HORISONT ENERGI SANDNES,Norway 10 November 2023 Horisont Energi (EURONEXT: HRGI) has signed a letter of intent (LoI) withVNG Handel & Vertrieb GmbH (VNG), a wholly owned subsidiary of the German energy companyVNG AG , regarding the offtake of clean ammonia from the Barents Blue project in Hammerfest inNorthern Norway - Europe´s largest clean ammonia plant project. As a major German gas importer and wholesaler, VNG H&V intends to purchase clean ammonia fromHorisont Energi as part of the LoI. The aim is to make the ammonia available to VNG H&V's customers, particularly in the industrial sector, either directly or in the form of hydrogen. The agreement sets out a long-term partnership for clean ammonia supply targeting a quantity of 100,000-300,000 tons per year starting from 2028, corresponding to 10%-30% of the capacity at the planned Barents Blue plant. "The agreement with VNG marks another leap forward in the development of Barents Blue asEurope's largest clean ammonia plant to meet the surging demand for clean ammonia and hydrogen. We are also adding another strong new German partner as we continue to build a clean ammonia value chain and are delighted to have joined forces with a highly competent organization and dedicated team", says Bjørgulf Haukelidsæter Eidesen, CEO Horisont Energi. Conventional ammonia production today accounts for approximately one percent of global CO2 emissions, and the transition to clean ammonia plays a critical role in theEuropean Commission's ambition to reduce the EU's dependency on fossil imports. Clean ammonia is also a crucial element in the 'Fit for 55' ambition to reduce emissions by 55 percent in 2030 compared to 1990 levels. VNG has held reliable relationships with Norwegian energy companies for over 30 years and will continue to work closely with them in the future. "With this agreement, we are strengthening the German-Norwegian partnership in the energy sector. At the same time, we are taking another important step towards driving forward the decarbonisation ofGermany . The demand for blue ammonia will multiply in the coming decades, both as a hydrogen carrier and to decarbonise fertilisers, shipping, and other industries," addedUlf Heitmüller , CEO ofVNG AG . Combined with the Polaris CCS project, Barents Blue will offer clean ammonia with a 99% CO2 capture rate and a correspondingly low carbon footprint compared to conventional production. Horisont Energi targets a final investment decision for the 1 million tonnes plant in 2024/2025, with estimated production start in 2028. The agreement with VNG comes after Horisont Energi andFertiberia recently signed a joint development agreement for the Barents Blue project, and the announcement in September that PIGNiG Upstream Norway intends to joinHorisont Energi as an operating partner in the Polaris CCS storage license. The plan is for Polaris to offer the Barents Blue CO2 storage for its captured carbon. Horisont Energi has already secured sufficient power supply for the first stage of the Barents Blue project, which has securedNOK 482 million of funding as a grant from Enova, the Norwegian government's enterprise to promote a faster transition to low-emission society. The funding is part of the IPCEI hydrogen program, Hy2Use. For further information, please contact: Bjørgulf Haukelidsæter Eidesen, CEO +47 990 36 892 bhe@horisontenergi.comLeiv Kallestad , CFO +47 958 95 661 leiv.kallestad@horisontenergi.comSiri Melberg , Head of branding & communication +47 470 35 718 sm@horisontenergi.com 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/ https://twitter.com/horisontenergi https://www.linkedin.com/company/horisontenergi/ AboutVNG Handel & Vertrieb GmbH VNG is a group of over 20 companies active in the European energy industry, employing about 1,600 people. As a gas importer and wholesaler as well as an operator of critical gas infrastructure, the Group, which is headquartered inLeipzig , is central to the secure supply of gas inGermany . With the "VNG 2030+" strategy, VNG is also pursuing an ambitious path for a market ramp-up of renewable and decarbonised gases such as biogas and hydrogen, paving the way for a sustainable, secure supply and, in the long term, climate-neutral energy system of the future. EnBW Energie Baden-Württemberg AG is the main shareholder of VNG.
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