Sandnes, Norway - 15 May 2024 - Horisont Energi (EURONEXT: HRGI) has sharpened
its focus in the first quarter, following the corporate restructuring into the
three separate entities Horisont Ammoniakk, Horisont Karbon, and Horisont Infra.
The restructuring is expected to facilitate the development of existing
partnerships and the establishment of new ones, as the company continues to move
the projects forward towards realisation.

"Horisont Energi is approaching a series of important milestones for each of its
new subsidiaries. The new organisational structure has been well received and
has contributed to constructive partner dialogues during the first months of
2024," comments Horisont Energi's Co-CEOs Bjørgulf Haukelidsæter Eidesen and
Leiv Kallestad. 

The company's cash position at the end of the quarter of NOK 167.0 million
supports planned activities into 2025, and the company is exploring additional
sourcing of capital and discussing partnership alternatives as the projects are
successfully reaching key milestones.

Highlights Q1 2024:
o The Norwegian Ministry of Energy approved PGNiG Upstream Norway as operator
and partner with Horisont Energi in the CO2 storage licence Polaris
o New company structure registered in the Norwegian Register of Business
Enterprises, and new management team in place
o Granted several CCS patents 

Subsequent events:
o Obtained status as EU Project of Mutual Interest (PMI) for the Gismarvik CO2
hub
o Extended option agreement with Haugaland Næringspark for the realisation of
the Gismarvik CO2 hub 
o Reservation of power supply confirmed by Fagne 10 MW covering the first phase
of the Gismarvik CO2 hub project
o New third-party Polaris licence assessment confirms that Barents Blue volumes
of 2 Mtpa can be injected without any appraisal programme

Financial highlights: 
o Total operating income of NOK 0.4 million in Q1 2024, related to a study
requested from a potential customer at the planned Gismarvik terminal
o Net loss of NOK 35.6 million in Q1 2024 compared to net loss of NOK 75.1
million in Q1 2023, primarily due to lower project costs and sharpened cost
focus
o Cash and cash equivalents of NOK 167.0 million at the end of Q1 2024 supports
planned activities into 2025
o Horisont Energi is exploring additional sourcing of capital to contribute to
the funding as the projects are  successfully reaching key milestones

Practical information
Please find the Q1 2024 report attached. You can also find the report on our
webpage www.horisontenergi.no. The company is not hosting a separate
presentation of the Q1 2024 results and refers to the presentation made in
connection with the announcement of the company's Annual Report for 2023 on
March 21, 2024.  

For more information: 
Bjørgulf Haukelidsæter Eidesen, Co-CEO 
+ 47 990 36 892
bhe@horisontenergi.com 

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 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. 
www.horisontenergi.no  

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