Aker Horizons — Earnings Release 2022

Apr 29, 2022

Aker Horizons ASA: First-Quarter Results 2022

Aker Horizons ASA: First-Quarter Results 2022

Aker Horizons ASA (OSE: "AKH"), a developer of green industrial projects and

technologies that accelerate the net zero transition, today announced its

financial results for the three months ended 31 March 2022. The company's Net

Asset Value ("NAV") rose to NOK 17.0 billion in the first quarter of 2022 from

NOK 16.9 billion at the end of the previous quarter.

Highlights:

· Aker Horizons announced mergers with Aker Offshore Wind and Aker Clean

Hydrogen, and the intention to subsequently merge Mainstream Renewable Power and

Aker Offshore Wind

· Mitsui & Co. invested EUR 575 million for a 27.5 percent ownership interest

in Mainstream Renewable Power

· Aker Horizons agreed to sell its remaining position in REC Silicon for NOK

1.4 billion to Hanwha Solutions

· Mainstream Renewable Power divested Aela Energía to Innergex Renewable

Energy for net proceeds of USD 114 million

· Several strategic partnerships were announced, including an MoU signed

between Aker Carbon Capture and Microsoft, and a joint venture between Nordkraft

and Aker Horizons

· Industrial progress was made across the portfolio, with Mainstream Renewable

Power's total portfolio of wind and solar projects increasing to 17.1 GW

"We are pleased to have strengthened Aker Horizons' financial position by

raising NOK 10.4 billion over the past two quarters. We see increased investment

opportunities amid the need to accelerate the energy transition and strengthen

energy security. Aker Horizons' mission is to accelerate net zero. The

transactions and partnerships announced this quarter will enhance our ability to

originate and deliver mega-scale decarbonization projects and develop a global

renewable energy major this decade," said Kristian Røkke, CEO of Aker Horizons.

The increase in Aker Horizons NAV was driven by a NOK 2.4 billion value increase

in Mainstream reflecting the Mitsui transaction valuation, partly offset by

value decreases in listed assets. Gross asset value stood at NOK 22.9 billion at

31 March 2022, up from NOK 22.8 billion in the prior quarter.

Aker Horizons' liquidity reserve, including undrawn credit facilities, stood at

NOK 5.5 billion as per 31 March 2022.

Portfolio Highlights

Mainstream Renewable Power welcomed Mitsui & Co. as a long-term strategic

investor, as the leading Japanese general trading and investment firm invested

EUR 575 million in the form of new common shares, corresponding to a 27.5

percent equity stake, in the company. This transaction values Mainstream at

approximately EUR 2.1 billion on a 100 percent basis. Also in the first quarter,

Mainstream reached commercial operations date (COD) for its 591 MW combined

Condor wind and solar projects in Chile. Aker Horizons announced its intention

to combine Aker Offshore Wind and Mainstream, thereby creating an industrially

and financially stronger renewable energy developer.

Aker Offshore Wind continued to develop its portfolio, securing Electric

Business Licenses in South Korea for a total of 1.32 GW, a key step to realizing

one of the world's first large-scale commercial floating wind projects. Together

with Mainstream, Aker Offshore Wind also closed the transaction for an initial

50 percent stake in Progression Energy's 800 MW floating offshore wind project

in Japan, an attractive early-stage development opportunity ideal for floating

wind.

Aker Carbon Capture commenced work on the FEED for BP's Net Zero Teesside gas-to

-power facility, with a project capacity to capture and store up to 2 million

tonnes CO2 per year. The company's other portfolio projects are progressing

according to plan, including the modular Just Catch CCU project at Twence's

waste-to-energy plant in the Netherlands and the world's first carbon capture

plant at a cement facility at Brevik, Norway. Aker Carbon Capture signed a

Memorandum of Understanding with Microsoft in March 2022 to pursue joint

innovation and explore opportunities to offer services in the CCUS market.

Aker Clean Hydrogen advanced the maturing of its hydrogen projects in Norway and

internationally, notably completing the feasibility phase of the Rjukan hydrogen

hub and proceeding with concept selection. The company entered a series of

partnerships with global industrial players such as Kuehne+Nagel, Grieg Edge and

Aker BP to enable green fuel offtake in the maritime sector, and recently

announced a collaboration agreement with PEAK group, a Norwegian logistics

company with approximately 30 ships in operation. While the company exited from

the Hegra project, it will continue to pursue opportunities to develop green

hydrogen and ammonia projects jointly with Statkraft.

Subsequent events

Subsequent to the first quarter of 2022, Mainstream Renewable Power announced

that it has commercialized its first development in Colombia by signing a deal

to supply 180 GW hours of clean energy each year in a private power purchase

agreement (PPA). Mainstream will build the 100 MW Andromeda solar PV plant,

located in Toluviejo, Colombia, to supply the electricity to Air-e, a Colombian

energy distribution company. The PPA has a tenure of 15 years and will come into

effect from 2024.

On 25 April, Aker Horizons announced the agreement to establish a joint venture

(JV) with Nordkraft to develop sites for power intensive-industries in Northern

Norway. The venture is part of Aker Horizons' project to establish a green

industrial hub in the Narvik region. The JV aims to develop attractive sites for

power-intensive industries, with roads and other common infrastructure such as

water supply, fiber access, and grid infrastructure for shared use, starting

with acquiring Nordkraft's rights to the sites at Kvandal, Fjellbu, Balsfjord,

Korgen and Straumsmo. Aker Narvik will hold an 80 percent stake in the JV and

Nordkraft the remaining 20 percent.

On 26 April, Aker Horizons, through its portfolio company Aker Clean Hydrogen,

and Statkraft announced collaboration agreements to jointly explore

opportunities for green hydrogen and ammonia production in India and Brazil,

targeting local steel and fertilizer industries.

ENDS

For more information, please see the full presentation for the first quarter of

2022 attached.

Aker Horizons' CEO Kristian Røkke, CFO Nanna Tollefsen and Mainstream's CEO Mary

Quaney will present the main developments in the first quarter 2022 today at

10:00 CEST followed by a Q&A session. The presentation, which is open to all,

will be held in English and will be webcast on the following link:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220429_10

For further information, please contact:

Ivar Simensen, Communications, Tel: +47 46 40 23 17,

ivar.simensen@akerhorizons.com

Christian Yggeseth, Investor Relations, Tel: +47 91 51 00 00,

christian.yggeseth@akerhorizons.com

About Aker Horizons

Aker Horizons develops green industrial projects and technologies that

accelerate the net zero transition. The company holds assets across renewable

energy and carbon capture, and develops green industrial hubs that combine low

-cost renewable energy with hydrogen production and downstream applications. As

part of the Aker group and its 180-year industrial heritage, Aker Horizons

applies industrial, technological and capital markets expertise to solve

fundamental challenges to sustainable existence. Aker Horizons is listed on the

Oslo Stock Exchange and headquartered in Fornebu, Norway. Through its portfolio

companies, Aker Horizons employs over 1,200 people across 18 countries and 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 Ivar Simensen, Communications, at

Aker Horizons on 29 April 2022 at CEST 07:00.