Horisont Energi (HRGI) is proposing a strategic realignment of its business model with an even clearer focus on the CO₂ storage project at Gismarvik, while also planning a cash distribution of NOK 0.50 per share to the company’s shareholders.

The Board recommends that the Barents Blue project is to be spun off through the distribution of shares in the subsidiary Horisont Ammoniakk AS. All shareholders in Horisont Energi will receive one share in Horisont Ammoniakk for each share they own in the parent company.

"The cash distribution gives our shareholders flexibility: they can reinvest in Barents Blue or use the funds as they see fit," says Leiv Kallestad, CEO of Horisont Energi.

Horisont Energi will continue to support the Barents Blue project with resources through an existing service agreement and provide other necessary support during the transitional period, but the spun-off company will independently operate Barents Blue and continue existing dialogues with the project’s stakeholders.

The Polaris carbon storage project will continue to be a part of Horisont Energi.

“With this strategy, we strengthen our focus while providing shareholders with direct value distribution and the opportunity for continued ownership in both projects,” concludes Kallestad.