Aker Horizons, a developer of green energy and industry, has announced results for the first quarter 2025. Aker Horizons’ net capital employed stood at NOK 4.3 billion, a decrease of NOK 1.7 billion from the fourth quarter, mainly reflecting the dividend paid by Aker Carbon Capture ASA ('ACC') during the quarter and AKH’s share of results in the portfolio companies in Q1. The company reported a cash position of NOK 4.1 billion and an undrawn credit facility of EUR 500 million. The credit facility has since expired and will not be extended.
Main developments in the portfolio:
ACC paid the first portion of a NOK 3.5bn dividend to shareholders in Q1
- A dividend payment of NOK 1.26bn was received by AKH in March, NOK 0.26bn in May
- ACC received an earn-out of NOK 71m from SLB related to the Hafslund Celsio contract award
- SLB Capturi recorded high commercial activity, with several tenders in process
The refinancing of Mainstream Renewable Power ('MRP') was completed, securing funding for growth in core markets South Africa and Asia Pacific
- Three projects for a combined 350 MW are advancing towards financial close within the next 18 months in South Africa
- A portfolio of projects in Colombia totaling 675 MW was sold to local energy company Celsia
- Morten Henriksen was appointed as new CEO of MRP, and corporate headquarters are being relocated from Dublin to Oslo
Aker Horizons is exploring the potential for data centers in the north of Norway together with Nordkraft
- A potential data center business could leverage the ready-to-build Kvandal site in Narvik
- The Narvik Green Ammonia project is awaiting feedback on an application for additional grid capacity, and will not proceed to the next stage until clarity on grid is obtained
SuperNode completed the initial full-scale testing of its superconducting technology
- A prototype of SuperNode’s full-scale superconducting system was tested successfully in the company’s own facility in the UK in March
- A demo with 30 meters transmission distance is to be conducted in mid-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 first quarter, Aker Horizons had NOK 898 million net capital employed in ACC, NOK 2.06 billion in Mainstream, NOK 573 million in AAD, NOK 195 million in SuperNode and NOK 568 million in other assets.
S ource: Aker Horizons
