Horisont Energi publishes the integrated Annual and Sustainability Report for 2022
20. April 2023
SANDNES, Norway, 20 April 2022: Horisont Energi (EURONEXT: HRGI) today publishes its integrated Annual and Sustainability Report for 2022.
Horisont Energi’s priorities in 2022 were to develop the organization and progress the projects within the two business areas of clean energy production and carbon capture and storage (CCS). Together with partners, customers, contractors, and other stakeholders, the company has set out to establish a complete end-to-end value chain for both clean ammonia and CCS.
2022 highlights:
- Entered into a cooperation agreement with E.ON and strengthened the financial position through a private placement where E.ON acquired a 25% stake in Horisont Energi
- Awarded Polaris CO2 exploration licence by the Ministry of Petroleum and Energy
- Signed agreement with Koole Terminals to develop a clean ammonia logistic value chain, including a CO2 terminal in Rotterdam
- Progressed the Barents Blue project and granted ESA approval under the Important Projects of Common European Interest – Hydrogen program
- Partnered up with Neptune Energy on Carbon Capture and Storage (CCS)
- Applied for CCS exploration licence for Errai together with Neptune Energy
Major events have affected the main projects after the end of the year. Within clean ammonia a new partnership was established, where in February Equinor and Vår Energi decided to withdraw from the project and the Spanish ammonia producer Fertiberia entered, to progress the Barents Blue project.
Within CCS, the company was in March informed that the CO2 exploration licence on Errai had been awarded to other applicants. While this was a disappointment, the company believes that its knowledge, technical solutions, and capabilities within the CCS industry will put the company and its partners in position to identify and develop new opportunities in the CCS space.
“We aim at making 2023 a year for renewed progress for our company and our projects as we continue to work towards a sustainable, low-carbon energy future. The CCS and ammonia markets are developing fast, and we are confident that Horisont Energi will play a key role in developing attractive infrastructure solutions to enable these markets,” says Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.
The company ended the year with a cash position of NOK 393 million, which supports the continued development of commercially attractive growth initiatives in the years to come.
| Key financials (NOK) | 2022 | 2021 |
| Income | 0 | 375 000 |
| Operating costs | 143 502 696 | 53 358 286 |
| Net profit | -133 785 393 | -52 295 716 |
| Cash and cash equivalents | 392 827 162 | 91 689 113 |
The company will today hold an online presentation of the Annual Report and a company update at 08:00 CEST. Please follow the link to access the webcast here:
https://channel.royalcast.com/landingpage/hegnarmedia/20230420_3/