Aker Horizons ASA: Third-quarter results 2024

Aker Horizons ASA: Third-quarter results 2024

FORNEBU, Norway, Nov. 1, 2024 /PRNewswire/ -- Aker Horizons ASA (OSE: AKH), a developer of green energy and industry, today announced results for the third quarter 2024. Aker Horizons' net capital employed stood at NOK 6.1 billion, a decrease of NOK 1.0 billion from the second quarter, mainly driven by impairments in Mainstream. The company reported a cash position of NOK 3.0 billion and an undrawn credit facility of EUR 500 million, giving available liquidity of NOK 8.8 billion.

Third quarter main developments:

The JV between Aker Carbon Capture (ACC) and SLB was renamed SLB Capturi and announced its first US-based project:

• SLB Capturi was awarded a FEED contract by CO280 Solutions for a large-scale carbon capture plant at a pulp and paper mill on the US Gulf Coast.
• The Board of Directors of ACC continues the process of determining the future strategy and structure of ACC and will communicate conclusions within Q1 2025.

Mainstream Renewable Power (Mainstream) is delivering on its pipeline in South Africa and focuses on business optimization:

• The 50 MW solar project Ilikwa in South Africa reached financial close.
• The commercial margin of the Andes platform in Chile improved in Q3.
• Mainstream is streamlining its business to focus on growth in core markets South Africa, Australia and the Philippines, with continued investment in key offshore projects.

Aker Horizons Asset Development (AAD) completed a concept optimization for Narvik Green Ammonia; strong data center interest for sites in Northern Norway:

• A concept optimization for the Narvik Green Ammonia project has been concluded with a decision to move the project to Lallasletta.
• An MoU was signed with Masdar to explore collaboration and investment opportunities in green hydrogen.
• Data center players are showing significant interest in Kvandal and other industrial sites in the Powered Land site portfolio.

SuperNode secured funding to advance superconducting transmission technology development:

• Significant grants were secured from Irish and UK institutions to fund research & development.
• SuperNode opened a new Cable Technology Centre in Blyth, UK, enabling first production of superconducting cables for bulk electricity transmission

Lars P. Sørvaag Sperre, CEO of Aker Horizons, commented:

"We are pleased to see ACC and SLB Capturi reaching material milestones this quarter to enter the important US carbon capture market. Mainstream will now embark on a business plan that focuses on growth in selected core markets. This will enable Mainstream to speed up the development of projects. Furthermore, we have continued to develop and explore options for Aker Horizon's green hydrogen projects and the Powered Land sites. It is really encouraging to see the strong interest from the data center industry around our activities in the Narvik area".

Aker Horizons reports net capital employed to reflect a portfolio composed mainly of unlisted assets. Net capital employed includes Aker Horizons' initial investment in the portfolio company, adjusted for any profit or loss and any additional investments, adjusted for foreign exchange fluctuations. As of the third quarter, Aker Horizons had NOK 2.4 billion net capital employed in ACC, NOK 2.8 billion in Mainstream, NOK 543 million in AAD, NOK 197 million in SuperNode and NOK 242 million in other assets.

The Q3 2024 presentation is attached.

Aker Horizons' CEO Lars P. Sørvaag Sperre and CFO Kristoffer Dahlberg, and Mainstream's CEO Mary Quaney will present the main developments in the third quarter 2024 today at 08:30 CEST, followed by a Q&A session. The presentation, which is open to all, will be held in English and will be webcast on Aker Horizons' website:

https://akerhorizons.com/investors 

For further information, please contact:

Stian Andreassen, Investor Relations, tel: +47 41 64 31 07, email: stian.andreassen@akerhorizons.com 

Mats Ektvedt, Media, tel: +47 41 42 33 28, email: mats.ektvedt@corporatecommunications.no 

About Aker Horizons

Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy, carbon capture and hydrogen and develops industrial-scale decarbonization projects. As part of the Aker group, Aker Horizons applies industrial, technological and capital markets expertise with a planet-positive purpose to drive decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Across its portfolio, the company is present on five continents. www.akerhorizons.com 

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements in Regulation EU 596/2014 and the Norwegian Securities Trading Act § 5-12. This stock exchange announcement was published by Mats Ektvedt, Partner in Corporate Communications, on 1 November 2024 at 07:00 CET.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-horizons/r/aker-horizons-asa--third-quarter-results-2024,c4059993

The following files are available for download:

View original content:https://www.prnewswire.com/news-releases/aker-horizons-asa-third-quarter-results-2024-302293848.html

SOURCE Aker Horizons