strategy. We have entered into several partnerships in this field, and also developed a legislative proposal for sustainable carbon capture and storage
- Signed letters of intent with major European companies for commercial carbon storage
Highlights after the end of the period:
- Signed memorandum of understanding with Port of Rotterdam to set up a corridor for transport of blue ammonia from Norway
- Signed memorandum of understanding with St1 Nordic Oy for the joint development of a green ammonia project in Finnmark, Northern Norway
EU’s Green Deal target of 55% reduction by 2030 and carbon neutrality by 2050 established the framework for the coming years’ regulations and activities, as well as future demand for carbon neutral products and carbon storage solutions:
- Shipping is proposed to be a part of the EU’s Emissions Trading System (ETS) quota system, further driving the transition to clean maritime fuels.
- Through the carbon adjustment mechanism (CBAM), announced in July, grey ammonia imported into the EU is proposed to be tolled at the border on equal terms as the EU’s current grey ammonia production, which is already a part of the EU’s ETS. With ETS quota cost above 50 EUR/ton of CO2, this is a significant contribution to the economics of clean fuels, such as carbon neutral or clean ammonia from the Barents Blue project.
- The CO2 emissions in the EU amounted to more than 3,000 million tons in 2019. Present known planned storage capacity is less than 10 million tons in 2025 and around 20 million tons in 2030. In that perspective, the demand for carbon storage among industries and power plants in EU will far exceed known planned storage capacity, leaving great room for CO2 storage companies delivering flexible and cost-effective solutions to European industry and power plants.
The first half 2021 report and presentation are enclosed.
Horisont Energi presented its financial results for the half-year 2021 today at 08:30 CEST. The investor presentation was live streamed and hosted by CEO Bjørgulf Haukelidsæter Eidesen and CFO Dan Jarle Flølo. The presentation was held in English and questions were submitted throughout the event. The recorded streaming event is available below:
Dan Jarle Flølo, CFO
+47 901 13 159
+47 41 18 84 82
About Horisont Energi
Energi Horisont Energi (EURONEXT: HRGI) is a Norwegian energy company that will produce carbon neutral ammonia and provide CO2 storage. We pave the way for a low-carbon economy by transforming natural gas and renewable energy into cost-leading ammonia and offer transportation and proprietary technology storage solutions for CO2. The company was founded in 2019 and is headquartered in Sandnes, Norway. https://www.horisontenergi.no/
About Barents Blue
Barents Blue will provide Europe’s first large-scale clean ammonia production. Based on natural gas from the Barents Sea, it will include a world-scale clean ammonia plant located in Finnmark in Northern Norway. Barents Blue will have a production capacity of 3000 tons of ammonia per day once operational. During the production process, carbon will be captured and transported by ship to the Polaris reservoir for storage, with an estimated capacity in excess of 100 million tons below the seabed offshore Finnmark, which is equivalent to twice Norway’s annual greenhouse gas emissions. Currently entering the concept phase, an investment decision for Polaris and the Barents Blue project is expected towards the end of 2022.