E.ON to Buy 25% Stake in Horisont Energi as Companies Agree on Carbon-Capture Deal

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by Dominic Chopping

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Norwegian clean-energy and carbon-storage services provider Horizont Energy A/S said late Wednesday that it has entered into a strategic cooperation agreement with E.ON SE for the development of a European end-to-end carbon-capture, transport and storage service. has done. Presentation.

The deal also includes the development of a carbon-removal business and business model on clean-ammonia production and supply, the company said.

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As part of the deal, Horizont Energi said it will conduct a private placement directed at E.ON, and E.ON will acquire a 25% stake in Horizont Energi.

Horizon Energy said E.ON would pay 370.9 million Norwegian kroner ($42.5 million) for 5.7 million new shares in the company.

The private placement is planned to be completed by the end of January 2022, the company said.

E.ON Board Member Patrick Lammers said, “E.ON’s proposition in this market is a comprehensive offering for our customers and partners by becoming a ‘one-stop-shop’ for their decarbonization activities as part of our growth strategy.” to be established.”

“This will enable EON to have a complete outsourcing proposal from site specific optimized carbon capture to decarbonize to secure long-term storage and clean hydrogen supply.”

According to the agreement, E.ON will be responsible for carbon capture and liquefaction, while Horisont Energi will be responsible for the transport and separation of carbon dioxide. The service will be offered to both existing and new customers of eON.

Horisont Energi said it would also execute a subsequent offering of 769,230 new shares at NOK65 to raise NOK50 million. This subsequent offer would be directed towards the existing shareholders in the company who were not allotted offer shares in the private placement, it said.

Write to Dominic Chopping at [email protected]

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