Saga Pure ASA, an investment company focusing on opportunities within renewable energy, hydrogen, circular economy and CO2 reductions, has invested NOK 35 million (US$4.1 million) in a gross NOK 150-million (US$17.6-million) private placement of new shares in Horisont Energi AS, corresponding to an ownership of 11.7% in Horisont Energi.
Horisont Energi, based in Stavanger, Norway, is developing blue hydrogen, blue ammonia and carbon storage solutions. Blue ammonia is CO2-free ammonia produced by conventional ammonia production processes with CCS (CO2 capture and storage) to isolate CO2 into underground reservoirs.
The company has an experienced team with background from the oil and gas sector and the energy supplier industry.
The company is combining 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 company’s 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 announced earlier in December that it had signed a Memorandum of Understanding with Equinor for the development of a full-scale, carbon-eutral, “blue” ammonia production plant. An investment decision will depend upon sufficient profitability for the project.
The project is named “Barents Blue” and will be the first of its kind as a full-scale carbon neutral ammonia production plant. For this project it is the intention to place the production plant in Finnmark, which is the Northernmost county in Norway.
As part of this production plant, additional carbon sequestration capacity is brought about on the Norwegian continental shelf. The offshore carbon storage facility has been given the name “Polaris” from the star “Stella polaris”, traditionally used in navigation. The development of the sequestration facilities is concurrent with that of the rest of the plant and its associated infrastructure.
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.