European energy giant E.ON and Norwegian clean energy company Horisont Energi have entered into a strategic cooperation agreement to promote energy transition in Europe.
Eon logo. Credit: nitpicker / Shutterstock
Credit: nitpicker / Shutterstock
The partnership of the two companies aims to develop a European end-to-end carbon capture network, transport and storage service offering, development of a carbon removal business, and production and value chains for clean hydrogen and ammonia.
Along with the agreement, Horisont Energi will carry out a private placement directed at E.ON, pursuant to which E.ON will acquire a 25 percent stake in Horisont Energi. The private placement is planned to be completed end of January 2022 subject to certain conditions.
“We’re extremely excited to be joining forces with the leading European energy company E.ON to contribute to the energy transition in Europe. This will enable Horisont and E.ON to play a decisive role in the decarbonization of key industrial sectors in Europe, whilst scaling up and commercialising CCS and clean ammonia,” says Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.
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Patrick Lammers, a member of the board of E.ON, said: “E.ON’s proposition in this market is to establish a comprehensive offering to our customers and partners by becoming a “one-stop-shop” for their decarbonization activities as part of our growth strategy."
"Collaborating with Horisont Energi will enable us to be a first move in the future industrial carbon cycle business, that will be a key driver in European industrial and municipal decarbonization in the second half of the decade”.
According to the cooperation agreement between the two companies, E.ON will take responsibility for the carbon capture and liquefaction, whilst Horisont Energi will be responsible for the transport and sequestration of the carbon dioxide.
The service will be offered to both existing and new customers of E.ON. The two companies will also mature and develop a business built upon carbon dioxide removal, and are also going to develop business models on clean ammonia production and supply.
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