FORNEBU, Norway, Nov. 1, 2024 — Aker Horizons ASA (OSE: AKH), a developer of green energy and industry, today announced its third-quarter 2024 results. The company’s net capital employed was NOK 6.1 billion, down NOK 1.0 billion from the second quarter, largely due to impairments in Mainstream. Aker Horizons reported a cash position of NOK 3.0 billion and an undrawn credit facility of EUR 500 million, totaling NOK 8.8 billion in available liquidity.

Key developments in the third quarter:

The joint venture between Aker Carbon Capture (ACC) and SLB was rebranded as SLB Capturi and announced its first US-based project:

• SLB Capturi secured a FEED contract from CO280 Solutions for a large-scale carbon capture plant at a pulp and paper mill on the US Gulf Coast.
• ACC’s Board of Directors is currently determining the company’s future strategy and structure, with conclusions expected to be communicated in the first quarter of 2025.

Mainstream Renewable Power (Mainstream) is advancing its pipeline in South Africa and prioritizing business optimization:

• The 50 MW solar project Ilikwa in South Africa reached financial close.
• The Andes platform in Chile experienced an improvement in its commercial margin during the third quarter.
• Mainstream is streamlining its operations to concentrate on growth in its key markets of South Africa, Australia, and the Philippines, while continuing to invest in significant offshore projects.

Aker Horizons Asset Development (AAD) finalized concept optimization for Narvik Green Ammonia, and there is strong interest in data center sites in Northern Norway:

• A concept optimization for the Narvik Green Ammonia project has been completed, with a decision to relocate the project to Lallasletta.
• An MoU was signed with Masdar to explore potential collaboration and investment opportunities in green hydrogen.
• Data center operators are demonstrating substantial interest in Kvandal and other industrial sites within the Powered Land site portfolio.

SuperNode secured funding to progress the development of superconducting transmission technology:

• Significant grants were received from Irish and UK institutions to support research and development.
• SuperNode opened a new Cable Technology Centre in Blyth, UK, enabling initial production of superconducting cables for bulk electricity transmission.

Lars P. Sørvaag Sperre, CEO of Aker Horizons, commented:

“We are pleased to see ACC and SLB Capturi reaching material milestones this quarter to enter the important US carbon capture market. Mainstream will now embark on a business plan that focuses on growth in selected core markets. This will enable Mainstream to speed up the development of projects. Furthermore, we have continued to develop and explore options for Aker Horizon’s green hydrogen projects and the Powered Land sites. It is really encouraging to see the strong interest from the data center industry around our activities in the Narvik area”.

Aker Horizons reports net capital employed to reflect a portfolio composed mainly of unlisted assets. Net capital employed includes Aker Horizons’ initial investment in the portfolio company, adjusted for any profit or loss and any additional investments, adjusted for foreign exchange fluctuations. As of the third quarter, Aker Horizons had NOK 2.4 billion net capital employed in ACC, NOK 2.8 billion in Mainstream, NOK 543 million in AAD, NOK 197 million in SuperNode and NOK 242 million in other assets.

The Q3 2024 presentation is attached.

Aker Horizons’ CEO Lars P. Sørvaag Sperre and CFO Kristoffer Dahlberg, and Mainstream’s CEO Mary Quaney will present the key developments in the third quarter 2024 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:

 

For further information, please contact:

Stian Andreassen, Investor Relations, tel: +47 41 64 31 07, email:  

Mats Ektvedt, Media, tel: +47 41 42 33 28, email:  

About Aker Horizons

Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy, carbon capture and hydrogen and develops industrial-scale decarbonization projects. As part of the Aker group, Aker Horizons applies industrial, technological and capital markets expertise with a planet-positive purpose to drive decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Across its portfolio, the company is present on five continents.  

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements in Regulation EU 596/2014 and the Norwegian Securities Trading Act § 5-12. This stock exchange announcement was published by Mats Ektvedt, Partner in Corporate Communications, on 1 November 2024 at 07:00 CET.

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