SANDNES, Norway - 5. April 2022 - Horisont Energi (EURONEXT: HRGI) today
announced that it has been awarded a share of the Polaris CO2 storage license,
which formalizes the ownership to the Polaris CO2 storage facility off the coast
of Finnmark in Northern Norway.

The license is awarded to the Polaris project partnership by the Norwegian
Ministry of Petroleum and Energy, which announced the application process on 10
September 2021.

The Polaris project partnership, consisting of Horisont Energi, Equinor and Var
Energi, plans to utilize the Polaris reservoir to permanently store CO2 from the
Barents Blue ammonia factory, a world-scale production plant for clean ammonia
intended to be located at Markoppneset near Hammerfest in Finnmark. 

"This award is an important milestone in developing carbon storage as a major
green industry in Norway. Equally, it is a milestone for our plan to realize the
Barents Blue project, as this facility will capture CO2 and permanently store it
under the seabed. The development of the Barents Blue project, including
Polaris, is among the most ambitious and impactful environmental projects in
Norway," says Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.

Ammonia is one of the world's most prevalent industrial gases. It also has
substantial potential as a CO2-free energy carrier within transport and power
production. Traditional ammonia production from natural gas creates massive CO2
emissions, but as Barents Blue includes carbon capture and storage, it will
provide decarbonization of the natural gas production from Melkøya, which is
exported to the new Norwegian industrial gas market at Markoppneset.

The Polaris license is expected to provide the necessary storage capacity for
Barents Blue, including all potential expansions, and additional storage
capacity will be offered to third parties in Norway and Europe.
"The CO2 quota price almost tripled in 2021, and the number of available quotas
will continue to decline in the coming years to meet the 2030 climate goals in
EU. This trend makes CO2 storage commercially attractive for several industries.
We firmly believe that Polaris will meet a shortage in the carbon storage
market," says Haukelidsæter Eidesen.

The planning of the Polaris CO2 storage has been ongoing since February 2020. In
2021 Equinor and Vår Energi signed cooperation agreements with Horisont Energi
to develop Barents Blue and Polaris. In early 2022, Horisont Energi and the
European energy company E.ON entered into a strategic cooperation agreement to,
among other things, develop a European end-to-end carbon capture, transport and
storage service offering. At the same time, E.ON made a strategic investment in
Horisont Energi. 

About Horisont Energi 
Horisont Energi (EURONEXT: HRGI) is a Norwegian clean energy company that
provides clean energy and carbon transport and storage services. The company
will transform gas, water and renewable energy into cost-leading clean ammonia
and hydrogen and offer CO2 transportation and storage services using proprietary
technology, paving the way for a low carbon economy. The company was founded in
2019 and is headquartered in Sandnes, Norway. https://www.horisontenergi.no/


For further information, please contact:
Investor relations
Dan Jarle Flølo, CFO
+47 901 13 159
djf@horisontenergi.com

Media Relations
Siri Melberg
+47 470 35 718
sm@horisontenergi.com

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