Aker Carbon Capture

Regulatory Filings • Feb 8, 2024

Aker Carbon Capture awarded study for capturing biogenic CO2 in Sweden

Aker Carbon Capture awarded study for capturing biogenic CO2 in Sweden

Aker Carbon Capture has been awarded a feasibility study by Nordbex AB, a

Swedish developer of modular carbon negative power plants, for the integration

of two Just Catch 100 carbon capture units into an electric power generation

project in southern Sweden. Waste residues from local forestry management,

timber and pulp and paper industries will be utilized as feedstocks for the new

power plant.

The biogenic feedstock will be utilized in a gasification process to produce a

clean and hydrogen rich synthesis gas, which will be combusted in gas engines to

produce 20-25 MW electricity for the grid in southern Sweden. Aker Carbon

Capture will provide two Just Catch 100 modularized carbon capture units to

capture up to 200.000 tonnes per year of CO2 from the flue gas of both the

gasification process and the gas engines. The CO2 will be liquefied for

transport by train to storage. As the captured CO2 will be biogenic in origin,

sequestering it in permanent geological storage will result in negative CO2

emissions.

"We are excited to support Nordbex with our carbon capture technology on their

path to providing clean baseload energy to local communities in Sweden, while

removing carbon dioxide from the atmosphere," said Jon Christopher Knudsen,

Chief Commercial Officer at Aker Carbon Capture. "Bioenergy with carbon capture

and storage (BECCS) has been identified as playing a key role in Sweden's goal

to achieve Net-Zero greenhouse gas emissions by 2045.  The award from Nordbex

further strengthens Aker Carbon Capture's position in the growing Swedish

market, where we were awarded several study contracts over the course of 2023".

Sweden aims to become carbon neutral by 2045 and to achieve negative net CO2

emissions in the ensuing years. As part of these ambitions, Sweden, a country

with a large bio-energy sector, is positioning itself to become a global leader

in generating high quality and durable carbon dioxide removal (CDR) credits from

bioenergy with carbon capture and storage. The European Commission recently

presented a 90% net GHG emissions reduction proposal compared to 1990 levels as

the recommended target for 2040. To deliver a reduction of net GHG emissions of

90%, the EU GHG emissions in 2040 should be less than 850 MtCO2-eq and carbon

removals should reach up to 400 MtCO2, a large part of which will have to be

BECCS.

"We are very pleased to be working with Aker Carbon Capture for the engineering

study of our first project in the Nordic region. With our background of

developing power plants with carbon capture and utlilisation (CCU) in the UK,

we've been selective with the companies that we have engaged in this project. We

want to work with the best partners that share the same objective to make a real

impact in the race to Net-Zero," said Carl Berglund, CCO at Nordbex.

The electricity grid in Southern Sweden has a need for clean, reliable,

affordable baseload power to support increased demand. Nordbex is developing

solutions that utilise sustainable natural resources from the local area, in

combination with the innovative configuration of proven technologies to provide

20-25MW of carbon negative electric power generation capacity to the grid.

"By delivering a distributed and scalable BECCS solution, we will support the

need for carbon removal and provide additional power at the same time. Our

belief is that likeminded partners will help take us there faster, and that's

why we have selected Aker Carbon Capture for this project," said Håkan Karlsson,

CTO at Nordbex.

Aker Carbon Capture is currently delivering seven carbon capture plants. At

Twence waste-to-energy facility in the Netherlands, Aker Carbon Capture is

currently delivering a Just Catch unit with a capacity of 100,000 tonnes CO2 per

year. For Heidelberg Materials' cement plant in Brevik Norway, Aker Carbon

Capture is delivering a carbon capture plant with a capacity of 400,000 tonnes

per year, and for Ørsted in Denmark Aker Carbon Capture is delivering five Just

Catch 100 units. The Ørsted contract was enabled by a partnership between

Ørsted, Microsoft and Aker Carbon Capture where the creation and offtake of CDRs

was a key enabler for the business case.  All these flagship projects contribute

to Aker Carbon Capture's mission to standardize and modularize carbon capture

plants, with reduced footprint and significant cost and energy benefits.

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

Aker Carbon Capture is a pure-play carbon capture company with solutions,

services and technologies serving a range of industries with carbon emissions,

including the cement, bio and waste-to-energy, gas-to-power and blue hydrogen

segments. Aker Carbon Capture's proprietary, carbon-capture technology offers a

unique, environmentally friendly solution for removing CO\2\ emissions.

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

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

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