Sandnes, Norway 10 October 2024: Horisont Energi (EURONEXT: HRGI) is assessing
additional CO2 storage options to Polaris as part of the work towards the
concept select decision for the clean ammonia project Barents Blue. Recent
development for CO2 storages in the North Sea has provided new alternatives, and
thus optionality, for the Barents Blue project that were not available when the
project was launched.  
 
An alternative CO2 storage in the North Sea will reduce capital requirements
both in the development and construction phase, and project on project risks
will be reduced. This will allow Barents Blue to explore the commercial
potential, recognising that the OPEX is expected to increase because of the
transportation cost from Barents Blue. There are several licenses for CO2
storage in the North Sea that have stipulated a timeline in line with the
Barents Blue milestones, which also makes it relevant for us to consider these
possibilities. 
 
"Since the award of the Polaris licence in 2022 there has been several new CO2
exploration licences awarded in the North Sea. Some of these licences have
matured and are well into project development. This provides new options for the
Barents Blue project that we as a prudent project developer must explore", say
Co-CEOs Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad.  
 
Barents Blue considers an alternative CO2 storage in the North Sea as an
interesting option for the project and has worked with this for some time, and
therefore intends to continue processes with alternative storages up until the
concept select decision later this year.  
 
About the Barents Blue project 
The Barents Blue project, being developed by Horisont Energi and Fertiberia, is
a clean ammonia plant located at Markoppnes in Northern Norway. The annual
production for the first phase of the project will be 1 million tonnes. With a
best-in-class carbon capture rate above 99% this will be the most
energy-efficient clean ammonia plant in the world, well-aligned with the EU
taxonomy. Barents Blue has already secured sufficient power supply for the first
phase of the project. The Barents Blue project is supported by a grant of NOK
482 million as part of the EU IPCEI hydrogen program, Hy2Use. The project
targets final investment decision 2026 and estimated production start in
2029/2030.  
 
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.   
 
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