SANDNES, Norway 10 November 2023 Horisont Energi (EURONEXT: HRGI) has signed a
letter of intent (LoI) with VNG Handel & Vertrieb GmbH (VNG), a wholly owned
subsidiary of the German energy company VNG AG, regarding the offtake of clean
ammonia from the Barents Blue project in Hammerfest in Northern Norway -
EuropeŽs largest clean ammonia plant project.

As a major German gas importer and wholesaler, VNG H&V intends to purchase clean
ammonia from Horisont Energi as part of the LoI. The aim is to make the ammonia
available to VNG H&V's customers, particularly in the industrial sector, either
directly or in the form of hydrogen. The agreement sets out a long-term
partnership for clean ammonia supply targeting a quantity of 100,000-300,000
tons per year starting from 2028, corresponding to 10%-30% of the capacity at
the planned Barents Blue plant.

"The agreement with VNG marks another leap forward in the development of Barents
Blue as Europe's largest clean ammonia plant to meet the surging demand for
clean ammonia and hydrogen. We are also adding another strong new German partner
as we continue to build a clean ammonia value chain and are delighted to have
joined forces with a highly competent organization and dedicated team", says
Bjørgulf Haukelidsæter Eidesen, CEO Horisont Energi.

Conventional ammonia production today accounts for approximately one percent of
global CO2 emissions, and the transition to clean ammonia plays a critical role
in the European Commission's ambition to reduce the EU's dependency on fossil
imports. Clean ammonia is also a crucial element in the 'Fit for 55' ambition to
reduce emissions by 55 percent in 2030 compared to 1990 levels. 
 
VNG has held reliable relationships with Norwegian energy companies for over 30
years and will continue to work closely with them in the future.  "With this
agreement, we are strengthening the German-Norwegian partnership in the energy
sector. At the same time, we are taking another important step towards driving
forward the decarbonisation of Germany. The demand for blue ammonia will
multiply in the coming decades, both as a hydrogen carrier and to decarbonise
fertilisers, shipping, and other industries," added Ulf Heitmüller, CEO of VNG
AG.

Combined with the Polaris CCS project, Barents Blue will offer clean ammonia
with a 99% CO2 capture rate and a correspondingly low carbon footprint compared
to conventional production. Horisont Energi targets a final investment decision
for the 1 million tonnes plant in 2024/2025, with estimated production start in
2028. 
 
The agreement with VNG comes after Horisont Energi and Fertiberia recently
signed a joint development agreement for the Barents Blue project, and the
announcement in September that PIGNiG Upstream Norway intends to join Horisont
Energi as an operating partner in the Polaris CCS storage license. The plan is
for Polaris to offer the Barents Blue CO2 storage for its captured carbon.  

Horisont Energi has already secured sufficient power supply for the first stage
of the Barents Blue project, which has secured NOK 482 million of funding as a
grant from Enova, the Norwegian government's enterprise to promote a faster
transition to low-emission society. The funding is part of the IPCEI hydrogen
program, Hy2Use. 

For further information, please contact: 
Bjørgulf Haukelidsæter Eidesen, CEO 
+47 990 36 892
bhe@horisontenergi.com

Leiv Kallestad, CFO
+47 958 95 661
leiv.kallestad@horisontenergi.com

Siri Melberg, Head of branding & communication
+47 470 35 718 
sm@horisontenergi.com 

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. 

https://www.horisontenergi.no/
https://twitter.com/horisontenergi
https://www.linkedin.com/company/horisontenergi/

About VNG Handel & Vertrieb GmbH
VNG is a group of over 20 companies active in the European energy industry,
employing about 1,600 people. As a gas importer and wholesaler as well as an
operator of critical gas infrastructure, the Group, which is headquartered in
Leipzig, is central to the secure supply of gas in Germany. With the "VNG 2030+"
strategy, VNG is also pursuing an ambitious path for a market ramp-up of
renewable and decarbonised gases such as biogas and hydrogen, paving the way for
a sustainable, secure supply and, in the long term, climate-neutral energy
system of the future. EnBW Energie Baden-Württemberg AG is the main shareholder
of VNG.