UPDATE - Planned mergers to help Aker Horizons "withstand market turmoil"

Image by: Aker Offshore Wind (AOW).

March 30 (Renewables Now) - Aker Horizons ASA (OSE:AKH), the majority-owned investment platform of Norway’s Aker ASA (OSE:AKER), is enhancing its ability to "withstand market turmoil" through the newly announced in-house mergers.

Øyvind Eriksen, CEO of Aker ASA and chairman of Aker Horizons, said so in a statement summarizing the company's plan to develop integrated green value chains to decarbonise power and industry.

As unveiled earlier, Aker Horizons plans to implement combinations with each of Aker Offshore Wind AS (AOW) and Aker Clean Hydrogen AS (ACH), and even subsequently merge AOW with Mainstream Renewable Power, which was acquired a year ago.

“By combining Aker Horizons' deep industrial and technological expertise, with Aker Asset Management's ability to mobilize private capital to fund large-scale projects, the Aker group will be ideally positioned to meet market demands to improve energy efficiency, increase renewables and electrification, and address infrastructure bottlenecks," Eriksen stated.

Aker Horizons’ own CEO, Kristian Røkke, stated that the company will rely on Aker Clean Hydrogen’s expertise to originate and develop green industry projects hub by hub, starting in Narvik.

“We have identified decarbonizing steel, the world's largest emitting industrial value chain, as an opportunity for Aker Horizons. In Narvik, Aker Horizons aims to develop integrated hydrogen and green iron production,” Røkke said, adding that Chile is another geography ideally suited for green industries development and Mainstream's presence there will be instrumental for that purpose.

Meanwhile, it was separately announced that Aker Horizons will sell hydropower technology firm Rainpower Holding AS to a subsidiary of Aker Solutions ASA for up to NOK 150 million (USD 17.4m/EUR 15.6m). This transaction, in particular, is seen to close in the second quarter of the year.

(NOK 10 = USD 1.16/EUR 1.04)

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