Aker Clean Hydrogen today published the results for the first quarter of 2022,
during which the company advanced the maturing of its clean hydrogen projects in
Norway and internationally.
Key developments included:
· Announcing a merger plan with Aker Horizons to strengthen the integration of
hydrogen production with downstream applications in large-scale hybrid
decarbonization projects, such as in Narvik, Norway and Chile
· Establishing a partnership with Statkraft to collaborate on green hydrogen
and ammonia production in India and Brazil
· Entering a collaboration agreement with PEAK group, a Norwegian logistics
company with approximately 30 ships in operation, for the delivery of green
hydrogen and ammonia to their fleet of new and existing vessels
· Successfully completing the feasibility phase of Rjukan hydrogen hub, and
proceeding with the concept selection phase
· Targeting power-to-X opportunities in Uruguay with collaboration agreements
signed with the leading operator and distributor of LPG in Uruguay, Acodike
Supergas, and the California-based renewable dimethyl ether (DME) producer,
Oberon Fuels
· Entering a series of partnerships with global industrial players such as
Kuehne+Nagel, Grieg Edge and Aker BP to enable green fuel offtake in the
maritime sector
· Demonstrating good progress in the development of Aker Clean Hydrogen's
proprietary plant architecture, enabling modular-based plants and low-cost scale
-up. Strategic vendors for key equipment short-listed and design competition
initiated
· Exiting participation in the Hegra green ammonia project, along with
Statkraft
Several regulatory developments that were announced in the first quarter provide
strong tailwinds for the hydrogen economy. On 8 March 2022, the European
Commission presented REpowerEU, a new set of proposed measures to reduce the
European Union's reliance on Russian natural gas imports. In addition to plans
for increased renewable power generation capacity, the package includes measures
to increase the EU's production and import of clean hydrogen to 20 million
tonnes by 2030.
Also in the first quarter, Germany and Norway announced that the two countries
will conduct a joint review on developing a pipeline for hydrogen, which will
allow Norwegian producers to export their green and blue hydrogen to continental
Europe. Such a hydrogen pipeline would notably be beneficial to the Aukra
hydrogen hub that Aker Clean Hydrogen is developing with Shell and Cape Omega.
This adds to a number of ambitious hydrogen and renewable energy targets being
set by governments across the world.
Aker Horizons announced on 25 April 2022 the establishment of a joint venture
with Nordkraft AS to develop sites for power intensive-industries in Northern
Norway. This will serve as a platform for a green industrial hub in the Narvik
region, which will convert renewable power into large-scale hydrogen production
and green value chains.
"Recent developments in the global energy markets show that the world is in need
of cost-competitive, clean hydrogen now. Energy-intensive hard-to-abate
industries, such as steel, shipping and fertilizer, are seeking to leverage the
green energy transition. The steel industry needs large amounts of green and
blue hydrogen to decarbonize their production process, and the same goes for
both shipping and fertilizer industry, where the future winners are those who
will successfully transition from grey to green and blue ammonia. I'm excited
that we will now accelerate the development of large-scale hybrid
decarbonization projects globally by merging with Aker Horizons," said Knut
Nyborg, Chief Executive Officer of Aker Clean Hydrogen.
Merger plan with Aker Horizons
On 30 March 2022, Aker Clean Hydrogen and Aker Horizons announced a merger plan
to strengthen the integration of hydrogen production with downstream
applications such as green iron, in large-scale hybrid decarbonization projects.
The two companies will combine in an all-stock merger that will reposition Aker
Clean Hydrogen as a privately-held subsidiary of Aker Horizons. The merged
entity will continue serving the fast-growing global markets for hydrogen,
ammonia and methanol, building on Aker Clean Hydrogen's portfolio of projects to
decarbonize hard-to-abate sectors.
Completion of the merger is subject to customary closing conditions, including
approval by the shareholders of ACH and the Board of Directors of Aker Horizons
resolving to issue the consideration shares pursuant to a board authorization.
Aker Horizons has undertaken to vote in favor of the merger at ACH's annual
general meeting scheduled on 4 May 2022.
Financial results
Revenue for the first quarter of 2022 was NOK 3.3 million and operating loss NOK
67 million. Aker Clean Hydrogen has matured its project portfolio, grown the
market funnel and built the organization according to plan. The company made
good progress on building a lean and digitized execution model, standardized
hydrogen solutions and establishing a supply chain with strategic suppliers.
Total cash and short-term deposits were NOK 2,638 million at the end of the
quarter.
ENDS
Media contact:
Mathias Nilsen Reierth, mob: +47 988 05 724, email:
mathias.reierth@akerhorizons.com
Ivar Simensen, mob: +47 46 40 23 17, email: ivar.simensen@akerhorizons.com
Investor contact:
Christian Yggeseth, mob: +47 915 10 000, email:
christian.yggeseth@akerhorizons.com
About Aker Clean Hydrogen
Aker Clean Hydrogen aims to develop, build, own and operate clean hydrogen
production on an industrial scale. Aker Horizons is the majority shareholder of
the company, and Aker Clean Hydrogen uses domain expertise across the Aker
Group, including systems integration, engineering, technology development,
project implementation, digitalization and financial optimization to increase
efficiency and reduce project costs. The company aims to reach a net installed
capacity of 5 GW by 2030, and will make a major contribution to realizing the
hydrogen industry and reducing greenhouse gas emissions globally.
www.akercleanhydrogen.com
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Mathias Nilsen Reierth, Communications Manager,
Aker Horizons ASA, on 26 April 2022 at 07:30 (CEST).