NOS Nova (HRGI) Q4 2024 earnings summary

Executive summary

• Horisont Energi is a Norwegian clean energy and carbon infrastructure company focused on CCS, clean ammonia, and hydrogen, with E.ON as a 25% strategic investor.

• In 2024, the company restructured into three subsidiaries to clarify business models and facilitate project funding.

• Major projects include the Gismarvik CO2 hub, Barents Blue clean ammonia plant, and Polaris CO2 storage, all progressing through key development milestones.

• The company continued cost reduction efforts, including workforce and consultancy cuts, to extend its capital runway.

• Strategic review initiated in September 2024 to maximize shareholder value and secure funding; ongoing into 2025.

Financial highlights

• Total income for 2024 was NOK 4.0 million, mainly from feasibility studies, down from NOK 5.0 million in 2023.

• Operating loss reduced to NOK 115.4 million from NOK 203.0 million year-over-year due to lower consultancy and employee costs.

• Net loss narrowed to NOK 109.8 million from NOK 193.0 million year-over-year.

• Cash and equivalents at year-end were NOK 82.3 million, down from NOK 200.4 million at end-2023.

• Equity ratio increased to 77% from 74% year-over-year; no interest-bearing debt.

Outlook and guidance

• Gismarvik CO2 hub and Barents Blue ammonia project remain core focus; FID for Gismarvik expected in 2026 at the earliest, with targeted production start in 2029.

• Barents Blue aims for concept select before summer 2025, with new partners being sought after Fertiberia's exit.

• Company is funded to continue planned project development into 2026, with further progress dependent on successful financing.

• Organisation to be streamlined to 10-15 employees to extend capital runway and meet key milestones.