Saga Pure, a Norwegian shipping company, has acquired 11.7% stakes in Horisont Energi, a Norwegian carbon tech start-up. The investment valued at NOK 35 million (US$4.1 million) in a gross NOK 150 million (US$17.6 million) private placement of new shares.
Horisont Energi is developing blue hydrogen, blue ammonia and carbon storage solutions. The investment will help Saga Pure to diversify its business into renewable energy investments. Saga Pure has shown keen interest in the renewable recently and acquired a 21.4% stake in Bergen Carbon Solutions (BCS) in December 2020. BCS is a Norwegian technology company which developed a technology for converting CO2 to carbon nanofibers.
Horisont Energi has developed an interesting supply chain approach for the production of blue ammonia as well as for the handling of CO2 and Saga Pure sees a tremendous opportunity for this business to move onwards with.
The first blue ammonia plant is expected to be built in Finnmark in the north of Norway, in partnership with Equinor.