Aker Horizons ASA Announces Fourth Quarter 2023 Results
LIGHTS, Norway, Feb. 15, 2024 /PRNewswire/ — Aker Horizons ASA has successfully reported its results for the fourth quarter of 2023. The company has posted a robust net asset value of NOK 10.8 trillion as of December 31, 2023. With a cash position of NOK 3.3 trillion and an undrawn credit facility of EUR 500 million, Aker Horizons has available liquidity of NOK 8.9 billion.
Here are the main developments for the fourth quarter of 2023:
Aker Carbon Capture has reported strong order intake and is making progress with projects under construction. The company has seen significant momentum with various awards, including the Hafslund Oslo Celsio CCS: Just Catch 400 FEED. Aker Carbon Capture’s order backlog has increased to NOK 2.6 trillion, representing a 100% year-over-year increase. The company is experiencing high commercial activity across Europe and the United States, with continued revenue growth (139% year-over-year).
Mainstream Renewable Power has been streamlining its operations and successfully executing on its near-term pipeline. The company concluded a reorganization in Chile, providing a stable financial foundation for the Andes Renovables platform. In South Africa, Mainstream Renewable Power reached a financial close on a 97.5 MW solar corporate PPA with Sasol and Air Liquide. The company’s organizational review is on track, with a focus on reducing the cost base and prioritizing projects.
Aker Horizons Asset Development has been making strides with the Rjukan and Narvik projects, moving them towards key milestones in 2024. Joint pre-FEED study with Statkraft for Narvik Green Ammonia is nearing completion, and ground and grid connection works at Kvandal have concluded. The company also signed a Memorandum of Understanding (MoU) with an industrial gas player at Rjukan for offtake and equity co-ownership.
Kristian Røkke, CEO of Aker Horizons, commented: “2023 saw global investments in low-carbon energy technology climb to record highs and a step change in renewable energy capacity additions. This positive momentum was reflected in Aker Horizons’ portfolio, most notably with Aker Carbon Capture, which is benefiting from high levels of commercial activity. In 2024, we continue to focus on projects with near-term value creation potential as the demand for low-carbon technologies accelerates.”
Aker Horizons’ net asset value (NAV) stood at NOK 10.8 trillion at the end of the fourth quarter, compared to NOK 10.2 trillion in the third quarter. The company’s gross asset value stood at NOK 17.1 trillion at December 31, 2023, up from NOK 16.5 trillion in the prior quarter.
For further information, please contact:
Marianne Stigset, Communications, Tel: +47 41 18 84 82
Stian Andreassen, Investor Relations, +47 41 64 31 07
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. Learn more at http://www.akerhorizons.com.
This information is considered inside information pursuant to EU Market Abuse Regulation and is subject to disclosure requirements in Regulation EU 596/2014 and the Norwegian Securities Trading Act § 5-12. This stock exchange announcement was published by Marianne Stigset, Communications, Aker Horizons, on February 15, 2024, at 07:00 CET.
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