SANDNES, NORWAY - December 17, 2021 - Horisont Energi AS (EURONEXT: HRGI)
announced today that Barents Blue, the EU's first world-scale clean ammonia
plant, has been awarded a NOK 482 million grant from Enova SF to participate in
the Important Projects of Common European Interest (IPCEI) Hydrogen, subject to
final approval by the EFTA Surveillance Authority (ESA). 

The Barents Blue project is a world-scale clean ammonia project in Finnmark,
Northern Norway, which will include planned CO2 storage offshore. Once
operational, Barents Blue will have a production capacity of 3000 tons of
ammonia per day. During the production process, carbon will be captured and
transported by ship for storage in a reservoir below the seabed named Polaris,
with an estimated capacity in excess of 100 million tons. This is equivalent to
twice Norway's annual greenhouse gas emissions. 

"Being selected for IPCEI is a testimony to the significant potential, ambition
and innovative nature of the Barents Blue project, which we aim to make the most
environmentally-friendly, cost-efficient and energy-efficient ammonia plant in
the world. Barents Blue can serve as a major contributor to achieving European
technological leadership in hydrogen and allowing European companies to take the
lead in the emerging global market for hydrogen," says Horisont Energi's CEO
Bjørgulf Haukelidsæter Eidesen.

The European Union's IPCEI programme will provide Horisont Energi with a unique
opportunity to link the Barents Blue project to other projects and value chains
in the 23 participating European countries, to create positive spillover effects
and benefit from possible knowledge transfer, financing, market size and other
economies of scale.

 "Barents Blue will be a flagship project of great importance to Norway and
Europe. The project shall demonstrate that new, energy-efficient technology for
ammonia production and carbon capture could make low-emission ammonia
competitive," says Enova CEO Nils Kristian Nakstad.  

Enova's NOK 482 million grant is subject to approval by the EU Commission and
ESA. Should the grant be approved, Horisont Energi, with partners Equinor ASA
and Vår Energi AS, will proceed to the FEED phase of the Barents Blue project in
2022. Construction work is planned to take place from 2023 to 2025, and the
plant is expected to be in operation around the turn of the year 2025-26.

Ammonia has numerous industrial applications, including in fertiliser
production, and is currently the world's second-most used industrial gas, with
an established infrastructure for shipping throughout the world. In the future,
ammonia is also expected be used as a climate-neutral fuel, especially in the
maritime industry and for climate-neutral power production.

Hydrogen is an environment and climate-friendly energy carrier. Thus, hydrogen
technology holds significant decarbonisation potential for the industry,
transport and energy sectors. It allows emission-free production, storage and
utilisation of energy. Developing hydrogen technology and markets is a key
element of the EU's plan to become the first climate-neutral continent by 2050. 

IPCEI was established to accelerate this development. Norway is part of IPCEI
Hydrogen, and Enova manages the participation of Norwegian companies in the
initiative. Enova received 25 applications, of which five were selected,
including Horisont Energi.


About Horisont Energi
Horisont Energi (EURONEXT: HRGI) is a Norwegian carbon tech company that
provides clean energy and carbon storage services. The company transforms gas
into cost-leading ammonia and hydrogen, and offers CO2 transportation and
storage solutions 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/   

About Enova 
Enova works to enable Norway's transition to a low-emission society. The
transition requires that we reduce greenhouse gas emissions, contribute to
technology development and innovation, and create new values. That is why Enova
seeks to ensure that new energy and climate technology is developed and put to
use.
Enova SF is located in Trondheim and has approximately 80 employees. The company
is owned by the Ministry of Climate and Environment.

About IPCEI 
IPCEI is a mechanism for promoting investments in cross-border R&D and
industrial projects of particular importance for European development. IPCEIs
are large innovation projects that often involve a great level of risk, and
which require a coordinated effort and cross-border investments from public
authorities and industries in several European countries to be realised. They
are particularly aimed at new industrial areas that are not realised due to
various barriers. Read more on the IPCEI Hydrogen process here:
https://www.enova.no/ipcei/ 


For further information:
Horisont Energi AS
Bjørgulf Haukelidsæter Eidesen, CEO and founder
+4799036892
bhe@horisontenergi.com 


Media Relations 
Are Slettan
+47 922 22 978
Are.slettan@corpcom.no