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SANDNES, NORWAY – 13 September 2021 – Horisont Energi (EURONEXT: HRGI) announced today the submission of an application for a license to establish the Polaris CO₂ storage facility off the coast of Finnmark.

On 10 September, the Norwegian Ministry of Petroleum and Energy announced the application process for a utilization permit for the storage of CO₂ in an area off the coast of Finnmark that is defined in the announcement.

The purpose of the permit application is to establish storage for CO₂ that is captured during the large-scale production of clean ammonia at the planned Barents Blue plant in Hammerfest. The storage project has been given the symbolic name “Polaris”, after the lodestar.

“Ammonia is one of the world’s most important industrial gases and it also has great potential as an energy carrier within transport and power production. By capturing CO₂ during the production of ammonia and storing it safely under the seabed, we open a new and climate-friendly market for the large amounts of natural gas in the Barents Sea. The importance of clean ammonia to the green transition and a low-carbon society can hardly be exaggerated. Therefore, this license application announcement is not only important for us, but also for the environment and for the region.”
Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.

Significant capacity
The planning of the Polaris CO₂ storage has been ongoing since February 2020. In November 2020, Horisont Energi signed a memorandum of understanding with Equinor for the development of Barents Blue and Polaris. In May 2021, the two companies entered a cooperation agreement for the development of Polaris. Last week, Horisont Energi, Equinor and Vår Energi announced a cooperation agreement on the development of the Barents Blue project. The Polaris license is expected to cover the storage capacity needed for Barents Blue, including all potential expansions, and additional storage capacity will be offered to third parties in Norway and Europe.

“As part of the project, offshore solutions adapted to carbon storage will be developed, and we have high ambitions with regards to minimizing the carbon footprint of the operation of the carbon storage.”
Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.

Increasing demand for storage
There are a number of major CO₂ capture projects underway in Europe, and many European companies will clearly have a substantial need for CO₂ storage. As of today, there appears to be an unmet need for carbon storage in the market.

“The CO₂ quota price has more than doubled in 2021 and has reached record levels, most recently exceeding €60 per tonne. It is commonly assumed that the price will continue to increase as the number of quotas declines in the coming years. This will make CO₂ storage increasingly commercially attractive, which is an important driver for this market.”
Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi

Further information:

Investor relations
Dan Jarle Flølo, CFO
+47 901 13 159

Media Relations
Marianne Stigset
+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.

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.