SANDNES, NORWAY – April 23, 2021 – Horisont Energi and Knutsen Group have signed a contract to complete the design for transport of pressurized liquefied CO2 for direct offloading offshore, a key part of Horisont Energi’s Polaris carbon storage project off the coast of Northern Norway.

Horisont Energi is developing the Barents Blue project, the world’s first full-scale carbon neutral ammonia production plant. The facility will convert clean hydrogen into ammonia, an easily transported hydrogen carrier, which can be converted back to hydrogen at the destination or used directly in many applications. The plant will be located in Finnmark in Northern Norway.

“Carbon sequestration in the offshore carbon storage facility we have named “Polaris” is a key part of the Barents Blue project, and I am extremely pleased that the Knutsen Group brings its extensive experience onboard, joining other energy industry heavyweights supporting our project. This contract will bring Horisont Energi into a position to enter into firm agreements for CO2 transport in 2022.” Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.

The contract is based on the Knutsen pressurized containment system, developed over the last 20 years, which also can handle liquified cargo such as CO2 pressurized at ambient temperature. The Knutsen Group, through Knutsen NYK Offshore Tankers AS, is a world-leading offshore loading operator, and a major contributor to the planned solution.

“We believe the scalable pressurized solution for CO2 transport and direct offshore discharging is the correct approach for future CO2 transport and storage projects and we are very pleased to be part of the exciting and innovative Polaris project.”
Per Lothe, inventor and project responsible for the Knutsen PCO2 technology in the Knutsen Group.

The Polaris project is expected to have a total carbon storage capacity in excess of 100 million tons, which is equivalent to twice Norway’s annual greenhouse gas emissions. Currently at the end of the feasibility phase and soon entering into the concept phase, an investment decision for the facility is expected towards the end of 2022.

About Horisont Energi
Horisont Energi (EURONEXT: HRGI) is a Norwegian carbon tech start-up focusing on carbon sequestration and production of carbon neutral hydrogen and ammonia. The company is developing production plants for these products ashore with the carbon sequestration infrastructure on the Norwegian continental shelf. The company is also commercialising carbon sequestration for the European market.

About Knutsen Group

Knutsen Group is a major shipping provider worldwide. The group will after delivery of the 14 new buildings presently in order, operate 33 Shuttle tankers, 2 Floating Storage Offshore units, 25 LNG carriers and 3 product carriers. The group has an innovative approach towards using and develop new technology to meet a more carbon neutral future. Knutsen Group (knutsenoas.com)

Further information:
Investor relations
Dan Jarle Flølo, CFO
+47 901 13 159
djf@horisontenergi.com

Media Relations
Marianne Stigset
+47 41 18 84 82
Marianne.Stigset@corpcom.no