Aker Horizons Closes Transaction with Mitsui as Strategic Partner and Investor in Mainstream Renewable Power

OSLO,Norway,April 7,2022 --Aker Horizons ASA ("Aker Horizons") has today closed the transaction with Mitsui & Co.,Ltd. ("Mitsui") announced on 24 March 2022,resulting in the Japanese trading and investment group owning a 27.5 percent stake in Mainstream Renewable Power ("Mainstream").

On 24 March 2022,Mainstream Renewable Power,the global renewable energy company,announced that Mitsui agreed to invest EUR 575 million in Mainstream in the form of new common shares,corresponding to a 27.5 percent equity stake. Mitsui joins as a long-term strategic investor in Mainstream,alongside Aker Horizons,which owns 54.4 percent of Mainstream following the transaction.

"We are excited to be off and running with this strategic partnership between Mitsui and Aker Horizons in Mainstream," said Kristian Røkke,Chief Executive Officer of Aker Horizons and Chairman of Mainstream. "We see Mainstream as an integral part of Aker Horizons' plans to develop green industrial hubs globally and this partnership as a way to leverage our respective companies' strengths to accelerate growth."

Mitsui and Mainstream's portfolios are focused and complementary,with both companies having significant assets in operation or under development in Latin America,Africa and Asia. Mitsui will leverage its global business network across industries and its wide-ranging industrial capabilities,including global independent power producer (IPP) competence from 22 countries.

Mitsui is one of the leading Japanese general trading and investment firms,with approximately 45,000 employees in 63 countries. Mitsui's business activities span across mineral and metal resources,iron and steel,infrastructure,chemicals and energy.

Mitsui's global presence,deep experience in the power sector and global strategic alliances,coupled with Aker Horizons' industrial capabilities,will have significant strategic implications for Mainstream's transformation into a renewable energy major,including:

Accelerating Mainstream's geographic expansion into high-growth markets

Broadening its routes to market,particularly in the Corporate Power Purchase Agreement (PPA) sector

Accelerating the increase in its construction and operations capacity across multi-gigawatt platforms

Augmenting its energy solutions capabilities including battery storage and power trading

Spurring its growth in green ammonia and green hydrogen production,thereby rapidly advancing its Power to X offering

This transaction values Mainstream at approximately EUR 2.1 billion on a 100 percent basis.

ENDS

For further information,please contact:

Christian Yggeseth,Investor Relations,Tel: +47 915 10 000,christian.yggeseth@akerhorizons.com

Ivar Simensen,Communications,Tel: +47 464 02 317,ivar.simensen@akerhorizons.com

IMPORTANT INFORMATION

This announcement is for information purposes only and does not contain or constitute an offer to sell or a solicitation of any offer to buy or subscribe for any securities referred to in this announcement to any person in any jurisdiction. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe","aims","expect","anticipate","intends","estimate","will","may","continue","should" and similar expressions. The forward-looking statements in this release are based upon various assumptions,many of which are based,in turn,upon further assumptions. Although Aker Horizons believes that these assumptions were reasonable when made,these assumptions are inherently subject to significant known and unknown risks,uncertainties,contingencies,and other important factors which are difficult or impossible to predict and are beyond its control. Such risks,and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. Aker Horizons and its affiliates expressly disclaim any obligation or undertaking to update,review or revise any forward-looking statement contained in this announcement whether as a result of new information,future developments or otherwise. The information,opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.

This information is subject to section 5-12 the Norwegian Securities Trading Act.

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