Aker Horizons ASA: First-Quarter Results 2023

Aker Horizons ASA (OSE: "AKH"), a developer of green energy and industry, today announced results for the first quarter 2023. Aker Horizons' net asset value rose to NOK 15.8 billion in the first quarter, from NOK 15.1 billion at year-end 2022. The company had a cash position of NOK 3.8 billion and an undrawn credit facility of EUR 500 million, giving available liquidity of NOK 9.5 billion.

First-quarter main developments:

• Aker Carbon Capture progressed on main projects and accelerated market activity
  • Solid progress on Brevik and Twence projects
  • Letter of Intent (LOI) signed for delivery of two Just Catch units to European customer
  • Pre-FEED for European power utility customer and several studies across industries such as waste-to-energy and smelting secured
     
• Mainstream Renewable Power faced continued challenges in Chile, positive developments in other core markets
  • Active engagement with regulators and Government in Chile to address market inefficiencies
  • Criteria and timing published for first Norwegian offshore wind allocation round
  • ~100 MW corporate PPA signed with industrial offtake in South Africa
     
• Aker Horizons Asset Development with material progress on key projects
  • Offtake LOIs signed with major European energy, industrial and chemical companies for large-scale green ammonia production at Narvik
  • Advanced negotiations for substantial amount of power for Narvik Green Ammonia

Kristian Røkke, CEO of Aker Horizons, commented:

"Momentum for the green energy transition has gathered pace in the first quarter, fueled by favorable regulatory developments and support scheme mechanisms in the EU and other regions. This translates into accelerated market activity for our portfolio, as reflected by LOIs signed by Aker Carbon Capture and Aker Horizons Asset Development with major European industrial customers in recent months. While Chile’s power market inefficiencies are still creating challenges for Mainstream, the company is benefiting from positive developments in other core markets.”  

ENDS

The Q1 2023 presentation is attached.

Aker Horizons' CEO Kristian Røkke and CFO Nanna Tollefsen, and Mainstream's CEO Mary Quaney and Head of Business Development and Origination Ciaran O’Brien will present the main developments in the first quarter 2023 today at 08:30 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 3 May 2023 at CEST 07:00.