Aker Clean Hydrogen: Third-Quarter Results 2021

Aker Clean Hydrogen today published results for the third quarter of 2021,
showing the company has taken further steps towards maturing its portfolio of
clean hydrogen projects in Norway and internationally, aiming at passing the
first investment decision during 2022.

Hydrogen has the potential to replace fossil-based solutions across several
industries, from transport to agriculture. Several countries have launched
ambitious hydrogen strategies, and the positive political developments continued
in the third quarter.

"We have made further progress to make hydrogen affordable. Some of our
Norwegian projects under development show hydrogen cost levels of USD 3.5-4.5
per kg. In the current market environment, with very high gas prices, this
matches the cost levels for grey hydrogen," said Knut Nyborg, Chief Executive
Officer of Aker Clean Hydrogen.

Highlights in the third quarter included:

.             Secured competitive long-term power agreement for the Rjukan
project

.             MoU signed with TuNur to establish a commercially viable clean
hydrogen and ammonia value chain in Tunisia

.             Exploring green ammonia value chain for offshore platform supply
vessels together with Aker BP

.             Formally launched HEGRA together with our partners, Yara and
Statkraft, to develop a green ammonia facility located at Yara's fertilizer
plant in Herøya, Norway, which will remove about 800,000 tonnes of CO2 per year
and contribute to establishing green value chains in shipping and agriculture

Financial results and outlook

Revenue for the third quarter of 2021 was NOK 7.6 million and operating loss was
NOK 47 million, reflecting costs related to maturing the projects, growing the
pipeline and building the organization. The company also had costs related to
the operational development including the project execution model,
standardization, digitalization, and supply chain. The cash balance at the end
of the period was NOK 2,787 million.

Aker Clean Hydrogen expects to make the first investment decision for the Rjukan
and Berlevåg projects during 2022.

ENDS

Aker Clean Hydrogen will present the results in a live webcast, followed by a
Q&A session, today at CET 0930 via:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20211022_1

Media contact:

Mathias Reierth, mob: [phone], email: [e-mail]

Ivar Simensen, mob: [phone], email: [e-mail]

Investor contact:

Christian Yggeseth, mob: [phone], email:
[e-mail]

About Aker Clean Hydrogen

Aker Clean Hydrogen aims to develop, build, own and operate clean hydrogen
production on an industrial scale. Aker Horizons is the majority shareholder of
the company, and Aker Clean Hydrogen uses domain expertise across the Aker
Group, including systems integration, engineering, technology development,
project implementation, digitalization and financial optimization to increase
efficiency and reduce project costs. The company aims to reach a net installed
capacity of 5 GW by 2030, and will make a major contribution to realizing the
hydrogen industry and reducing greenhouse gas emissions globally.
www.akercleanhydrogen.com

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