Aker Horizons awarded up to NOK 135 million in financing from Innovation Norway for Rjukan green hydrogen project

FORNEBU, Norway, June 1, 2023 /PRNewswire/ -- Aker Horizons ASA (OSE: AKH), a developer of green energy and industry, today announced that Aker Horizons Asset Development, the company's wholly-owned asset development arm dedicated to hydrogen projects, has been awarded up to NOK 135 million in grants and loans from Innovation Norway for the green hydrogen production facility at Rjukan, in Eastern Norway.

Innovation Norway, the Norwegian Government's key instrument for supporting innovation and development of Norwegian enterprises and industry, is awarding up to NOK 85 million in grants and up to NOK 50 million in green growth loan to the Rjukan project, subject to certain terms and conditions. The Rjukan project will produce approximately 9 tonnes per day of green hydrogen from 20 MW electrolyser capacity. Existing infrastructure and industrial land and available hydropower at the site have been secured, and the project aims to be an early industry mover in green hydrogen production. Aker Horizons plans to make a final investment decision for Rjukan by the end of 2023, with estimated commercial operation date in 2025.

"We greatly appreciate the financial support from Innovation Norway for our hydrogen project at Rjukan, which will further derisk the project and enable us to accelerate the scaling up of hydrogen production. Rjukan is an important frontrunner in our portfolio and will serve as a blue-print for our larger projects, such as our large-scale green ammonia project in Narvik. Our goal is for green hydrogen to become a cost-competitive climate solution to reach net zero, both in Norway and globally," said Knut Nyborg, CEO of Aker Horizons Asset Development.

"The development of new technology for the production and commercialization of green hydrogen plays an important role in Norway's green energy transition. The Rjukan green hydrogen project is an early mover and an innovative project with great growth potential, which can contribute to increased mainland exports from Norway," said Håkon Haugli, CEO of Innovation Norway.

The development of a value chain for the sustainable production, distribution and use of hydrogen produced with no or low emissions is an important component of the Norwegian Government's Green Industrial Initiative roadmap, announced in June 2022.

From Rjukan, Aker Horizons will deliver compressed hydrogen to industry, shipping and mobility offtakers in Eastern Norway. The company recently completed a pre-FEED for civil works and the permitting process for the project is underway. Partnership discussions on the project are progressing well and Aker Horizons has secured a letter of intent for a substantial amount of the offtake for Rjukan.

"The Rjukan green hydrogen plant will entail several hundred million kroner in investments and create new green jobs. We are working closely with Tinn municipality, Rjukan Chamber of Commerce and local industrial actors, to explore opportunities for utilizing the waste heat from the hydrogen production for other industrial processes, thereby supporting local circular economic development," said Aker Horizons Asset Development Manager Ragnhild Stokholm.

For further information, please contact:

Marianne Stigset, Communications, Tel: +47 41 18 84 82, marianne.stigset@akerhorizons.com

Christian Yggeseth, Investor Relations, Tel: +47 91 51 00 00, christian.yggeseth@akerhorizons.com

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 employs approximately 1,100 people in 18 countries on five continents. www.akerhorizons.com

About Aker Horizons Asset Development

Aker Horizons' wholly-owned asset development arm was established following the merger between Aker Horizons and Aker Clean Hydrogen in June 2022. The business unit is set up to originate, develop, own and operate industrial-scale hydrogen projects to meet growing demand for decarbonizing energy intensive, hard-to-abate industries such as shipping, steel and fertilizers. Initial focus areas include green ammonia, green methanol and green iron.