Aker Horizons ASA (OSE: “AKH”), a developer of green energy and industry, today announced results for the first quarter 2023. Aker Horizons’ net asset value rose to NOK 15.8 billion in the first quarter, from NOK 15.1 billion at year-end 2022. The company had a cash position of NOK 3.8 billion and an undrawn credit facility of EUR 500 million, giving available liquidity of NOK 9.5 billion.

First-quarter main developments:

* Aker Carbon Capture progressed on main projects and accelerated market activity
– Solid progress on Brevik and Twence projects
– Letter of Intent (LOI) signed for delivery of two Just Catch units to European customer
– Pre-FEED for European power utility customer and several studies across industries such as waste-to-energy and smelting secured

* Mainstream Renewable Power faced continued challenges in Chile, positive developments in other core markets
– Active engagement with regulators and Government in Chile to address market inefficiencies
– Criteria and timing published for first Norwegian offshore wind allocation round
– ~100 MW corporate PPA signed with industrial offtake in South Africa

* Aker Horizons Asset Development with material progress on key projects
– Offtake LOIs signed with major European energy, industrial and chemical companies for large-scale green ammonia production at Narvik
– Advanced negotiations for substantial amount of power for Narvik Green Ammonia

Kristian Røkke, CEO of Aker Horizons, commented:
“Momentum for the green energy transition has gathered pace in the first quarter, fueled by favorable regulatory developments and support scheme mechanisms in the EU and other regions. This translates into accelerated market activity for our portfolio, as reflected by LOIs signed by Aker Carbon Capture and Aker Horizons Asset Development with major European industrial customers in recent months. While Chile’s power market inefficiencies are still creating challenges for Mainstream, the company is benefiting from positive developments in other core markets.”

Aker Horizons‘ CEO Kristian Røkke and CFO Nanna Tollefsen, and Mainstream’s CEO Mary Quaney and Head of Business Development and Origination Ciaran O’Brien will present the main developments in the first quarter 2023 today at 08:30 CEST followed by a Q&A session. The presentation, which is open to all, will be held in English and will be webcast on Aker Horizons‘ website