Aker Horizons — Environmental & Social Information 2021

Nov 4, 2021

Northern Horizons: A Pathway for Scotland to Become a Clean Energy Exporter

Northern Horizons: A Pathway for Scotland to Become a Clean Energy Exporter

A vision to utilise Scottish offshore wind resources in the North Sea to make

the country an exporter of clean energy has been unveiled at the COP 26 climate

change conference in Glasgow.

The Northern Horizons Project has been unveiled by Aker Horizons' portfolio

companies Aker Offshore Wind and Aker Clean Hydrogen, who have the technical

know-how and expertise to realise the project, and DNV, the independent energy

expert and assurance provider.

The project describes how harnessing 10GW of renewable energy in the North Sea

can deliver decarbonisation targets by sending clean products to the mainland

and exporting them to fuel-heavy or hard-to-abate industries.

The Northern Horizons initiative is a response to the Scottish government's

stated ambition to develop Scotland's potential to export significant quantities

of hydrogen. The government is targeting 5GW of hydrogen production by 2030 and

is actively seeking international collaboration in the development of a shared

hydrogen economy.

"Such innovation and private sector investment are key to meeting the UK and

Scotland's net zero targets and delivering the unprecedented ambition on display

here in Glasgow at COP26," said Sian Lloyd-Rees, managing director of Aker

Offshore Wind UK.

The project, which could start production from 2030, will deliver predictability

for a fit-for-purpose Scottish supply chain ready to support the energy

transition towards 2045 and beyond. It would also create thousands of jobs and

the investment of billions of pounds during construction and operation.

"This is a technically and economically feasible plan to deliver floating

offshore wind at the scale needed to deliver clean energy products which can be

used to help decarbonise fuel-heavy industries such as shipping and aviation,"

added Lloyd-Rees.

The Aker companies and DNV are now embarking on a consultation project with

governments and businesses to mature the project toward a future investment

decision.

"To meet the targets of the Paris Agreement, the world needs to transition

faster to a deeply decarbonized energy system," said Ditlev Engel, CEO of Energy

Systems at DNV. "This will require greater renewable power generation and

electrification, but also extending the reach of renewable energy to hard-to

-abate sectors that cannot be readily electrified - through conversion to green

hydrogen and synthetic fuels."

The project will utilise floating offshore wind turbines to produce 10GW of

energy to power multiple floating installations which will produce green

hydrogen for onwards transmission to a net zero hydrogen refinery on Shetland.

Green hydrogen is produced when renewable energy is used to power the

electrolysis of water.

The refinery - powered by floating offshore wind turbines - will produce a range

of zero carbon energy solutions for local consumption and export across the

world, including ammonia, liquid hydrogen, and synthetic fuels.

Floating offshore wind is the latest advent in renewable technology and this

project will utilise giant turbines nearly as tall as the London Shard on

floating platforms more than 130km from Shetland.

"I am proud that DNV has worked on this project that really does show a

profitable business opportunity creating economic growth and new job

opportunities, whilst contributing greatly to the UK's net zero targets," said

Engel of DNV.

According to the report, enough liquid hydrogen will be produced to power 40

percent of the total mileage of local UK buses, as well as enough synthetic fuel

to make 750 round trips from the UK to New York.

ENDS

About Aker Horizons

Aker Horizons ASA is a planet-positive investment company dedicated to

developing companies within renewable energy and other technologies that reduce

emissions or promote sustainable living. The company is listed on the Oslo Stock

Exchange and majority-owned by Aker ASA. Aker Horizons' investment portfolio

includes holdings in Aker Clean Hydrogen, Aker Offshore Wind, Aker Carbon

Capture and Mainstream Renewable Power.

www.akerhorizons.com

About DNV:

DNV provides assurance to the entire energy value chain through its

advisory,?monitoring, verification, and certification services.?As the world's

leading resource of independent energy experts and technical advisors, the

assurance provider helps?industries and governments to?navigate the many

complex, interrelated transitions taking place globally and regionally, in the

energy industry. DNV is committed to realizing the goals of the Paris Agreement,

and supports customers to transition faster to a deeply decarbonised energy

system.

www.dnv.com