Good morning and welcome to this webcast. My name is Bjørgulf Haukelidsæter Eidesen, and I'm the CEO of Horisont Energi. Last evening, we announced that Horisont Energi and EON is entering a cooperation agreement, including an investment where EON acquires 25% stake in Horisont Energi. I will run you through a short presentation, and then we will take questions and please use the questions function. Let's go to slide two. The main headlines of the agreement is the following: We have entered into a long-term strategic cooperation with EON, which covers our main business areas of Horisont. The agreement is solidified by EON taking 25% ownership stake in our company, becoming a more integral part of our business.
In the partnership, we focus on all key business areas of Horisont Energi, and these include development and commercialization of carbon dioxide removal, also known as negative emissions. We will develop full-scale end-to-end carbon capture and transport and storage service to the entire European industry, where EON will also use their existing customers' facilities and new customers' facilities. We will also jointly develop a clean ammonia value chains in Europe. The main responsibilities within the CCS end-to-end business, EON will do the carbon capture and the injection part, and Horisont Energi will be responsible for transport and sequestration of CO2. Through this cooperation, it will enable EON and Horisont to play a decisive role in the decarbonization of industrial sectors in Europe, while scaling up the commercialization of CCS and clean ammonia.
Let's go on to slide three. On the financial details, t he private placement, we will have a subscription of about 5.7 million shares for EON at the share price of NOK 65 per share. The total investment in Horisont will be NOK 370 million, about NOK 371 million giving EON on a fully diluted basis 25% ownership stake in the company. Arrange for a subsequent offering to existing shareholders. This will be the shareholders as of yesterday. The price per share will be on the same terms as EON at NOK 65 per share, and this subsequent offering is fully underwritten. We will arrange for an extraordinary assembly to complete the transaction with EON. That is planned on 20th January, that's it, this month.
This meeting will be called for today. That concludes the presentation, and we move on to the Q&A part. Which is our slide four. Please post the questions that you might have by using the question function. We will take your questions. While we wait, I can mention that we shared three press releases yesterday. One press release covering the cooperation with EON, and one press release covering the details of the private placement, and one press release covering the details of the subsequent offering. Use the chat function, I mean, the question function, if you have any questions, and it will be posted there, and we will be able to see your questions. Yes.
The first question is about funding, and the question is whether we could describe and talk about the funding of the company and for how long we are funded now? The question refers to that we had NOK 117 million in cash in our Q2 second half report. Now we get funded with around NOK 420 million in cash through the private placement and subsequent offering. In addition, the project was funded with NOK 480 million from Enova. Through these cash injections, we have quite long-term funding for our development activities.
We were already fully funded for the Barents Blue project. Now we also have funding for developing our first carbon storage pure play carbon storage project. There's also, in addition, clean ammonia activities. As well as the Train 2 activity for the Barents Blue project. We have now a trajectory which will move us all the way to investment decision in around 2022- 2023 and beyond, all the way to at least 2024. We have a very robust funding situation for the company going forward. On the timeline going forward in terms of the FEED and the final investment decision, which is the next question on the Barents Blue project, we have a plan to initiate the FEED studies around March.
Based on a start-up of feed studies in March, the final investment decision is expected early 2023. That is mainly driven by the permitting plan for the onshore ammonia plant. The next question is, what is the most important part of this agreement to Horisont? What is really good about the cooperation with EON is that we get a strategic partner on all three business areas of the company with a very close strategic alignment. The business areas of Horisont is carbon storage and clean ammonia. Getting a very solid business partner that complements our business on the downstream side.
For the carbon storage, we get a partner that will be out in the market to sell carbon capture and liquefaction services to industry customers, providing CO2 for our transport and storage activity. We will have a full end-to-end service that is very valuable to Horisont, which enables scaling up of the carbon storage business. On the other side, on the clean ammonia side, we will also have a partner that complements us, taking on the downstream part of the clean ammonia value chain. It will be complete end-to-end clean ammonia value chains together with EON. It really complements the full business of Horisont Energi, and it's a very important step in our business development.
The next question is about who will be the main owners of Horisont after the transaction? I guess on the large owners, it will be my company, Barents Innovation, still a large shareholder, and then it will be EON. It will still be KLP, the largest Norwegian pension fund. It will be QVT, family office from New York, which has been part of the company also since we went on the stock exchange. There's Pearl Cliff, which today owned by Hospitalet, Ryfylke Hospitalet, and then Sval Energi. Those will be the large shareholders. That is, which is also the large shareholders today. Let's take the next question. Yes.
The next question is about if you can elaborate on our plans and ambitions of additional CO2 storage units beyond Polaris. We have previously announced that we are working on additional storages. We are working on let's say our next large carbon storage project to shape that project. The plan is to initiate that project now in 2022. You can expect news about second carbon storage from Horisont Energi sometime in 2022. The next question is whether EON has indicated any favorite carbon capture technology or if they'll be totally technology agnostic. As some might know, we have chosen hot potassium carbonate carbon capture technology on the Barents Blue project.
I guess, our starting point together with EON is that we should be technology agnostic on carbon capture technology to select the best carbon capture technology for the individual case in the industrial market. There will be different types of technologies that will be the best one at the lowest cost from time to time. Yeah. There was a question about whether the EON transaction in any way will impact our relationship with Equinor and Vår Energi. What is very positive is that the EON cooperation complements what we do with Equinor and Vår Energi. Together with Equinor and Vår Energi, we do carbon storage and we do ammonia production.
Together with EON, we will focus on the downstream part of the value chain and this will complement the cooperation that we already have with Equinor and Vår Energi. It's a very positive development. A question on whether there will be any changes to the organization. Well, for Horisont Energi, we will grow our organization throughout 2022. We expect to grow with 20-25 employees a nd on the EON side, there will probably be made, let's say, adjustments to fit the new business areas in the corporation. Now, the next question whether we can elaborate on current plans and how the year growth opportunity may impact Horisont Energi. We will start by developing this end-to-end CCS service.
That is the main focus area from the beginning, from the outset, to establish this European service. We will also start to develop better basis for potential new ammonia value chains in Europe. That is the second step. We'll also start working on the carbon removal commercialization, and then this should now influence the way forward and move this business development. We think we will move it quite a long way through 2022. Yeah. Okay, that is all questions for now. If you have any additional questions, please post them in the chat.
I can elaborate a bit upon the carbon removal part on the previous question. Carbon removal is a key part of decarbonizing not only the industry, but reaching the climate targets. Carbon removal is based on retrieving CO2 from the natural cycle and use different types of technologies to store it permanently or semi-permanently. Horisont Energi will focus on permanent storage of the quality green CO2, the biogenic CO2, and commercializing this as a service is what we intend to do together with E.ON. This is significant part of the carbon market going forward.
There is a large amount of biogenic CO2 that needs to be captured and stored to reach the ambitions on carbon removal globally and in Europe. In the European roadmap, carbon removal is a significant part of reaching the climate targets and getting to be carbon neutral by 2050 and carbon negative after 2050. Because the world needs to be carbon negative to deal with the overshooting of CO2 injected into the atmosphere or emitted into the atmosphere permanently. This will be a very important part of reaching the climate goals and be an important part of our carbon storage business and the CCS services together with EON. It seems like there are no additional questions. Any final questions, please post them and we can answer them.
I guess that is it. Thank you all for attending this webcast, and keep updated on Horisont Energi on our website and on LinkedIn. See you next time. Thank you.