Accelerating the Energy Transition

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