Aker Horizons ASA: Second-Quarter and Half-Year Results 2023

LYSAKER, Norway, July 13, 2023 /PRNewswire/ -- Aker Horizons ASA (OSE: "AKH"), a developer of green energy and industry, today announced results for the second quarter and first half of 2023. Aker Horizons' net asset value stood at NOK 11.1 billion as of 30 June 2023. The company had a cash position of NOK 3.6 billion and an undrawn credit facility of EUR 500 million, giving available liquidity of NOK 9.4 billion.

Second-quarter 2023 main developments:

Aker Carbon Capture announced key awards:

• Award of contract for five Just Catch™ 100 units to Ørsted in Denmark for a total value exceeding EUR 200 million
• First major study awarded in North America, an important steppingstone for new market entry
• Two studies for Just Catch Offshore™, and one by Söderenergi in Sweden

Mainstream focused on Chile restructuring and growing offshore pipeline:

• Market challenges in Chile continue with mitigation strategy progressing. In constructive dialogue with lenders on restructuring of the Andes portfolio
• Applications submitted for two offshore wind farms in Sweden and one in Australia
• 100 MW Corporate power purchase agreement ("PPA") signed with industrial off-taker in South Africa, progressing towards financial close

Aker Horizons Asset Development matured projects and demonstrated commercial progress:

• Rjukan Green Hydrogen awarded up to NOK 85 million in grants and up to NOK 50 million in green loan from Innovation Norway
• Signed PPA with Statkraft for significant part of power needed for Narvik Green Ammonia
• Signed joint development agreement with large European industrial partner for Narvik Green Ammonia

Kristian Røkke, CEO of Aker Horizons, commented:

"We're seeing the energy transition gaining momentum across the globe, and with it come new challenges and opportunities. This quarter's report reflects that dynamic landscape. Mainstream is undergoing challenges in Chile, which we're actively working to resolve. These hurdles, however, don't diminish our commitment to sustainable energy projects. Aker Carbon Capture's landmark EUR 200 million contract with Ørsted shows that our solutions in carbon capture are in demand and contributing to the larger goal of reducing greenhouse gas emissions."

Aker Horizons' net asset value (NAV) stood at NOK 11.1 billion at the end of the second quarter. Mainstream as reported in the NAV reflects Aker Horizons' book value of the investment in the company. An impairment of NOK 2.3 billion to Aker Horizons' book value was recognized in the second quarter, triggered by the ongoing restructuring in Chile. Aker Horizons' gross asset value stood at NOK 17.3 billion at 30 June 2023.

The Q2 2023 presentation and first-half 2023 report are attached. Aker Horizons also uploaded its Green Financing Report 2022 today on the company's website: https://akerhorizons.com/investors/debt/ .

Aker Horizons' CEO Kristian Røkke, CFO Nanna Tollefsen, Asset Development's CFO Kristoffer Dahlberg and Mainstream's CEO Mary Quaney will present the main developments in the second quarter of 2023 today at 08:00 CEST followed by a Q&A session. The presentation, which is open to all, will be held in English and will be webcast on Aker Horizons' website: https://akerhorizons.com/investors

For further information, please contact:

Marianne Stigset, Communications, Tel: +47 41 18 84 82, marianne.stigset@akerhorizons.com

Christian Yggeseth, Investor Relations, Tel: +47 91 51 00 00, christian.yggeseth@akerhorizons.com

About Aker Horizons

Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy, carbon capture and hydrogen and develops industrial-scale decarbonization projects. As part of the Aker group, Aker Horizons applies industrial, technological and capital markets expertise with a planet-positive purpose to drive decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Across its portfolio, the company employs approximately 1,100 people in 18 countries on five continents. www.akerhorizons.com 

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements in Regulation EU 596/2014 and the Norwegian Securities Trading Act § 5-12. This stock exchange announcement was published by Marianne Stigset, Communications, Aker Horizons, on 13 July 2023 at CEST 07:00.

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