Aker Horizons ASA: First-quarter results 2024

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LYSAKER, Norway, April 30, 2024 /PRNewswire/ -- Aker Horizons ASA (OSE: AKH), a developer of green energy and industry, today announced results for the first quarter 2024. Aker Horizons' net asset value stood at NOK 8.7 billion as of 31 March 2024. The company had a cash position of NOK 3.2 billion and an undrawn credit facility of EUR 500 million, giving available liquidity of NOK 9.0 billion.

First quarter 2024 main developments:

Aker Carbon Capture agreed to form a joint venture with SLB and recorded a strong order intake:

• Agreement to form joint venture with SLB, closing expected during Q2
• Continued high activity and demand for pre-FEED, FEED and studies
• Continued revenue growth (97% YoY), mainly driven by ongoing Big Catch™ and Just Catch™ projects

Mainstream Renewable Power continued to execute on its near-term project pipeline:

• Andes Renovables platform in Chile continues to deliver positive commercial margin
• Ckhúri 109 MW onshore wind project construction in Chile resuming in Q2
• New 50 MW private PPA project in South Africa expected to reach financial close in Q2

Aker Horizons Asset Development completed pre-FEED and is exploring power-intensive growth industries for sites in Northern Norway:

• Joint pre-FEED study with Statkraft for Narvik Green Ammonia completed
• Submitted application to the EU Innovation Fund for support for Narvik Green Ammonia project
• Signed MoU with industrial player to explore feasibility for battery material production on two sites

Kristian Røkke, CEO of Aker Horizons, commented:

"The first quarter of 2024 marked a milestone for Aker Horizons, as Aker Carbon Capture ASA and SLB agreed to merge their carbon capture businesses to accelerate industrial decarbonization at scale. SLB is the ideal partner to elevate ACC's scaling of cost-effective carbon capture solutions. Mainstream Renewable Power continued to execute on its near-term project pipeline, notably with a new private PPA project underway in South Africa. In the hydrogen segment, Aker Horizons' flagship Narvik Green Ammonia project is advancing, with the joint pre-FEED study now completed."

Aker Horizons' net asset value (NAV) stood at NOK 8.7 billion at the end of the first quarter, compared to NOK 10.8 billion in the fourth quarter 2023. Aker Horizons' gross asset value stood at NOK 15.1 billion at 31 March 2024, down from NOK 17.1 billion in the prior quarter.

The Q1 2024 presentation is attached.

Aker Horizons' CEO Kristian Røkke, CFO Kristoffer Dahlberg and Mainstream's CEO Mary Quaney will present the main developments in the first quarter of 2024 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, Director of Communications and External Affairs
Tel: +47 41 18 84 82
Email: [email protected]

Stian Andreassen, head of Investor Relations
Tel: +47 41 64 31 07
Email: [email protected]

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 is present 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 30 April 2024 at 07:00 CEST.

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SOURCE Aker Horizons