Aker Clean Hydrogen: first quarter 2022 results

Aker Clean Hydrogen today released results for the first quarter of 2022, during which the company advanced the maturation of its clean hydrogen projects in Norway and internationally.

Key developments included:

Announcement of a proposed merger with Aker Horizons strengthen the integration of hydrogen production with downstream applications in large-scale hybrid decarbonization projects, such as in Narvik, Norway and Chile
Establish a partnership with Statkraft to collaborate on the production of green hydrogen and ammonia in India and Brazil
Concluded a collaboration agreement with PEAK Group, a Norwegian logistics company with approximately 30 vessels in operation, for the delivery of green hydrogen and ammonia to their fleet of new and existing vessels
Successfully complete the feasibility phase of the Rjukan hydrogen hub and continue the concept selection phase
Target power-to-X opportunities in Uruguay with collaboration agreements signed with the leading operator and distributor of LPG in UruguayAcodike Supergas and the Californiaproducer of renewable dimethyl ether (DME), Oberon Fuels
Enter into a series of partnerships with global industrial players such as Kuehne+Nagel, Edge Grieg and AkerBP to allow the levy of green fuel in the maritime sector
Demonstrate good progress in developing Aker Clean Hydrogen’s proprietary factory architecture, enabling modular factories and low-cost scaling. Strategic suppliers for key equipment shortlisted and design competition launched
End of participation in the Hegra green ammonia project, alongside Statkraft

Several regulatory developments that were announced in the first quarter bring strong tailwinds to the hydrogen economy. On March 8, 2022the European Commission presented REpowerEU, a new set of proposed measures to reduce of the European Union dependence on Russian imports of natural gas. Along with plans to increase renewable energy generation capacity, the package includes measures to increase the production and import of clean hydrogen from the EU to 20 million tonnes by 2030.

Also in the first trimester, Germany and Norway announced that the two countries will conduct a joint review of the development of a hydrogen pipeline, which will allow Norwegian producers to export their green and blue hydrogen to the continent Europe. Such a hydrogen pipeline would be particularly beneficial for the Aukra hydrogen hub that Aker Clean Hydrogen is developing with Shell and Cape Omega. This is in addition to a number of ambitious hydrogen and renewable energy targets set by governments around the world.

Aker Horizons announced on April 25, 2022 the creation of a joint venture with Nordkraft AS develop sites for energy-intensive industries northern norway. This will serve as a platform for a green industrial center in the Narvik region, which will convert renewable energy into large-scale hydrogen production and green value chains.

“Recent developments in global energy markets show that the world now needs clean, cost-competitive hydrogen. Hard-to-reduce energy-intensive industries, such as steel, shipping and fertilizers, seek to leverage the green energy transition The steel industry needs large amounts of green and blue hydrogen to decarbonize its production process, and the same is true for the shipping and fertilizer industry, where future winners are those who successfully transition from gray ammonia to green and blue ammonia. excited that we will now accelerate the development of large-scale hybrid decarbonization projects globally by merging with Aker Horizons,” mentioned Knut NyborgCEO of Aker Clean Hydrogen.

Merger project with Aker Horizons

On March 30, 2022Aker 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 merge in an all-stock merger that will reposition Aker Clean Hydrogen as a private subsidiary of Aker Horizons. The merged entity will continue to serve the rapidly growing global hydrogen, ammonia and methanol markets, leveraging Aker Clean Hydrogen’s portfolio of projects to decarbonize hard-to-reduce sectors.

Completion of the merger is subject to customary closing conditions, including approval by ACH stockholders and the board of directors of Aker Horizons resolving to issue the Consideration Shares pursuant to an authorization of the Board of Directors. Aker Horizons committed to vote in favor of the merger at ACH’s annual general meeting scheduled for May 4, 2022.

Financial results

The turnover for the first quarter of 2022 is NOK 3.3 million and operating loss NOK 67 million. Aker Clean Hydrogen has matured its project portfolio, developed the market funnel and built the organization according to plan. The company has made good progress in 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, mobile: +47 988 05 724, e-mail: [email protected]

Ivar Simensenmobile: +47 46 40 23 17, email: [email protected]

Investor contacts:

Christian Yggeseth, mobile: +47 915 10 000, email: [email protected]

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 utilizes domain expertise across the Akker Group, including systems integration, engineering, technology development, project implementation, digitization and financial optimization to increase efficiency and reduce project costs. The company aims to achieve 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 inside information under the EU Market Abuse Regulation and is subject to disclosure requirements under section 5-12 of the Norwegian Securities Act. This Sotck exchange announcement was published by Mathias Nilsen Reierth, Head of Communications, Aker Horizons ASAon April 26, 2022 at 07:30 (CEST).

https://news.cision.com/aker-clean-hydrogen/r/aker-clean-hydrogen–first-quarter-results-2022,c3552936

https://mb.cision.com/Public/20795/3552936/869d2162387b6e84.pdf

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