#Green Energy #Norway #Aker Horizons #Fornebu #ACC ASA

Aker Horizons ASA Unveils Fourth Quarter Results and Key Developments for 2024

Aker Horizons ASA, a prominent player in the green energy sector, recently revealed its financial outcomes for the fourth quarter of 2024, showcasing both challenges and advancements within its expansive portfolio. With a focus on sustainable energy solutions, the company reported a net capital employed amounting to NOK 5.9 billion, reflecting a slight decrease of NOK 0.2 billion from the previous quarter. This change primarily stemmed from the outcomes reported by its portfolio companies during Q4.

Aker Horizons' liquidity also remains robust, featuring a cash position of NOK 2.9 billion and an undrawn credit facility of EUR 500 million, resulting in total available liquidity of NOK 8.8 billion.

Portfolio Highlights

Significant progress has been made across various projects in Aker Horizons' portfolio:

Aker Carbon Capture

Aker Carbon Capture (ACC) has proposed an impressive dividend of NOK 3.5 billion to its shareholders, pending approval from its general meeting. This proposal marks a decisive step forward as the company also announced a new contract award with SLB Capturi, further solidifying its position in the carbon capture market. The handover of a modular carbon capture facility at Twence is a noteworthy achievement, alongside the awarding of an EPCIC contract for a Just Catch 400 unit to Hafslund Celsio.

Mainstream Renewable Power

Meanwhile, Mainstream Renewable Power is making notable strides with projects in South Africa. Two renewable energy initiatives, targeting a combined output of approximately 150 MW, are on track to reach Commercial Operation Date (COD) in the second quarter of 2025 and early 2026. Additionally, an enhanced commercial margin has been observed in the Andes portfolio located in Chile. Continuous cost-cutting measures aim for a substantial reduction in payroll and overhead expenses, projecting a decrease of around 65%.

Aker Horizons Asset Development

On the other hand, Aker Horizons Asset Development has struck a deal for an offtake agreement with Narvik Green Ammonia (NGA), with plans for the 150 ktpa offtake. The company is also actively developing the Powered Land business, solidifying its commitment to producing sustainable industrial solutions. A collaboration with a significant European utility is in the works, targeting interest in NGA following the development phase 2.

SuperNode Innovation

SuperNode is poised for innovation in 2025, with full-scale testing of its next-generation superconducting technology planned for the first half of the year. This technology aims to revolutionize energy transfer systems and is set to undergo a real-world demonstration at the National Grid Deeside facility later in 2025.

As the company continues to navigate the ever-evolving energy landscape, Aker Horizons' CEO, Lars P. Sørvaag Sperre, alongside CFO Kristoffer Dahlberg and Mainstream's CFO Julie Berg, will present these critical updates in an accessible webcast available on Aker Horizons' investor website.

Conclusion

Aker Horizons ASA remains steadfast in its mission to propel the transition to Net Zero. Its endeavors in renewable energy, carbon capture, and sustainable industries exemplify its strategic direction amid a growing global emphasis on decarbonization. As the company steps into 2025, all eyes will be on its developing projects and strategic partnerships across the globe.

For more detailed information on Aker Horizons, interested parties can visit their official website at Aker Horizons.

This disclosure is intended for stakeholders in Aker Horizons and the wider investment community looking for insights into the green energy sector as the company continues to make headway amid challenging market dynamics.