Press Release

Products for the future: P2X Europe and Nordic Electrofuel cooperate on PtL products

• Nordic Electrofuel to build power-to-liquid production plant in Porsgrunn, Norway, by 2024
• Capacity to be expanded from an initial 8,000 tonnes to over 800,000 tonnes per year of renewable synthetic fuels and waxes by 2032
• P2X Europe markets power-to-liquid e-fuels and waxes from renewable sources

Salzbergen, Germany, January 10, 2022. P2X Europe, the joint venture between Mabanaft and the H&R Group, is driving the path to carbon neutrality in mobility and chemicals and plans to purchase synthesis-based e-fuels and waxes from renewable raw materials from Nordic Electrofuel. From 2024, P2X Europe will purchase commercial quantities of fuel and waxes and market them mainly in the jet fuel sector, but also in the basic chemical industry. "The transport sector needs to become greener. Low-emission jet fuels show that flying and climate protection are not mutually exclusive. With Nordic Electrofuel, we have an innovative partner for power-to-liquid solutions at our side. Our customers will benefit from this technological know-how and the wide-ranging P2X Europe distribution channels," explains Volker Ebeling, SVP New Energy, Chemicals and Gas at Mabanaft.

Nordic Electrofuel is planning to build several modern e-fuel production plants in Porsgrunn, about 150 kilometres southwest of the Norwegian capital Oslo, but also elsewhere in Norway. There, in the Herøya industrial park, Nordic Electrofuel wants to produce synthesis-based fuels and raw materials for the chemical industry on a large scale from 2024 to help reducing CO₂ emissions. The hydrogen used in the production processes is green, the electricity comes from domestic wind- and hydropower. In the first phase, a demonstration plant will supply 8,000 tonnes of fuels and waxes per year. Step by step, the annual production capacities are to be expanded to more than 800,000 tonnes.

Market leaders in power-to-X products
The cooperation between Nordic Electrofuel and P2X-Europe strengthens the joint venture's supply base and thereby drives market penetration with CO₂-reduced power-to-liquids products. This step follows the marketing based on H&R's own power-to-liquid demonstration plant in Hamburg, in which synthesis-based raw waxes and fuels are to be produced from green hydrogen and biogenic carbon dioxide as early as 2022. "We want to accompany our customers as best as possible on their path to climate neutrality. That means we have to offer them exactly the solutions they need. Our cooperation with Nordic Electrofuel enables us to do just that.
Together with the capacities from our own plant, we provide a wide range of CO₂-reduced fuels and chemical products," says Detlev Wösten, Chief Sustainability Officer of the H&R Group and co-CEO of P2X Europe.

Contact:
H&R GmbH & Co. KGaA, Head of Investor Relations / Communication, Ties Kaiser
Neuenkirchener Straße 8, 48499 Salzbergen
Phone: 1, Fax: 0
Email:

H&R GmbH & Co. KGaA:
H&R KGaA is a specialty-chemicals company listed on the Frankfurt Stock Exchange's Prime Standard segment. It develops and manufactures crude-oil-based chemical and pharmaceutical specialty products and produces high-precision plastic parts.

P2X Europe is the power-to-liquid joint venture of Mabanaft GmbH & Co. KG and the H&R Group. Both partners hold equal shares in the Hamburg-based company. P2X Europe will source power-to-X products (e-fuels and petrochemical specialities) from corresponding projects and market them through the respective sales channels.

Mabanaft GmbH & Co. KG is a leading independent and integrated energy company, providing its customers with innovative energy solutions for their transportation, heating and industrial needs. In addition, the company is active in trading petroleum products, natural gas liquids, chemicals and biofuels.

Forward-looking statements and forecasts:
This press release contains forward-looking statements. The statements are based on the current estimates and forecasts by the Executive Board and the information available to the Board at this time. These forward-looking statements do not provide any warranty for the future developments and results contained therein. The future developments and results are dependent on a number of factors; they entail various risks and contingencies and are based on assumptions which could prove to be incorrect. We do not assume any responsibility for updating the forward-looking statements contained in this press release.