Horisont Energi Q3 2024: Progressing the commercial processes and the strategic review

​Sandnes, Norway – 15 November 2024 – Horisont Energi (EURONEXT: HRGI) continues to progress the project activities within carbon infrastructure, carbon storage and clean ammonia, at the same time moving forward as planned with the strategic review.

“We are making progress in our core business areas, with developments related to the Gismarvik CO2 hub, including paid studies with emitters and licences, and the submission of an EU funding application. Additionally, we have filed a licence application for a new carbon storage site in the North Sea. The financial position remains a key focus area, and we are working towards creating a successful outcome of the strategic review”, say Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad, Co-CEOs, Horisont Energi.

Highlights Q3 2024
• Horisont Energi has initiated a strategic review with its Board of Directors and major shareholders to explore several options for its project portfolio within CCS and clean ammonia
• Licence application for a new carbon storage licence in the North Sea was submitted 29 August

Main subsequent events
• Entered into a Collaboration Agreement with ECOLOG and Tata Steel NL to develop the Norwegian-Dutch CO2 corridor further and enable industrial-scale CO2 transport between The Netherlands and Gismarvik CO2 hub
•  Submitted funding application through the EU’s Project of Mutual Interest initiative in the quarter
•  Entered into a new collaboration for CO2 storage developments in Europe with a leading global technology company to cooperate on the development of carbon capture and storage (CCS) projects in Europe (outside of Norway)

Financial Highlights
•  Further reductions in operating losses to NOK 25.7 million (~40% reduction vs. Q3 2023)
•  Cash and cash equivalents amounted to NOK 98.3 million at the end of Q3 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.

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