SANDNES: Norwegian clean energy developer Horisont Energi AS said on Friday it will begin an orderly wind-down of operations by the end of September, citing persistent market headwinds and a failure to secure strategic investment.
The company, which spun off its Barents Blue ammonia project in June, has struggled to attract capital for its remaining ventures, including the Gismarvik CO₂ hub and Polaris carbon storage initiative. Despite active investor engagement, Horisont Energi said no binding offers materialized following a strategic review led by Danske Bank Markets.
“The lack of commercial breakthroughs and limited investor traction have left us with no viable path forward,” the board said in a statement.
Horisont Energi reported a first-half net loss of NOK 34.5 million, narrowing from NOK 64.6 million a year earlier, as it cut spending and reduced its workforce from 32 to 15 employees. The company expects to retain only a handful of staff after September to manage asset realization and explore potential shareholder returns.
Cash reserves stood at NOK 29 million at end-June, with projections indicating a burn rate of NOK 2–3 million per month through year-end. The board said it may consider a return of paid-in capital to shareholders in Q4, subject to legal and financial conditions.
Horisont Energi was founded to advance Norway’s energy transition through carbon capture and clean ammonia production. Its wind-down reflects broader challenges facing early-stage green tech ventures amid rising interest rates and investor preference for cash-generating assets.