Energy, Automobile, EV, Renewable News | Horisont Energi publishes annual report and Q4 2023

Horisont Energi publishes annual report and Q4 2023

March 21, 2024

London, 21 March 2024, (Oilandgaspress): – During the year, Horisont Energi established new and strong partnerships with internationally renowned players such as Fertiberia and PGNiG Upstream Norway replacing previous partners on these projects. The company has made good progress on its projects within both clean ammonia, carbon storage and carbon infrastructure, and has restructured the organization to facilitate pure-play partnership opportunities for each business area.

2023 highlights:

Partnering with Fertiberia on the Barents Blue clean ammonia project
Signed LOIs with Barents Naturgass and VNG for clean ammonia offtake
Partnering with PGNiG Upstream Norway (PUN) as Polaris operator, with PUN acquiring a 50% participating interest in Polaris
Signed MOU with Koole Terminals to continue European CCS value chain cooperation
Launched new organizational structure with Horisont Karbon, Horisont Ammoniakk and Horisont Infra as three new subsidiaries under Horisont Energi AS

Subsequent events:

PUN approved as operator and partner with Horisont Energi on Polaris
Adopted Co-CEO structure to strengthen governance and capacity, secure key deliveries and maintain focus on operational efficiency and cost control

Q4 and 2023 key financial highlights:

Total operating income of NOK 5 million in Q4, reflecting the sale of non-core technology
Net loss of NOK 19.2 million in Q4, compared to net loss of NOK 51.9 million in Q4 2022
Lower quarterly losses reflect the termination of the Errai project earlier in 2023 and sharpened focus on operational efficiency and cost control
The net loss of NOK 193.0 million for 2023 (-133.8) primarily reflects a higher cost level in 1H 2023 due to high project and employee costs related to the now-terminated Errai project.
Cash and cash equivalents amounted to NOK 200.4 million at the end of 2023
The cash position remains satisfactory and supports current activities going forward. With a reduced cash outflow, the company is fully funded through 2024.
Horisont Energi will explore additional sourcing of capital to fund projects when key milestones have been successfully met for the projects

Co-CEOs Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad comments:
“We have reached several significant milestones on our mission to accelerate the transition to a carbon-neutral future. We have established new and strong strategic partnerships and advanced our clean ammonia project Barents Blue, our CO2 storage project Polaris, and our Gismarvik CO2 terminal. These are all cornerstones of our progress, along with our own organizational restructuring with the establishment of Horisont Ammoniakk, Horisont Karbon and Horisont Infra as separate entities.”

Horisont Energi Co-CEOs Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad will present the Q4 2023 results and summary of 2023 by webcast today at 08.00 CET.

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