Carbon storage license in Barents Sea awarded

5. April 2022

Horisont Energi (EURONEXT: HRGI) today announced that it has been awarded a share of the Polaris CO2 storage license, which formalizes the ownership to the Polaris CO₂ storage facility off the coast of Finnmark in Northern Norway.

The license is awarded to the Polaris project partnership by the Norwegian Ministry of Petroleum and Energy, which announced the application process on 10 September 2021.

The Polaris project partnership, consisting of Horisont Energi, Equinor and Vår Energi, plans to utilize the Polaris reservoir to permanently store CO₂ from the Barents Blue ammonia factory, a world-scale production plant for clean ammonia intended to be located at Markoppneset near Hammerfest in Finnmark.

“This award is an important milestone in developing carbon storage as a major green industry in Norway. Equally, it is a milestone for our plan to realize the Barents Blue project, as this facility will capture CO₂ and permanently store it under the seabed. The development of the Barents Blue project, including Polaris, is among the most ambitious and impactful environmental projects in Norway.”

CEO of Horisont Energi

Ammonia is one of the world’s most prevalent industrial gases. It also has substantial potential as a CO2-free energy carrier within transport and power production. Traditional ammonia production from natural gas creates massive CO₂ emissions, but as Barents Blue includes carbon capture and storage, it will provide decarbonization of the natural gas production from Melkøya, which is exported to the new Norwegian industrial gas market at Markoppneset.

The Polaris license is expected to provide the necessary storage capacity for Barents Blue, including all potential expansions, and additional storage capacity will be offered to third parties in Norway and Europe.

“The CO₂ quota price almost tripled in 2021, and the number of available quotas will continue to decline in the coming years to meet the 2030 climate goals in EU. This trend makes CO₂ storage commercially attractive for several industries. We firmly believe that Polaris will meet a shortage in the carbon storage market.”

CEO of Horisont Energi

About Horisont Energi
Horisont Energi (EURONEXT: HRGI) is a Norwegian clean energy company that provides clean energy and carbon transport and storage services. The company will transform gas, 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 is headquartered in Sandnes, Norway.

For further information, please contact:

Horisont Energi

Dan Jarle Flølo, CFO

+47 901 13 159

Siri Melberg

+47 470 36 718