Aker Horizons — Capital/Financing Update 2023

Jun 1, 2023

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

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

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.

END

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.