Horisont Energi finalizing corporate restructuring

Norwegian clean energy company Horisont Energi is about to wrap up corporate restructuring, transferring all rights and obligations related to clean ammonia, CO2 transportation and storage, and CO2 infrastructure into three separate and wholly-owned subsidiaries.

The corporate restructuring was proposed on December 22, 2023, at the extraordinary general meeting.

In a stock exchange release issued on February 19, 2024, Horisont Energi said the formal side of the restructuring has now been registered in the Norwegian Register of Business Enterprises as completed.

The company expects to complete the corporate restructuring by early March 2024 with some practical implementation steps to be taken.

Horisont Energi’s ammonia and CO2 infrastructure projects include Barents Blue, Polaris, and Gismarvik CO2 terminal.

According to the company, once operational, the Barents Blue project will become Europe’s largest clean ammonia production plant.

Combined with the Polaris CCS project, the project will offer clean ammonia with a 99% CO2 capture rate and a correspondingly low carbon footprint compared to conventional production. Horisont Energi expects to make a final investment decision for the 1 million tons plant in 2024/2025, with estimated production starting in 2028.

The project is supported by a grant of NOK 482 million (around $47.8 million) under the EU IPCEI hydrogen program.

Polaris is Horisont Energi’s first carbon storage and is located several hundred meters below the seabed in the Barents Sea. PGNiG Upstream Norway and Horisont Energi are partners on the Polaris project whereas PGNiG is operator.

The Polaris reservoir is currently undergoing subsurface assessment and studies, with the offshore pre-survey completed. 

The planned CO2 terminal at Gismarvik will have a capacity for intermediate storage of 20 – 24 million tonnes of CO2 before transported via pipeline and permanently stored safely below the seabed in the Northern Sea.