(Aker, 16.Jul.2024) – Aker Horizons ASA announced results for the second quarter 2024. Aker Horizons’ net capital employed stood at NOK 7.1bn, an increase of NOK 1.9bn from the first quarter, mainly driven by a gain from the Aker Carbon Capture-SLB transaction. The company reported a cash position of NOK 3.1bn and an undrawn credit facility of EUR 500mn, giving available liquidity of NOK 8.8bn.
Second quarter main developments:
- Aker Carbon Capture ASA (ACC ASA) completed the transaction to combine its carbon capture business with SLB:
- ACC ASA received NOK 4.1bn in cash consideration, increasing its Q2 cash position to NOK 4.5bn
- ACC ASA booked an accounting gain of NOK 4.9bn
- The combination and integration of ACCH and SLB’s carbon capture business progressed according to plan
- Mainstream Renewable Power (Mainstream) delivered on its strategy in Australia and Sweden:
- The company was awarded a 2.5 GW offshore wind license in the Gippsland region of Victoria and a 500 MW onshore wind permit in New South Wales, in Australia
- In Sweden, the 2.5 GW Mareld floating offshore wind development received a positive recommendation for government approval
- The Andes Renovables platform in Chile maintained positive commercial margins in Q2 and recognized additional EUR 20m in revenues following publication of the first Tariff Stabilization Law decree
- Aker Horizons Asset Development (AAD) made progress on key projects and continued to explore data center opportunities for sites in Northern Norway:
- The Rjukan project was scaled up to 40 MW gaseous hydrogen capacity, leveraging existing allocation of 50 MW grid capacity
- A cooperation agreement was signed with a data center developer EPC company to explore powered shell opportunities in Northern Norway
- For the flagship Narvik Green Ammonia project, the pre-FEED was concluded and invitation to tender responses were received
Kristian Røkke, CEO of Aker Horizons, commented:
“The second quarter was marked by the successful completion of the announced joint venture between Aker Carbon Capture and SLB. The new company combines technology portfolios, expertise and operations platforms to accelerate carbon capture adoption for industrial decarbonization. Mainstream continued to execute on its prioritized project pipeline, notably with the award of major offshore and onshore wind licenses in Australia. We are also pleased to see progress on new opportunities for data centers at its sites in the Narvik region.”
As of the second quarter 2024, Aker Horizons developed its financial reporting format to reflect a portfolio composed mainly of unlisted assets. From having four listed holdings in 2021, Aker Horizons had one listed holding, Aker Carbon Capture ASA, at the end of the second quarter 2024. Net capital employed reflects 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 second quarter, Aker Horizons had NOK 2.4bn net capital employed in ACC, NOK 3.8bn in Mainstream, NOK 517mn in AAD, NOK 174mn in SuperNode and NOK 203mn in other assets.
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