Saga Pure — M&A Activity 2020

Dec 30, 2020

Saga Pure ASA: Private placement in Horisont Energi

Saga Pure ASA: Private placement in Horisont Energi

(Oslo, 30 December 2020) Reference is made to the stock exchange release as of

28 December 2020 regarding Saga Pure ASA's (Saga, OSE: SAGA) subscription of NOK

35 million in a gross NOK 150 million private placement of new shares (the

"Private Placement") in Horisont Energi AS ("Horisont Energi"), corresponding to

an ownership of 11.7% in Horisont Energi.

On 30 December the Board of Directors of Horisont Energi approved the

oversubscribed Private Placement, whereof Saga has been allocated shares for the

full subscription amount of NOK 35 million, corresponding to an ownership of

11.7% in the company.  Payment of the Private Placement is expected to take

place on or about mid-January 2021, and Saga will be offered to nominate one

director to the Horisont Energi Board. The completion of the offering in

Horisont Energi is subject to customary conditions. Horisont Energi intends to

apply for listing of its shares on Euronext Growth.

"We're very excited to become a shareholder in Horisont Energi, who are

developing innovative solutions for blue hydrogen and ammonia production which

include cost effective CO(2)-handling, and look forward to working actively with

the company," says Bjørn Simonsen, CEO of Saga.

Horisont Energi will use the net proceeds from the Private Placement to build

the organization and make preparatory work to reach a final investment decision

for the first project in Northern Norway.

ENDS

For further information, please contact:

Bjørn Simonsen, CEO, +47 97 17 98 21

Espen Lundaas, CFO, +47 92 43 14 17

About Saga Pure ASA

Saga Pure is an investment company focusing on opportunities within renewable

energy, hydrogen, circular economy and CO(2)-reductions.

About Horisont Energi AS

Horisont Energi is a company based in Stavanger, Norway which is developing blue

hydrogen, blue ammonia and carbon storage solutions.

The company has an experienced team with background from the oil and gas sector

and the energy supplier industry. The company is combining cutting-edge ammonia

production technologies which enable effective CO(2)-capture along with a

transport and storage solution which enables a significantly lower cost of

carbon capture and storage (CCS) than that of today's available solutions.

The company's first blue ammonia plant is planned to be established in Finnmark

in the north of Norway in a partnership together with Equinor, and the company

is already in dialogue with several other large international companies for

further blue ammonia and CCS projects.

More information on www.horisontenergi.no (http://www.horisontenergi.no)