Aker Horizons ASA Reports 3Q:23 Results

(Aker Horizons, 2.Nov.2023) — Aker Horizons ASA (OSE: AKH), a developer of green energy and industry, today announced results for the third quarter of 2023. Aker Horizons’ net asset value stood at NOK 10.2bn as of 30 Sep. 2023. The company had a cash position of NOK 3.5bn and an undrawn credit facility of EUR 500mn, giving available liquidity of NOK 9.1bn.

Third-quarter 2023 main developments:

Aker Carbon Capture reported increasing levels of commercial activity:

  • Significant growth in pre-FEEDs and studies, with order intake year to date of around 9 million tonnes of CO2 per year
  • Signed Memorandum of Understanding (MoU) with Aramco
  • Order backlog rose to NOK 3bn, up from NOK 1.5bn year over year

Mainstream Renewable Power focused on concluding the Chile restructuring, streamlining operations:

  • Restructuring process in Chile progressing well. The project finance lenders voted through the company’s restructuring plans on 2 Oct. 2023, subject to certain closing conditions. Closing expected in November
  • Organizational review initiated across Mainstream, targeting over EUR 45 million in cost reductions
  • 100 MW solar PV project backed by corporate PPA expected to reach financial close before year end in South Africa
  • Arven Offshore Wind project in Scotland expanded by 500 MW to 2,300 MW

Aker Horizons Asset Development progressed on industrial partnerships, secured grid capacity for hydrogen projects:

  • Statkraft, Europe’s largest producer of renewable energy, joined as industrial partner to develop Narvik Green Ammonia, demonstrating project attractiveness
  • 250 MW additional grid capacity allocated to Narvik Green Ammonia
  • 120 MW grid capacity allocated to Green Ammonia Berlevåg

Kristian Røkke, CEO of Aker Horizons, commented, “There has been significant turmoil in the quarter, impacting the capital markets and the pace of green industry development more broadly, including several of our projects. A highlight in the quarter is the continued strong momentum for Aker Carbon Capture with commercial activity picking up, as witnessed by the increase in pre-FEEDs and studies. Mainstream’s restructuring in Chile is substantially complete, and the company is now positioning itself for the catch-up expected for renewables deployment in the years to come.”

Aker Horizons’ net asset value (NAV) stood at NOK 10.2bn at the end of the third quarter. Aker Horizons’ gross asset value stood at NOK 16.5bn as of 30 Sep. 2023.


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