Accelerating the Energy Transition

With the transactions and initiatives announced today, Aker Horizons ASA (“Aker Horizons”) reinforces its position as a frontrunner in building industry-leading companies and developing integrated green value chains to decarbonize power and industry.

Aker Horizons benefits from:

• An ecosystem with a shared vision of taking Net Zero from ambition to reality
• A portfolio of focused stand-alone businesses, including Mainstream Renewable Power and Aker Carbon Capture, tackling specific decarbonization challenges
• A project development organization with technical and commercial expertise to originate and execute large-scale hybrid decarbonization projects
• A global network of partners, including Mainstream’s new strategic investor Mitsui & Co., Ltd.
• Diversified access to capital including a partnership with Aker Asset Management  

“Today’s announcements will strengthen Aker Horizons’ capacity to accelerate the transition to green energy and green industry, while maximizing impact and value creation. They bolster Aker Horizons’ ability to withstand market turmoil, while positioning the company to ramp up the adaptation of clean energy and green technologies to meet the EU’s acute need for more affordable, secure and sustainable energy. By combining Aker Horizons’ deep industrial and technological expertise, with Aker Asset Management’s ability to mobilize private capital to fund large-scale projects, the Aker group will be ideally positioned to meet market demands to improve energy efficiency, increase renewables and electrification, and address infrastructure bottlenecks,” said Øyvind Eriksen, Chief Executive Officer of Aker ASA and Chairman of Aker Horizons.

“Norway has all the prerequisites for building green industries, including access to affordable energy and advanced technical and engineering capabilities,” said Kristian Røkke, Chief Executive Officer of Aker Horizons. “Starting in Narvik and using the expertise built up in Aker Clean Hydrogen, Aker Horizons will originate and develop green industry projects hub by hub. We have identified decarbonizing steel, the world’s largest emitting industrial value chain, as an opportunity for Aker Horizons. In Narvik, Aker Horizons aims to develop integrated hydrogen and green iron production. Another geography ideally suited for developing green industries is Chile, where we will leverage our presence through Mainstream Renewable Power. Chile has abundant energy resources including the highest long-term solar irradiance globally which we plan to leverage in Power-to-X projects.”

“Aker Horizons’ expertise in developing attractive investment opportunities and leading projects globally, makes it ideally positioned to collaborate with Aker Asset Management on bringing financial capital closer to industrial expertise to accelerate the transition to net zero. The transactions announced today strengthen Aker Horizons’ ability to originate the large-scale green energy and green industry projects that AAM is looking to invest in,” said Yngve Slyngstad, Chief Executive Officer of Aker Asset Management.

Through the consolidation of its interests in renewable energy, Aker Horizons aspires to accelerate the transformation of Mainstream Renewable Power into a renewable energy major with a global execution platform. The intended addition of Aker Offshore Wind as an early mover in floating offshore wind to Mainstream’s multi-technology platform unlocks new opportunities and improves competitiveness for both companies in an increasingly scale-driven industry.

Repositioning Aker Clean Hydrogen as a private subsidiary provides Aker Horizons with a powerful asset development platform. With an integrated development approach, Aker Horizons will originate and develop green assets in areas such as hydrogen, ammonia and methanol, green iron, and infrastructure. By taking positions further downstream in the value chain, Aker Horizons can unlock the lowest-cost renewable resources and accelerate the hydrogen economy.

Further information

Reference is made to the stock exchange announcements published by Aker Horizons today, 30 March 2022:

• Aker Horizons Announces Merger Plans with Aker Offshore Wind and Aker Clean Hydrogen
• Sale of Rainpower to Aker Solutions

Contact information

Investor contact:

Christian Yggeseth, +47 915 10 000, [email protected]

Media contacts:

Ivar Simensen, +47 464 02 317, [email protected]

About Aker Horizons

Aker Horizons ASA is a planet-positive investment company dedicated to developing companies within renewable energy and other technologies that reduce emissions or promote sustainable living. The company is listed on the Oslo Stock Exchange and majority-owned by Aker ASA. Aker Horizons’ investment portfolio includes Aker Carbon Capture, Aker Clean Hydrogen, Aker Offshore Wind and Mainstream Renewable Power.  

IMPORTANT NOTICE

This announcement is issued for information purposes only and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities in any jurisdiction.  Neither this announcement nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into or from the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada, Japan, Hong Kong, South Africa or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The publication, distribution or release of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act"). The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the US Securities Act or in a transaction not subject to the US Securities Act.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions.  By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. No assurance can be given that such expectations will prove to have been correct. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice. Aker Horizons does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement or otherwise.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of Aker Horizons or otherwise.