Sandnes, Norway 21 March 2024: Horisont Energi (EURONEXT: HRGI) has today
published its annual report and sustainability report for 2023.  

During the year, Horisont Energi established new and strong partnerships with
internationally renowned players such as Fertiberia and PGNiG Upstream Norway
replacing previous partners on these projects. The company has made good
progress on its projects within both clean ammonia, carbon storage and carbon
infrastructure, and has restructured the organization to facilitate pure-play
partnership opportunities for each business area.  

2023 highlights: 
- Partnering with Fertiberia on the Barents Blue clean ammonia project 
- Signed LOIs with Barents Naturgass and VNG for clean ammonia offtake 
- Partnering with PGNiG Upstream Norway (PUN) as Polaris operator, with PUN
acquiring a 50% participating interest in  Polaris 
- Signed MOU with Koole Terminals to continue European CCS value chain
cooperation  
- Launched new organizational structure with Horisont Karbon, Horisont Ammoniakk
and Horisont Infra as three new subsidiaries under Horisont Energi AS  

Subsequent events:  
- PUN approved as operator and partner with Horisont Energi on Polaris  
- Adopted Co-CEO structure to strengthen governance and capacity, secure key
deliveries and maintain focus on operational efficiency and cost control 

Q4 and 2023 key financial highlights: 
- Total operating income of NOK 5 million in Q4, reflecting the sale of non-core
technology  
- Net loss of NOK 19.2 million in Q4, compared to net loss of NOK 51.9 million
in Q4 2022  
- Lower quarterly losses reflect the termination of the Errai project earlier in
2023 and sharpened focus on operational efficiency and cost control  
- The net loss of NOK 193.0 million for 2023 (-133.8) primarily reflects a
higher cost level in 1H 2023 due to high project and employee costs related to
the now-terminated Errai project. 
- Cash and cash equivalents amounted to NOK 200.4 million at the end of 2023 
- The cash position remains satisfactory and supports current activities going
forward. With a reduced cash outflow, the company is fully funded through 2024. 
- Horisont Energi will explore additional sourcing of capital to fund projects
when key milestones have been successfully met for the projects 

Co-CEOs Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad comments: 
"We have reached several significant milestones on our mission to accelerate the
transition to a carbon-neutral future. We have established new and strong
strategic partnerships and advanced our clean ammonia project Barents Blue, our
CO2 storage project Polaris, and our Gismarvik CO2 terminal. These are all
cornerstones of our progress, along with our own organizational restructuring
with the establishment of Horisont Ammoniakk, Horisont Karbon and Horisont Infra
as separate entities."  

Horisont Energi Co-CEOs Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad will
present the Q4 2023 results and summary of 2023 by webcast today at 08.00 CET.  

Please follow the link to access the webcast here:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240321_1 

Please find the annual report and sustainability report 2023 attached. The
report will also be made available on the company's website after the webcast.  


For more information:  

Leiv Kallestad, Co-CEO  
+ 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. www.horisontenergi.no   

You can follow us on:   
https://twitter.com/horisontenergi  
https://www.linkedin.com/company/horisontenergi/