Sandnes, Norway 24 August 2023: Horisont Energi (EURONEXT:HRGI) today publishes
the Q2 report 2023. 

Horisont Energi has progressed projects and partnerships during the second
quarter and continued to develop the organisation. The company's cash position
is satisfactory, and ensures that on this basis, planned operating activities
are funded until the end of 2024.  

The Barents Blue project has progressed on commercial matters, including
dialogue on gas purchase agreements and the ammonia sales workstream. Horisont
Energi has signed a new joint agreement with the Spanish ammonia specialist
Fertiberia to develop the Barents Blue project, Europe's largest clean ammonia
plant. Before the summer, we also successfully secured a sufficient power supply
for the first stage of the project. 

"Fertiberia shares our vision of developing clean ammonia projects on an
industrial scale and has ambitious plans to accelerate the transition to carbon
neutrality. With an objective to lead the development of Europe's clean ammonia
market, Fertiberia will be a strong partner for Horisont Energi in the continued
development of Barents Blue, and we look forward to work with a competent and
dedicated team," says Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi. 

Within the carbon capture and storage business, Horisont Energi signed a new
cooperation agreement with E.ON to develop a European value chain for CCS and
joint efforts to access carbon storage capacity on the Norwegian Continental
Shelf, strengthening the agreement previously announced. 

"Having Fertiberia and energy major E.ON as partners in clean ammonia and CCS
respectively marks important milestones for Horisont Energi and means that we
are well positioned to accelerate the transition to carbon neutrality", says
Haukelidsæter Eidesen. 

Highlights Q2 2023:  

- Prolonged partnership with E.ON to develop European CCS value chain   

- Secured power supply for the Barents Blue project, representing an important
milestone for the development and realisation of the project  

- Maturing the Gismarvik CO2 terminal project for potential 20-25 million tonnes
of annual capacity, including third-party storage  

- Started the development of a portfolio of carbon storage licenses with the
goal of taking equity positions in storages which can be connected to the
Gismarvik CO2 terminal  

- Several steps taken to strengthen the governance and align the organisation
with changes to the Board and Management team  

Financial result:  

Net loss of MNOK 58.7 down from MNOK 75.1 in Q1 primarily as a result of the
termination of the Errai project. The H1 loss of MNOK 133.8 was MNOK 67.8 higher
than last year as it includes costs for both the Barents Blue and Errai
projects, whilst the company last year had lower project costs and lower
employee cost.   

The cash at the end of the quarter was MNOK 267.7. The cash burn has been high
during the quarter and the first half of the year due the project activities.
The cash position is however satisfactory for planned operating activities going
forward. Planned activities do not require substantial external support, and the
cash burn will therefore be lower, which ensures that the company on this basis
is funded until the end of 2024. 

Subsequent Events:  

- A joint development agreement was signed with Fertiberia 23 August for
realisation of the Barents Blue project. 


Please find the Q2 2023 Report attached here.  

You can also find the report on our webpage www.horisontenergi.no 

 
For information please contact:  

Leiv Kallestad, CFO  

+47 95895661 

leiv.kallestad@horisontenergi.com  

 
Siri Melberg, Head of branding & communication  

+47 47035718  

sm@horisontenergi.com  

 
About Horisont Energi  

Horisont Energi Horisont Energi (EURONEXT: HRGI) is a Norwegian clean energy
company that will provide clean energy and carbon transport and storage
services. The company will transform gas into cost-leading ammonia and hydrogen
and offer 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. www.horisontenergi.no  

You can follow us on:  

https://twitter.com/horisontenergi 

https://www.linkedin.com/company/horisontenergi/