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Horizon Energy will create climate-friendly ammonia with Equinor and raise 150 million investors such as Øystein Stray Spetalen, KLP and Saga Pure.
BIG PLANS: Horizon Energy and founder Bjørgulf Haukelidsæter Eidesen raises 150 million high profile investors after gaining Equinor as a partner.
Horizon Energy
Saga Pure was among the stock market winners on Tuesday with an increase of almost 18 percent, after announcing a NOK 35 million investment in Horizon Energy.
Behind the unknown Stavanger company is founder Bjørgulf Haukelidsæter Eidesen, who has a long career at Equinor.
On Christmas Eve, the company announced a letter of intent with Equinor for the development of a large-scale carbon-neutral ammonia plant in Finnmark, with an investment framework of NOK 8-10 billion.
– The agreement with Equinor is definitely a breakthrough, as it has been important for us to find a good industrial partner, Eidesen tells E24.
Horizon Energy is marketed as having developed an “innovative blue ammonia value chain”, which involves the capture and storage of CO₂ that is produced during the production process.
– Our solution means, among other things, that you can scale capacity very quickly and we have also managed to eliminate many of the most important cost factors, says Eidesen.
BETS: Øystein Stray Spetalen invests in Horizon Energy both privately and through Saga Pure, which is publicly traded.
Audun Braastad / NTB
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The founder claims that around 20 million have been invested in the company so far since its inception in August last year.
In the aforementioned issue, Horisont Energi has raised a total of NOK 150 million, based on a company-wide valuation of NOK 300 million.
Saga Pure, which has Øystein Stray Spetalen as its largest shareholder, is in the process of establishing itself as a green technology investment company.
The company has participated as a suspected anchor investor in the Horizon Energy issue, along with private investment firm Tycoon de Øystein Stray Spetalen, KLP, and US hedge fund QVT.
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– We liked the combination of a good team, a good overall technical solution, and the partnership with Equinor at Finnmark, Saga Pure manager Bjørn Simonsen tells E24.
Saga Pure owns 11.7 percent of Horizon Energy after the transaction. Simonsen describes the company as “pioneering”.
– Ammonia is already a huge market for both fertilizers and energy, and where emissions will drop to zero in the future, says Simonsen.
With today’s rally, Saga Pure has risen nearly 200 percent on the Oslo Stock Exchange in the past three weeks. The market value is close to NOK 2 billion.
The company raised NOK 87 million in a private placement on December 21 at a price of NOK 2.90. The price is now at NOK 4.70, corresponding to an increase of 62 percent.
On Tuesday night, Saga Pure announced that it had raised an additional NOK 123 million in a new share issue.
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Most interested
Global demand for ammonia is expected to remain high in the coming years, both because it is an important component in fertilizer production and because of its potential as an emission-free fuel.
So, however, the actual production of ammonia must take place on the basis of renewable energy or natural gas with efficient capture and storage of CO₂.
The CO₂ generated from the planned ammonia plant in Finnmark will be transported back to sea on special vessels, and then injected and stored in tanks under the seabed.
“Horizon Energy is already in dialogue with other large international companies for new blue ammonia and carbon capture projects,” says the Saga Pure Stock Exchange announcement.
Eidesen says that an investment decision in the Finnmark plant is expected in the second half of 2022.
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