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The international energy company E. ON and Euronext Growth-listed Horizon Energy have entered into a strategic cooperation agreement. This is stated in a stock exchange announcement from the company.
In connection with the agreement, it is announced that E. ON will purchase 25 percent of the Norwegian carbon technology company through a private placement.
According to the announcement, the 25 percent corresponds to just over 5.7 million Horizon Energy shares. E. ON will buy the shares at NOK 65 each, and the total investment amount will then be 370.9 million.
– With this agreement, we enter into a long-term strategic collaboration with E. ON, which is anchored in the company entering with a 25 percent stake in Horizon Energy, says Bjørgulf Haukelidsæter Eidesen, CEO of Horizon Energy in the announcement that came Wednesday night.
Has secured an exit opportunity
Investor and billionaire Øystein Stray Spetalen is among the owners, with six percent directly through his investment company and a scant 12 percent through Saga Pure, the renewable company he controls. In addition, Stray Spetalen sits on Horisont Energi’s board.
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Stray Spetalen has supported the decision to enter into an agreement and carry out the issue.
Both Stray Spetalen and the other shareholders have undertaken to participate for at least six months on one condition. Because if the price exceeds a trophy up to NOK 130, Stray Spetalen and the other investors reserve the right to sell. This corresponds to a doubling compared to the price at the close of trading on Wednesday.
As a consequence of the issue, investors’ ownership interests will be diluted.
Founder Haukelidsæter Eidesen has also secured the opportunity to sell shares to pay wealth tax.
The issue is scheduled for completion at the end of January 2022.
Carbon capture agreement
The strategic agreement with E. ON deals with the development of a European service offering for carbon capture, transport and storage, as well as production and value chains for pure hydrogen and pure ammonia.
– E. ON establishes a complete offer to our customers and partners in this market by becoming a total supplier for their decarbonisation activities as part of our growth strategy. This will enable E. ON to deliver a complete outsourcing offering for decarbonization, from tailor-made and optimized carbon capture to long-term storage and supply of pure hydrogen, says Patrick Lammers, Executive Vice President of Operations at E.ON.
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