Aker Horizons ASA: Third-quarter results 2023

LYSAKER, Norway, Nov. 2, 2023 /PRNewswire/ -- Aker Horizons ASA (OSE: AKH), a developer of green energy and industry, today announced results for the third quarter of 2023. Aker Horizons' net asset value stood at NOK 10.2 billion as of 30 September 2023. The company had a cash position of NOK 3.5 billion and an undrawn credit facility of EUR 500 million, giving available liquidity of NOK 9.1 billion.

Third-quarter 2023 main developments:

Aker Carbon Capture reported increasing levels of commercial activity:

• Significant growth in pre-FEEDs and studies, with order intake year to date of around 9 million tonnes of CO2 per year
• Signed Memorandum of Understanding (MoU) with Aramco
• Order backlog rose to NOK 3.0 billion, up from NOK 1.5 billion year over year

Mainstream Renewable Power focused on concluding the Chile restructuring, streamlining operations:

• Restructuring process in Chile progressing well. The project finance lenders voted through the company's restructuring plans on 2 October 2023, subject to certain closing conditions. Closing expected in November
• Organizational review initiated across Mainstream, targeting over EUR 45 million in cost reductions
• 100 MW solar PV project backed by corporate PPA expected to reach financial close before year end in South Africa
• Arven Offshore Wind project in Scotland expanded by 500 MW to 2,300 MW

Aker Horizons Asset Development progressed on industrial partnerships, secured grid capacity for hydrogen projects:

• Statkraft, Europe's largest producer of renewable energy, joined as industrial partner to develop Narvik Green Ammonia, demonstrating project attractiveness
• 250 MW additional grid capacity allocated to Narvik Green Ammonia
• 120 MW grid capacity allocated to Green Ammonia Berlevåg

Kristian Røkke, CEO of Aker Horizons, commented, "There has been significant turmoil in the quarter, impacting the capital markets and the pace of green industry development more broadly, including several of our projects. A highlight in the quarter is the continued strong momentum for Aker Carbon Capture with commercial activity picking up, as witnessed by the increase in pre-FEEDs and studies. Mainstream's restructuring in Chile is substantially complete, and the company is now positioning itself for the catch-up expected for renewables deployment in the years to come."

Aker Horizons' net asset value (NAV) stood at NOK 10.2 billion at the end of the third quarter. Aker Horizons' gross asset value stood at NOK 16.5 billion as of 30 September 2023.

The Q3 2023 presentation is attached.  

Aker Horizons' CEO Kristian Røkke, CFO Nanna Tollefsen, Asset Development's CFO Kristoffer Dahlberg and Mainstream's CEO Mary Quaney will present the main developments in the third quarter of 2023 today at 08:30 CET 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: https://akerhorizons.com/investors

For further information, please contact:

Marianne Stigset,
Communications,
Tel: +47 41 18 84 82,
[email protected]

Stian Andreassen,
Investor Relations,
+47 41 64 31 07,
[email protected]

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. www.akerhorizons.com

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 Marianne Stigset, Communications, Aker Horizons, on 2 November 2023 at 07:00 CET.

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