Aker — Environmental & Social Information 2021

Feb 19, 2021

Aker ASA: Aker Horizons launches Aker Clean Hydrogen to industrialize clean hydrogen and reduce CO2 emissions globally

Aker ASA: Aker Horizons launches Aker Clean Hydrogen to industrialize clean hydrogen and reduce CO2 emissions globally

· Aker Clean Hydrogen to develop, build, own, and operate clean hydrogen

production at scale, leveraging domain expertise across Aker group

· Cooperation with Statkraft and Yara to establish Europe's first industrial

-scale green ammonia project in Norway - the 450 MW Herøya plant

· Partnering with Mainstream Renewable Power to unlock the green hydrogen and

ammonia economy in Chile and with Aker BioMarine to enable emission free

shipping in Antarctica

· Portfolio of nine projects and prospects with total net capacity of 1.3 GW

in development

· Aims to reach a net installed capacity of 5.0 GW and to remove more than 9

million tonnes of CO2 per year by 2030

Aker Horizons AS ("Aker Horizons") announces the launch of a new platform

company, Aker Clean Hydrogen, a pure-play industrial clean hydrogen producer to

serve a fast-growing global market. With a proven execution model and unique end

-to-end asset integration and optimalization capabilities, Aker Clean Hydrogen

aims to emerge as the most efficient hydrogen value chain integrator on a global

scale.

"The industrialization of hydrogen production is starting now. With the launch

of Aker Clean Hydrogen, Aker Horizons is creating the first pure-play operator

within industrial-scale clean hydrogen production, addressing a massive market

poised for global growth, with an opportunity to have a significant impact on

CO2 reductions," says Kristian Røkke, Chief Executive Officer of Aker Horizons.

Aker Clean Hydrogen has a portfolio of nine clean hydrogen projects and

prospects with a total net capacity of 1.3 GW under development, and additional

pipeline and opportunities of 4.7 GW. Based on a proven execution model with

scalability, the company aims to reach a net installed capacity of 5.0 GW by

The portfolio includes the recently announced partnership with Norwegian

industrial pioneers, Yara and Statkraft, for electrification of the

ammonia plant at Herøya, as well as other green ammonia projects in Norway. The

first project at Herøya has potential to remove about 800,000 tonnes of annual

greenhouse gas (GHG) emissions, representing what could be the largest climate

initiative in Norwegian industrial history. The partnership also forms the basis

for what could become a new green export industry by producing emission-free

ammonia for CO2-intensive industries, including green fertilizer for the

agriculture industry and emission-free shipping.

Additional portfolio projects and prospects include:

· Emission-free shipping in the Arctic: A new green ammonia facility in

Berlevåg for decarbonizing Arctic shipping and off-grid power production, where

conversion of the coal-fired power plant in Longyearbyen could be one of the

first targets by 2025. Aker Clean Hydrogen and Varanger Kraft to each own 50

percent of the green ammonia facility.

·

· Green hydrogen production in Rjukan: Enabling emissions-free ferry and

shipping transportation. To be developed jointly with the Tinn municipality and

Rjukan Næringsutvikling in southern Norway. Aker Clean Hydrogen owns 100 percent

of the planned facility.

·

· Cooperation agreement with Greenstat: Including near-term opportunities at

Glomfjord and Meråker in Norway, and a strategic initiative in India.

·

· Green hydrogen and ammonia production in Chile: Collaboration between Aker

Clean Hydrogen and Mainstream Renewable Power to develop a global scale and

commercially viable green value chain in Chile with a significant export

potential.

·

· Emission-free shipping in the Antarctica: Development of a new green ammonia

facility in Uruguay in collaboration with Aker BioMarine as an enabler for a

future zero-emission value chain for Aker BioMarine. The project is also aiming

at the wider shipping market in that region.

Aker Clean Hydrogen aims to accelerate learning curves and efficiency

improvements to enable hydrogen production at 1.5 USD/kg by the end of this

decade.

"Clean hydrogen is essential to decarbonize industrial processes. By building on

the network effects from Aker Horizons' green value chain, unique capabilities

of in-house engineering experts, proven execution and alliance model, and Aker's

track record of developing modularized industrial production systems, Aker Clean

Hydrogen is hitting the ground running. This is just the beginning of a journey

to develop the best-in-class, cost-efficient leader for industrial-scale

hydrogen production," says Knut Nyborg, CEO of Aker Clean Hydrogen.

Funding and Financing

In order to finance the high number of highly attractive investment

opportunities it sees in Aker Clean Hydrogen, Aker Horizons is currently in the

process of preparing for a potential near-term private placement in Aker Clean

Hydrogen (the "Private Placement") and a listing on Euronext Growth (the

"Listing", and together with the Private Placement, the "IPO").  The Private

Placement is expected to have a minimum subscription of EUR 100,000. Aker

Horizons will seek to facilitate that its shareholders are provided with

preferred allocation in the Private Placement. Aker Horizons plans to

participate in the Private Placement and also invest in Aker Clean Hydrogen

through potential equity-linked instruments.

Carnegie, DNB Markets, a part of DNB Bank ASA and Pareto Securities AS have been

engaged to assist on the potential IPO of Aker Clean Hydrogen, which is subject

to inter alia market conditions and investor feedback. Advokatfirmaet BAHR acts

as legal advisor for the potential IPO.

Aker Horizons will host a presentation about Aker Clean Hydrogen and its

ambitions in the global hydrogen market today, February 19 at 11:00

CET. https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20210219_10

A Company Presentation, providing more information about Aker Clean Hydrogen,

can be found at https://www.akerhorizons.com/investors

-ENDS-

Contact:

Ivar Simensen, Communication, +47 46402317, ivar.simensen@akerhorizons.com

About Aker Horizons

Aker Horizons 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 Euronext Growth and

majority-owned by Aker ASA. Aker Horizons' investment portfolio includes

majority stakes in Aker Offshore Wind and Aker Carbon Capture, and on January

19, 2021, the company announced an agreement to buy 75 percent of Mainstream

Renewable Power, a developer and operator of wind and solar parks.

About Aker Clean Hydrogen

Aker Clean Hydrogen is set up to develop, build, own, and operate clean hydrogen

production at industrial scale. The company is owned by Aker Horizons, and

leverages the domain expertise across the Aker group, including system

integration, engineering, technology development, project execution,

digitalization and financial optimization to drive efficiency and reduce cost.

The company aims to reach net installed capacity of 5.0 GW by 2030, making a

major contribution towards realizing the hydrogen industry and reducing

greenhouse gas emissions globally.

This information is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.