Aker Horizons allocated grid capacity for green ammonia production in Narvik and Berlevåg by Statnett

LYSAKER,Norway,Oct. 31,2023 -- Aker Horizons ASA (OSE: AKH),a developer of green energy and industry,has applied for and been allocated grid capacity of 250 MW for its large-scale green ammonia plant under development in Kvandal outside Narvik,and 120 MW for its facility in Berlevåg,both in Northern Norway.

The grid capacity in Kvandal was allocated through Nordkraft Industrinett AS. The allocation ensures that the Narvik Green Ammonia project,being developed in partnership with Statkraft,has sufficient grid for daily production of up to 1,000 tons of green ammonia. The project aims to reach final investment decision in 2025,with a target of starting commercial operations in 2028.

"We are pleased to have been allocated the grid capacity for our Narvik Green Ammonia project from Statnett. This award adds a key component in realizing the project,strengthening the opportunity to establish Kvandal and Narvik as a hub for new green industry in the region," says Kristoffer Dahlberg,Chief Financial Officer in Aker Horizons Asset Development.

The grid capacity in Berlevåg was awarded through Barents Nett AS. The 120 MW will be available when the new 420kv-line to Seidafjellet is completed and is a key step towards realizing large-scale green ammonia production in Berlevåg.

For more information,please contact:

Marianne Stigset,Communications,Tel: +47 41 18 84 82

marianne.stigset@akerhorizons.com

Stian Andreassen,Investor Relations,Tel: +47 41 64 31 07

stian.andreassen@akerhorizons.com

About Aker Horizons

Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy,carbon capture and hydrogen and develops industrial-scale decarbonization projects. As part of the Aker group,Aker Horizons applies industrial,technological and capital markets expertise with a planet-positive purpose to drivedecarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu,Norway. Across its portfolio,the company employs approximately 1,100 people in 18 countries on five continents. www.akerhorizons.com