Horisont Energi Q2 2024: Progressing the commercial maturity of our pioneering projects

Sandnes, Norway – 29 August 2024 – Horisont Energi (EURONEXT: HRGI) Horisont Energi continues to progress the projects in the three business areas clean ammonia, carbon storage and carbon infrastructure towards commercial maturity.

“We have developed substantial competency, IP, and know-how over the past five years, and have entered partnerships with leading industrial players. Building pioneering green industries takes time but we have established a strong position and a solid basis for creating value for our shareholders and solving the challenges ahead of us», says Horisont Energi’s Co-CEOs Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad.

Horisont Energi intends to start operations at the Gismarvik CO2 hub in 2029, followed by Barents Blue and Polaris start-up in 2029/2030, subject to final investment decisions for the three projects in 2026.

Highlights Q2 2024:

• Continued progress has been made on the status of the commercial agreements for the Barents Blue project • Horisont Energi decided to submit a licence application for a new carbon storage with deadline 29 August 2024

• Hosted Barents Blue Days in Hammerfest together with our partners Fertiberia and PGNiG Upstream Norway.

• Received EU Project of Mutual Interest status for the Gismarvik CO2 Hub and cross-border CO2 infrastructure network.Preparing application for CEF (EU funding).

• Ministry of Energy approved deadline extension for Decision of Concretisation (BoK) of Polaris project with new deadline 1 November 2024.

Subsequent events:

• Licence application for a new carbon storage in the North Sea will be submitted on 29 August.

Financial highlights:

• Main financial priority to extend capital runway – reduced costs by ~50% from Q2 2023 to Q2 2024 and from 1H 2023 to 1H 2024.

• Net loss of NOK 29.0 million in Q2 2024 compared to net loss of NOK 58.7 million in Q2 2023.

• Cost reduction primarily attributed to lower use of external resources, combined with improved operational efficiency.

• Cash and cash equivalents amounted to NOK 130.6 million at the end of Q2 2024, providing sufficient capital to carry out planned activities through the 2H 2024 and towards key project milestones and decision gates in 2025.

• Exploring additional capital sourcing to fund projects and provide a sustainable basis for future operations.

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.

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