Aker Carbon Capture

Environmental & Social Information • Mar 25, 2024

Aker Carbon Capture and CO280 form strategic alliance to develop carbon removal projects in the pulp and paper industry

Aker Carbon Capture and CO280 form strategic alliance to develop carbon removal projects in the pulp and paper industry

Aker Carbon Capture and CO280 Solutions, have signed a Memorandum of

Understanding (MoU) to collaborate on the development of large-scale Carbon

Dioxide Removal (CDR) projects beginning in the US and Canada pulp and paper

industry that will deliver permanent, verifiable, affordable carbon removals.

The parties will collaborate as preferred partners on a project-by-project

basis, for point source carbon capture plants for pulp and paper mills, with the

ambition to deploy Aker Carbon Capture's modularized Just Catch series. Both

parties will be working toward a standard CDR solution, which includes post

-combustion carbon capture and compression for recovery boilers, power boilers,

lime kilns and other stack emissions.

CO280 is a leading developer of Carbon Dioxide Removal projects in the pulp and

paper industry. In partnership with pulp and paper companies CO280 develops,

finances, owns, and operates large-scale CDR projects. CO280's projects address

a critical supply gap in the CDR market by supplying permanent, verifiable, and

affordable CDR to corporate buyers in the voluntary market. JPMorgan Chase

signed one of the largest carbon removal agreements ever announced with CO280 in

May, 2023. CO280 currently has more than 10 million tonnes per year of permanent

CDR under development.

North America's pulp and paper industry represents a carbon removal opportunity

of up to 130 million tonnes per year. This is due to the fact that individual

mills have a CO2 emissions profile that is 80-90% biogenic.

"We are excited to expand on our collaboration with CO280 on accelerating carbon

removal in the US and Canada. Carbon capture will play a key role in achieving

global climate goals as it enables both carbon reduction and carbon removal.

Together, C0280 and Aker Carbon Capture will enable large-scale delivery of

CDRs," said Egil Fagerland, Chief Executive Officer at Aker Carbon Capture.

"This builds on our previous announcement of a test campaign to be conducted at

the site of a leading pulp and paper company on the Gulf Coast in the US,"

Fagerland continued.

"Capturing and sequestering biogenic CO2 from pulp and paper mills can help

scale-up the CDR market, decarbonize the pulp and paper industry, and have a

positive impact on the environment," said Jonathan Rhone, Chief Executive

Officer of CO280. "Our alliance with Aker Carbon Capture will enable us to

unlock this potential and create the world's first permanent, verifiable, and

affordable CDR solution at scale."

"Our strategic alliance with CO280 has provided Aker Carbon Capture unique

access into both the pulp and paper and CDR markets. We see both markets in the

US and Canada as a natural fit for our modular technology. We are already

delivering our proven technology in Europe and plan to do the same in North

America in response to positive policy developments," said Jonah Margulis, Aker

Carbon Capture's Head of North America.

Aker Carbon Capture's Just CatchT modular offering is a standardized product

that enables the pre-fabrication of carbon capture units. The company is

currently delivering seven carbon capture units: five Just Catch 100 units to

Ørsted, one Just Catch 100 unit to Twence and a Big Catch delivery to Heidelberg

Materials at Brevik. These flagship projects contribute to the company's

development of serial production of carbon capture units providing cost and

delivery benefits for the mid-scale emitter market.

ENDS

Media contact:

Marianne Stigset, mob:?+47 41 18 84 82 (http://tel:+47 41 18 84 82), email:

marianne.stigset@akerhorizons.com

Investor contacts:

David Phillips, mob: +44 7710 568279 (http://tel:+44 7710 568279), email:

david.phillips@akercarboncapture.com

CO280 contact:

Tom Raith, mob: +1 415 318 6865 (http://tel:+14153186865), email: tom@co280.com

Aker Carbon Capture is dedicated to carbon removal and reduction. The company's

proven modular solutions enable industries to deploy capture technology at speed

and scale, meeting the requirements of tomorrow and the opportunities of today.

Visit akercarboncapture.com (https://www.akercarboncapture.com/) and connect

with us on LinkedIn (https://www.linkedin.com/company/aker-carbon

-capture), Facebook (https://facebook.com/akercarboncapture),

Twitter (https://twitter.com/akercarbon),

Instagram (https://www.instagram.com/akercarboncapture/) and

YouTube (https://www.youtube.com/channel/UCqE71jAZxmM-CNhfUQq86kQ). This press

release may include forward-looking information or statements and is subject to

our disclaimer, see akercarboncapture.com (https://www.akercarboncapture.com/).

CO280 Solutions Inc. is a developer of carbon removal projects. We partner with

leading pulp and paper companies to develop Carbon Dioxide Removal (CDR)

projects that deliver a new standard of permanent, verifiable, and affordable

carbon removal credits to the voluntary carbon market.

Visit co280.com (http://www.co280.com) and connect with us on

LinkedIn (https://www.linkedin.com/company/co280/).