OSLO / SANDNES, Norway - August 16, 2021 - The energy company St1 Nordic Oy and
the Norwegian clean energy company Horisont Energi AS announced today the
signing of a memorandum of understanding for the joint development of a green
ammonia project in Finnmark, Northern Norway. The target of the partnership is
to produce green ammonia from a wide variety of renewable energy products for
transport and industry. 
St1 and Horisont Energi will conduct pre-studies for the potential of green
ammonia production in Finnmark based upon electrolysis using wind power,
hydrogen from various green feedstocks, and in addition explore the use of
several new and alternative technologies in green ammonia production. The
partners will also explore the whole value chain for negative emissions - from
carbon capture to final storage - to create carbon removal credits (CRCs) for
commercialisation and to contribute to the development of related legislation.

From wind power to green ammonia
By combining their competencies in their respective fields, the parties will
model a viable non-fossil ammonia value chain from feedstock to end consumer. As
a part of the study, the partners will also be assessing potential locations for
green ammonia production in Finnmark. The electrolysis will require the wind
power that St1 plans to produce in Finnmark. St1 has already submitted a permit
application for the development of Davvi wind park (800 MW), in addition to
other pipeline projects.

Positive results from the pre-studies may lead to jointly developing a hybrid
green ammonia plant. 

"Driven by our vision to be a leading European provider of clean energy and
carbon storage services, we are excited to be joining forces with St1 in
bringing green products to market and exploring business models for negative
emissions, as part of the global move toward decarbonisation. Green hydrogen
converted to ammonia unleashes the potential of renewables, ensures energy
system efficiency and enables a carbon-neutral source of fuel and heat for our
homes, transport, and industry, thereby making it instrumental in meeting the
EU's climate objectives," says Bjørgulf Haukelidsæter Eidesen, CEO of Horisont
Energi.

"We are very pleased to be teaming up with Horisont Energi to assess the
possibilities for developing this project together. Decarbonisation of transport
and industry is a massive challenge, and to solve it, we must couple the power
sector with the end-use transport sectors like marine, aviation, and road
freight transport, as well as industry. In addition, we are excited to further
develop a commercial and regulated carbon marketplace for trading of carbon
removal credits. In Horisont Energi, we have found a partner with competence and
expertise that is a great fit in realising our vision to be the leading producer
and seller of CO2-aware energy," says Kristine Vergli Grant-Carlsen, CEO of St1
Norway. 
Horisont Energi is already engaged in the Barents Blue project in Finnmark,
Europe's first large-scale blue ammonia production. Using natural gas from the
Barents Sea, Barents Blue will have a production capacity of 3000 tons of
ammonia per day once operational in 2025.

For more information:
Timo Huhtisaari, Director Sustainability & Future Business, St1 Nordic Oy, +358
41 504 4694 // timo.huhtisaari@st1.com
Bjørgulf Haukelidsæter Eidesen, CEO Horisont Energi, +47 990 36 892 //
bhe@horisontenergi.com

About St1
St1 Nordic Oy is a Nordic energy Group whose vision is to be the leading
producer and seller of CO2-aware energy. The Group researches and develops
economically viable, environmentally sustainable energy solutions. St1 focuses
on fuels marketing activities, oil refining and renewable energy solutions such
as waste-based advanced ethanol fuels and industrial wind power. The Group has
1.250 St1 and Shell branded retail stations in Finland, Sweden, and Norway.
Headquartered in Helsinki, St1 currently employs c. 1.000 people. www.st1.com

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. www.horisontenergi.com