Horisont Energi publishes the Q1 report for 2024

Sandnes, Norway – 15 May 2024 – Horisont Energi (EURONEXT: HRGI) has sharpened its focus in the first quarter, following the corporate restructuring into the three separate entities Horisont Ammoniakk, Horisont Karbon, and Horisont Infra. The restructuring is expected to facilitate the development of existing partnerships and the establishment of new ones, as the company continues to move the projects forward towards realisation.

“Horisont Energi is approaching a series of important milestones for each of its new subsidiaries. The new organisational structure has been well received and has contributed to constructive partner dialogues during the first months of 2024,” comments Horisont Energi’s Co-CEOs Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad.

The company’s cash position at the end of the quarter of NOK 167.0 million supports planned activities into 2025, and the company is exploring additional sourcing of capital and discussing partnership alternatives as the projects are successfully reaching key milestones.

Highlights Q1 2024:

• The Norwegian Ministry of Energy approved PGNiG Upstream Norway as operator and partner with Horisont Energi in the CO2 storage licence Polaris

• New company structure registered in the Norwegian Register of Business Enterprises, and new management team in place

• Granted several CCS patents

Subsequent events:

• Obtained status as EU Project of Mutual Interest (PMI) for the Gismarvik CO2 hub

• Extended option agreement with Haugaland Næringspark for the realisation of the Gismarvik CO2 hub

• Reservation of power supply confirmed by Fagne 10 MW covering the first phase of the Gismarvik CO2 hub project

• New third-party Polaris licence assessment confirms that Barents Blue volumes of 2 Mtpa can be injected without any appraisal programme

Financial highlights:

• Total operating income of NOK 0.4 million in Q1 2024, related to a study requested from a potential customer at the planned Gismarvik terminal

• Net loss of NOK 35.6 million in Q1 2024 compared to net loss of NOK 75.1 million in Q1 2023, primarily due to lower project costs and sharpened cost focus

• Cash and cash equivalents of NOK 167.0 million at the end of Q1 2024 supports planned activities into 2025

• Horisont Energi is exploring additional sourcing of capital to contribute to the funding as the projects are successfully reaching key milestones

Please find the Q1 2024 report attached below.

The company is not hosting a separate presentation of the Q1 2024 results and refers to the presentation made in connection with the announcement of the company’s Annual Report for 2023 on March 21, 2024.

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 Horisont Energi group includes three subsidiaries, Horisont Ammoniakk for the clean ammonia business, Horisont Karbon for the carbon storage business and Horisont Infra for the mid-stream CCS infrastructure. The company was founded in 2019 and is headquartered in Sandnes, Norway.

You can follow us on:

https://twitter.com/horisontenergi https://www.linkedin.com/company/horisontenergi/