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Invests NOK 35 million in Blue Ammonia Company Horisont Energi

Source: www.gulfoilandgas.com 12/28/2020, Location: Europe

Saga Pure ASA has committed to subscribe for NOK 35 million in a private placement of new shares (the “Private Placement”) in Horisont Energi AS. Following the Private Placement Saga will own 11.7% of the company.

“Ammonia production is currently the biggest consumer of hydrogen globally, and has massive associated CO2-emissions today. Even in a decarbonized world we will continue to need ammonia, both for fertilizer applications, but ammonia also has a significant potential as a zero-emission energy carrier – as long as it is produced from renewables or from natural gas with cost effective carbon capture and storage. Horisont Energi has developed an attractive value chain solution for production of blue ammonia as well as CO2 handling, and we see great potential for this company going forward,” says Bjorn Simonsen, CEO of Saga Pure.

Horisont Energi is a company based in Stavanger, Norway with an experienced team with background from the oil and gas sector and the energy supplier industry. The company will combine cutting-edge ammonia production technologies which enable effective CO2-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 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.

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.

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