Horisont Energi: Financial results third quarter 2022
16. November 2022
Today, Horisont Energi (EURONEXT: HRGI) reports its third quarter 2022 results.
Highlights of the quarter:
- The EFTA Surveillance Authority (ESA) and the EU Commission formally approved the Barents Blue project under the IPCEI Hydrogen program, also known as Hy2Use, and thereby approved the grant of NOK 482 million.
- In August Horisont Energi and Neptune Energy signed a Memorandum of Understanding (MoU) to develop Errai, a Carbon Capture and Storage (CCS) project in Norway.
- Horisont Energi and Koole Terminals, a leading independent liquid bulk storage company, announced the planned development of a CO2 terminal in the Port of Rotterdam. This terminal will provide intermediate storage of CO2 before permanently storage at Errai, Horisont Energi’s planned offshore storage in the South of Norway.
- The Barents Blue project awarded an extended concept study contract to Saipem, which is cooperating with technology licensor Topsoe to mature, optimize and finalize the process design for the clean ammonia factory.
- On the Barents Blue project, we can show best-in-class life cycle carbon footprint of 50-grams CO2/kg ammonia achieved through a carbon capture rate in excess of 99%.
“The highlight of the third quarter was the launch of the CCS project Errai together with Neptune Energy. Carbon capture and storage is crucial to accelerate the transition to a lower carbon future. The Errai project can play a significant role by storing substantial amounts of CO2 from third parties. We also continue to develop the Barents Blue project, with our mission in mind: Accelerating the energy transition to carbon neutrality through pioneering projects.”
CEO of Horisont Energi
Horisont Energi is in a project development phase and consequently has no income, and the net loss was NOK 15.8 million in the third quarter of 2022. The company has a total of NOK 443 million in cash and expects to have sufficient funds to bring Barents Blue, including the associated Polaris CCS project, and the new CCS project Errai up to investment decisions.
Please find the third quarter 2022 report attached.
Horisont Energi will present its financial results for the third quarter of 2022 today at 08:00 CET. The presentation will be in English, and questions can be submitted throughout the event. Here is a link to the webcast.
Horisont Energi (EURONEXT: HRGI) is a Norwegian clean energy company that provides clean energy and carbon transport and storage services. The company will transform natural and renewable gases, 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 the head office is in Sandnes, Norway.