Aker Horizons — M&A Activity 2022

Mar 30, 2022

Accelerating the Energy Transition

Accelerating the Energy Transition

With the transactions and initiatives announced today, Aker Horizons ASA ("Aker

Horizons") reinforces its position as a frontrunner in building industry-leading

companies and developing integrated green value chains to decarbonize power and

industry.

Aker Horizons benefits from:

· An ecosystem with a shared vision of taking Net Zero from ambition to

reality

· A portfolio of focused stand-alone businesses, including Mainstream

Renewable Power and Aker Carbon Capture, tackling specific decarbonization

challenges

· A project development organization with technical and commercial expertise

to originate and execute large-scale hybrid decarbonization projects

· A global network of partners, including Mainstream's new strategic investor

Mitsui & Co., Ltd.

· Diversified access to capital including a partnership with Aker Asset

Management

"Today's announcements will strengthen Aker Horizons' capacity to accelerate the

transition to green energy and green industry, while maximizing impact and value

creation. They bolster Aker Horizons' ability to withstand market turmoil, while

positioning the company to ramp up the adaptation of clean energy and green

technologies to meet the EU's acute need for more affordable, secure and

sustainable energy. By combining Aker Horizons' deep industrial and

technological expertise, with Aker Asset Management's ability to mobilize

private capital to fund large-scale projects, the Aker group will be ideally

positioned to meet market demands to improve energy efficiency, increase

renewables and electrification, and address infrastructure bottlenecks," said

Øyvind Eriksen, Chief Executive Officer of Aker ASA and Chairman of Aker

Horizons.

"Norway has all the prerequisites for building green industries, including

access to affordable energy and advanced technical and engineering

capabilities," said Kristian Røkke, Chief Executive Officer of Aker Horizons.

"Starting in Narvik and using the expertise built up in Aker Clean Hydrogen,

Aker Horizons will originate and develop green industry projects hub by hub. We

have identified decarbonizing steel, the world's largest emitting industrial

value chain, as an opportunity for Aker Horizons. In Narvik, Aker Horizons aims

to develop integrated hydrogen and green iron production. Another geography

ideally suited for developing green industries is Chile, where we will leverage

our presence through Mainstream Renewable Power. Chile has abundant energy

resources including the highest long-term solar irradiance globally which we

plan to leverage in Power-to-X projects."

"Aker Horizons' expertise in developing attractive investment opportunities and

leading projects globally, makes it ideally positioned to collaborate with Aker

Asset Management on bringing financial capital closer to industrial expertise to

accelerate the transition to net zero. The transactions announced today

strengthen Aker Horizons' ability to originate the large-scale green energy and

green industry projects that AAM is looking to invest in," said Yngve Slyngstad,

Chief Executive Officer of Aker Asset Management.

Through the consolidation of its interests in renewable energy, Aker Horizons

aspires to accelerate the transformation of Mainstream Renewable Power into a

renewable energy major with a global execution platform. The intended addition

of Aker Offshore Wind as an early mover in floating offshore wind to

Mainstream's multi-technology platform unlocks new opportunities and improves

competitiveness for both companies in an increasingly scale-driven industry.

Repositioning Aker Clean Hydrogen as a private subsidiary provides Aker Horizons

with a powerful asset development platform. With an integrated development

approach, Aker Horizons will originate and develop green assets in areas such as

hydrogen, ammonia and methanol, green iron, and infrastructure. By taking

positions further downstream in the value chain, Aker Horizons can unlock the

lowest-cost renewable resources and accelerate the hydrogen economy.

Further information

Reference is made to the stock exchange announcements published by Aker Horizons

today, 30 March 2022:

· Aker Horizons Announces Merger Plans with Aker Offshore Wind and Aker Clean

Hydrogen

· Sale of Rainpower to Aker Solutions

Contact information

Investor contact:

Christian Yggeseth, +47 915 10 000, christian.yggeseth@akerhorizons.com

Media contacts:

Ivar Simensen, +47 464 02 317, ivar.simensen@akerhorizons.com

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 Aker Carbon Capture, Aker Clean Hydrogen, Aker Offshore Wind and

Mainstream Renewable Power.

IMPORTANT NOTICE

This announcement is issued for information purposes only and does not form a

part of any offer to sell, or a solicitation of an offer to purchase, any

securities in any jurisdiction.  Neither this announcement nor the information

contained herein is for publication, distribution or release, in whole or in

part, directly or indirectly, in or into or from the United States (including

its territories and possessions, any State of the United States and the District

of Columbia), Australia, Canada, Japan, Hong Kong, South Africa or any other

jurisdiction where to do so would constitute a violation of the relevant laws of

such jurisdiction. The publication, distribution or release of this announcement

may be restricted by law in certain jurisdictions and persons into whose

possession any document or other information referred to herein should inform

themselves about and observe any such restriction. Any failure to comply with

these restrictions may constitute a violation of the securities laws of any such

jurisdiction.

The securities mentioned herein have not been, and will not be, registered under

the United States Securities Act of 1933, as amended (the "US Securities Act").

The securities may not be offered or sold in the United States except pursuant

to an exemption from the registration requirements of the US Securities Act or

in a transaction not subject to the US Securities Act.

Matters discussed in this announcement may constitute forward-looking

statements. Forward-looking statements are statements that are not historical

facts and may be identified by words such as "believe", "expect", "anticipate",

"strategy", "intends", "estimate", "will", "may", "continue", "should" and

similar expressions.  By their nature, forward-looking statements involve risk

and uncertainty because they reflect the Company's current expectations and

assumptions as to future events and circumstances that may not prove accurate. A

number of material factors could cause actual results and developments to differ

materially from those expressed or implied by these forward-looking statements.

No assurance can be given that such expectations will prove to have been

correct. The information, opinions and forward-looking statements contained in

this announcement speak only as at its date and are subject to change without

notice. Aker Horizons does not undertake any obligation to review, update,

confirm, or to release publicly any revisions to any forward-looking statements

to reflect events that occur or circumstances that arise in relation to the

content of this announcement or otherwise.

This announcement is for information purposes only and is not to be relied upon

in substitution for the exercise of independent judgment. It is not intended as

investment advice and under no circumstances is it to be used or considered as

an offer to sell, or a solicitation of an offer to buy any securities or a

recommendation to buy or sell any securities of Aker Horizons or otherwise.