SANDNES, NORWAY: Horisont Energi is in discussions with a number of infrastructure investors regarding project financing of the company’s share of the Barents Blue ammonia plant in Hammerfest, Norway.

The process with the infrastructure investors started in the summer of 2020. After signing confidentiality agreements with Horisont Energi, the invited investors were presented to the project and invited into a due diligence process. Relevant project information has been shared in a dedicated data room in the first half of 2021.

“As communicated when we listed Horisont Energi, we value infrastructure funds as a likely source of project financing for the onshore ammonia facility. The previously announced cooperation agreement with Equinor and Vår Energi forms a basis for advancing the discussions with major international infrastructure investors. Horisont Energi plans on signing a letter of intent with one or more of the selected investors before the project’s concept selection, scheduled in 2022,” says Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.

The Barents Blue ammonia plant will be Europe’s first large-scale production facility for blue ammonia. CO2 captured during the production process will be captured and permanently stored below the seabed offshore Finnmark in Northern Norway. On September 9, 2021, Horisont Energi announced the signing of a cooperation agreement with Equinor and Vår Energi, the two largest offshore oil and gas producers in the Barents Sea region, for the development of Barents Blue.

Barents Blue will provide Europe’s first large-scale clean ammonia production. Based on natural gas from the Barents Sea, it will include a world-scale clean ammonia plant located in Finnmark, Northern Norway. Barents Blue will have a production capacity of 3000 tons of ammonia per day once operational. During the production process, carbon will be captured and transported by ship to the Polaris reservoir for storage, with an estimated capacity in excess of 100 million tons below the seabed offshore Finnmark, which is equivalent to twice Norway’s annual greenhouse gas emissions.

Horisont Energi (EURONEXT: HRGI) is a Norwegian clean energy company that provides clean energy and carbon storage services. The company transforms gas and renewable energy into cost-leading clean ammonia and hydrogen, and offers CO2 transportation and permanent 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