The Norwegian carbon tech startup Horisont Energi released its first half of 2021 earnings results on August 25th. The company reported a net loss of $1.85 million (NOK 16.4 million) as it is still in a project development phase and has no revenue for the period.
It also released a solid cash position of $13.2 million (NOK 117 million) and expects to have sufficient resources to bring the Barents Blue project up to investment decision by end of 2022, based on current plans.
Horisont Energi is developing an innovative, emission-free value chain for the large-scale production of hydrogen and ammonia. It is building Europe’s first world-scale blue ammonia plant in Markoppneset, Finnmark, Norway, expected to come online in 2025. The project is called Barents Blue with a capacity to produce 1 million tons of blue ammonia per year.
The company is also positioning itself as carbon storage and utilization player, as it is working on its first carbon capture and storage project under the Barents seabed. The project is called Polaris and has a CO2 storage capacity of 100 million tons.
It has been estimated that the demand for carbon storage among industries and power plants in the EU will far exceed the planned capacity. That means CO2 storage companies have the opportunity to deliver flexible and cost-effective solutions to European industry and power plants.
Highlights From Earnings Results
Some of the highlights for Horisont Energi about the first half of 2021 include getting listed on stock exchange Euronext Growth Oslo in January, signing a cooperation agreement with Equinor and Baker Hughes for the Polaris offshore storage project, and developing a system design for its blue ammonia plant in Europe.
The company also managed to initiate pre-FEED studies for Barents Blue with the help of an Enova grant of $1.13 million (NOK 10 million) to facilitate the development of the clean ammonia system.
One of the highlights after the first half of 2021 is the deal with the Port of Rotterdam. It agreed to sign a memorandum of understanding with Horisont Energi to create a corridor to transport blue ammonia between Norway and Rotterdam.
Horisont’s earnings results show promising future potential and major accomplishments for the company during this period. The EU’s Green Deal target of 55% reduction by 2030 and carbon neutrality by 2050 is supporting the future demand for carbon capture technology and also establishes the framework for the coming years’ regulations and activities.