August 18, 2022

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Horizon Energy takes to the skies on the stock exchange in agreement with the energy giant - rises by 50 percent

Horizon Energy takes to the skies on the stock exchange in agreement with the energy giant – rises by 50 percent

On Wednesday, it was announced that international energy company E. ON and Euronext Growth-listed Horisont Energi have entered into a strategic cooperation agreement. The company rose above 50 per cent on the stock exchange to NOK 100. The company’s market capitalization is now 1.6 billion NOK.

In connection with the agreement, it was announced that E. ON will buy 25 percent of the Norwegian carbon technology company Horisont Energi through a private placement.

According to a press conference held by the company’s management on Thursday, it appears that the capital increase will add NOK 420 million to new capital. In addition, state-owned Enova indicated in December that it wanted to contribute NOK 480 million to support the company’s projects.

After issuance to E. ON, Horizon Energi has sufficient funding to make investment decisions on projects in 2023, and throughout at least 2024.

Here’s what Horisont Energi’s CEO, Bjørgulf H. & Storage said.

– After this issue, and after the support we received from Enova before Christmas, we have a strong position to move forward. We will conduct the initial feeding studies in March of this year and, accordingly, expect investment decisions to be made in early 2023 for CCS projects with E. ON, Eidesen says.

He explains that the most important thing in the agreement with E. ON for Horizon Energi is that the company now has a strategic partner on the team that complements existing operations.

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Having a strong business partner on the team that can complement our operations is very important to us. This allows us to expand, he says.

Eidesen also states that the collaboration is also complementary in terms of the company’s current collaboration with Equinor and Vår Energi on the Barents Blue project.

With Equinor and Vår Energi, we store and transport carbon. E. ON, on the other hand, will be responsible for carbon sequestration and condensation, so this is quite complementary to us, he confirms.

As for the type of CCS technology the company will use on various projects in the future, Eidesen answers that this will depend on the situation and project.

“We aim to be the technology diagnostic,” he says.

Leprosy company committed

The company’s report also notes that Føniks Innovasjon AS and Øystein Stray Spetalen which are dominated by Saga Pure ASA, Spesialfondet KLP Alfa Global Energi, Ferncliff Listed DAI AS and QVT Family Office Fund have committed for six months not to sell any of the Horizon holdings of the energy stock today, without E. ON agrees to this.

– After the deal, E. ON, KLP, QVT, Ferncliff and Saga Pure will be the largest owners of the company – that is, as we see it today, Eidesen repeats.

Otherwise, he says, the company will continue to grow the organization in 2022.

– We expect to grow from 20 to 25 employees, he says.

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