Horisont Energi : and Equinor enter joint development agreement on Polaris Carbon Transport and Storage Project

SANDNES / STAVANGER, NORWAY - May 19, 2021 - Horisont Energi AS (EURONEXT: HRGI)
and Equinor ASA have entered into an agreement to further mature the carbon
transportation and storage project Polaris, off the coast of Northern Norway.

The Polaris carbon storage is expected to have a total carbon storage capacity
in excess of 100 million tons, which is equivalent to twice Norway's annual
greenhouse gas emissions. The offshore carbon storage reservoir is a key part of
the planned Barents Blue project, which will be Europe's first world-scale
carbon neutral ammonia production plant. If developed, Barents Blue will have a
production capacity of 3000 tons of ammonia per day, making it one of the
largest ammonia plants in the world. In its first phase, the facility will
convert natural gas from the Barents South region to carbon neutral blue
ammonia, an easily transportable hydrogen carrier, which can be converted back
to hydrogen at destination or used directly in many applications. Currently at
the end of the feasibility phase and soon entering the concept phase, an
investment decision for Polaris and the Barents Blue project is expected towards
the end of 2022.
 
"Equinor has extensive experience with carbon capture and storage (CCS)
operations and therefore I am extremely pleased that they have chosen to partner
with us on the Polaris project, which has the potential to advance Norway's
position as a leading nation on cost-effective CCS technology. In order for CCS
to become a significant climate change mitigation tool, it is important to
develop many projects. I therefore look forward to developing this project with
Equinor and our world-leading suppliers," says Bjørgulf Haukelidsæter Eidesen,
CEO of Horisont Energi.

CCS involves the capturing of emissions from power stations and other industrial
sources, or directly from industrial processes like in the Barents Blue ammonia
plant planned for in Finnmark. The carbon dioxide is then liquified and
transported offshore, where it is pumped into the underground storage. Both the
Intergovernmental Panel on Climate Change (IPCC) and the International Energy
Agency (IEA) state that it will be more difficult and more costly to reach the
Paris Agreement's goal of limiting global warming to well below 2°C above
preindustrial levels without CCS. Technology for CCS will also be critical to
achieve carbon negative solutions. 

At the Sleipner and Snøhvit fields, Equinor has captured and stored 26 million
tons of CO2 to date. The company is also a partner in the Northern Lights CO2
transport and storage project, of which the Aurora CO2 storage off Norway's west
coast is a part. The Polaris project will, if developed, further enhance
Norway's carbon transport and storage position. 

In December 2020 Horisont Energi entered into a Memorandum of Understanding with
Equinor for joint feasibility studies for the Barents Blue project. The plant is
intended to have the capacity to produce more than 1 million tons of blue
ammonia per year once operational in 2025, and will have a CO2 capture rate
above 99 per cent, making it the most carbon-efficient gas fed ammonia plant in
the world. In the first phase of the project, Polaris will store 2 million tons
of CO2 annually from the Barents Blue ammonia production.

END

About Horisont Energi
Horisont Energi (EURONEXT: HRGI) is a Norwegian carbon tech company that
provides clean energy and carbon storage services. The company transforms gas
into cost-leading ammonia and hydrogen, and offers CO2 transportation and
storage solutions 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/   

About Equinor
Equinor is an international energy company with activity in around 30 countries.
Based on more than 45 years of experience from oil and gas production on the
Norwegian Continental Shelf and a growing portfolio of renewable power
production and low carbon projects, Equinor creates value through safe and
efficient operations, innovative solutions and technology. Equinor has its
headquarter in Stavanger with around 20.000 employees worldwide and the company
is listed in New York and Oslo. 

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