Norway-based Aker Horizons raises $120m through private placement

Aker Horizons said that it has completed a private placement to raise NOK 1 billion ($120 million) in gross proceeds to consolidate its balance sheet ahead of investments in its portfolio firms and new direct investments.

The Norway-based planet-positive company will issue 28.9 million new shares at NOK 34.50 ($4.03) per share.

Aker Horizons claimed that the private placement was over-subscribed multiple times with robust domestic and international demand from major institutional investors.

The company allocated 13.5 million shares, representing 46.6% of the total share issue, to Baillie Gifford Overseas Limited, which resulted in ownership of 4.6%.

Kristian Røkke — CEO of Aker Horizons said: “Baillie Gifford recently became a key shareholder in our portfolio company Aker Carbon Capture, and we are now pleased to also welcome Baillie Gifford as a key shareholder in Aker Horizons.

“Aker Horizons strives to make a meaningful difference for the environment and sees opportunity in a holistic approach to green value chains as exemplified by our recent investments in Narvik.”

Since its founding, Aker Horizons is said to have continuously expanded its portfolio of products dedicated to renewable energy and clean technologies.

Its portfolio company investments include scaling up across global platforms through Mainstream Renewable Power. This has been demonstrated by Mainstream Renewable Power’s ongoing construction of 1.4GW wind and solar energy assets in Chile, the most recently announced launch of the Nazca 1 GW Chilean platform, and the new award of 1.27GW in South Africa to the company and partners.

New direct investments made by Aker Horizons include the recently announced initiatives in the Narvik region to develop sustainable value chains for power-intensive industries in Northern Norway based on some of the lowest priced renewable energy in Europe.