Aker Horizons ASA (OSE: "AKH"), a developer of green energy and industry, announced results for the fourth quarter 2024. Aker Horizons' net capital employed stood at NOK 5.9 billion, a decrease of NOK 0.2 billion from the third quarter, mainly reflecting AKH’s share of results in the portfolio companies in Q4. The company reported a cash position of NOK 2.9 billion and an undrawn credit facility of EUR 500 million, giving available liquidity of NOK 8.8 billion.
Main developments in the portfolio:
Aker Carbon Capture has proposed a dividend of NOK 3.5 billion, and reports a new contract award in SLB Capturi?:
- The Board of Directors of ACC ASA has proposed a dividend of NOK 3.5 billion (NOK 1.5 billion to AKH)?, subject to approval by ACC ASA’s general meeting.
- SLB Capturi has reached significant industrial milestones with the hand-over of the modular carbon capture facility at Twence, and the award of an EPCIC contract for a Just Catch 400 unit to Hafslund Celsio?.
Mainstream Renewable Power reports projects in South Africa progressing toward COD, and an improved commercial margin in the Andes portfolio?:
- Two projects for a combined ~150 MW under construction in South Africa are progressing toward COD in Q2 2025 and early 2026.
- The commercial margin in the Andes portfolio in Chile showed continued positive development in Q4?.
- Cost optimization initiatives are well underway targeting a ~65% decrease in payroll and overhead cost?.
Aker Horizons Asset Development signed a term sheet for offtake from Narvik Green Ammonia (NGA), and is developing the Powered Land business:
- A term sheet for 150 ktpa offtake from NGA was signed with VNG.
- A collaboration agreement was signed with a major European utility targeting an ownership share in NGA? post DG2.
- The Kvandal site in Northern Norway is ready-to-build with 230 MW for power intensive industries.
SuperNode is planning the full-scale testing of their superconducting technology this year?:
- A full-scale prototype of SuperNode’s superconducting system is to be tested in the company’s own facility H1 2025?.
- A first full-scale demo in a real TSO environment is to be conducted at the National Grid Deeside facility later in 2025?.
Aker Horizons reports net capital employed to reflect a portfolio composed mainly of unlisted assets. Net capital employed includes Aker Horizons’ initial investment in the portfolio company, adjusted for any profit or loss and any additional investments, adjusted for foreign exchange fluctuations. As of the fourth quarter, Aker Horizons had NOK 2.4 billion net capital employed in ACC, NOK 2.5 billion in Mainstream, NOK 524 million in AAD, NOK 210 million in SuperNode and NOK 365 million in other assets.
