Aker Carbon Capture

Investor Presentation • Nov 29, 2023

Fearnleys 5th Renewables & Clean-Tech Conference

November 2023

Egil Fagerland, Chief Executive Officer

Aker Carbon Capture in brief

Pure play carbon capture company offering modular and configurable capture plants

Best-in-class HSE friendly and proprietary patented technology for optimized plant performance

Proven market-leading proprietary technology with over 60,000 operating hours and seven carbon capture units being delivered

Prioritized industries

CEMENT BIO/WASTE-TO-ENERGY GAS-TO-POWER BLUE HYDROGEN

...and engagement with new industry segments like refining and process industries

A wide range of modular offerings and delivery models

covering Europe and US

Just Catch™ 400 Strengthening modular product portfolio

• Capture capacity of 300,000 to 450,000 tonnes CO2 per year
• Optimized to deliver high energy efficiency
• Small optimized footprint, ~30 x 55m

Key features

• Delivered as a modular carbon capture plant
• Prefabricated and completed modules for rapid installation
• Optimized delivery time

Enabled by modular design principles Ongoing studies and FEED

Accumulated pipeline visibility covering ~40 million tonnes CO2 per year

November 2023 FEED AWARD

© 2023 Aker Carbon Capture

Summer 2024 PLANNED FEED DELIVERY

HAFSLUND OSLO CELSIO KLEMETSRUD CCS Norway

• Design capture capacity of 400,000 tonnes CO2 per year, based on Just Catch™ 400 modular unit
• Full FEED awarded to Aker Carbon Capture and Aker Solutions
• Framework for EPCIC contract established
• Planned FEED delivery summer 2024

December 2021 SIGNED CONTRACT

© 2023 Aker Carbon Capture

October 2023 EQUIPMENT INSTALLED AND COMMISSIONING STARTED

End 2023 PLANNED DELIVERY

WASTE TO ENERGY TWENCE CCU Netherlands

• Capturing 100,000 tonnes CO2 per year
• First of a kind modular carbon capture project on track
• All equipment and piping installed
• Commissioning started
• CO2 will boost local greenhouse production

HEIDELBERG MATERIALS SEMENT NORGE BREVIK CCS

Norway

• year capture and liquefaction plant
• © 2023 Aker Carbon Capture 400,000 tonnes CO2 per ● First heavy lift campaign completed including absorber, storage tanks and key modules
• Creating local employment and strong partnerships
• CO ² transport by ship to permanent storage as part of Northern Lights

2020 PROJECT START September 2023 FIRST HEAVY LIFT CAMPAIGN COMPLETED

2024 PLANNED DELIVERY

May 2023 CONTRACT AWARD

© 2023 Aker Carbon Capture

September 2023 CONTAINER FABRICATION STARTED

End 2025 PLANNED DELIVERY

ØRSTED KALUNDBORG CCS Denmark

• Design capture capacity of 500,000 tonnes CO2 per year
• Container fabrication started
• Five Just Catch™ units at wood chip-fired Asnæs Power Station and strawfired Avedøre Power Station
• First full-scale CCS value chain in Denmark, delivered by Ørsted, Aker Carbon Capture, Microsoft and Northern Lights

Flagship projects in the UK

Track-1 Clusters

Now in final negotiations for funding

• bp Net Zero Teesside Power FEED
  • ⁃ Design capacity of 2 million tonnes of CO2 per year
  • ⁃ Carbon capture partner to a consortium of Aker Solutions, Siemens Energy and Altrad Babcock
• Viridor's waste-to-energy Runcorn CCS pre-FEED
  • ⁃ Planned capacity of 1 million tonnes of CO2 per year

Awaiting Track-1 cluster expansion process

• SSE Keadby 3 Carbon Capture Power Station FEED
  • ⁃ Design capacity of 2 million tonnes of CO2 per year

£20 billion UK CCUS infrastructure funding Ambition of 20-30 Mt CO2 per year capture by 2030

Aker Carbon Capture and Aramco to explore CCUS partnership opportunities

• The MoU will focus on carbon emissions reduction and removal through CCUS by offering modular carbon capture plants and aftermarket services
• The parties also aim to assess the potential for developing local supply chains and module fabrication
• Saudi Arabia targets CCUS of 9 million tonnes CO2 per year from 2027, expanding to 44 million tonnes CO2 per year by 2035

Highlights

Market

• Significant growth in pre-FEEDs and studies with order intake year to date of over 23 million tonnes of CO2 per year
• Signed Memorandum of Understanding (MoU) with Saudi Aramco
• Strengthened modular portfolio with launch of Just Catch™ 400, now involved in studies/FEED for 2 million tonnes of CO2 per year

Projects

• Hafslund Oslo Celsio CCS: full FEED based on Just Catch™ 400
• Twence CCU: commissioning started
• Brevik CCS: first heavy lift campaign completed
• Ørsted CCS: container fabrication started
• UK Track 1 projects in final negotiations for governmental support

Financials

- Q3 2023: strong backlog (NOK 3.0 billion), continued revenue growth (116% YoY) and solid cash position (NOK 1.3 billion)

Appendix

Financial outlook

Revenue and EBITDA NOK million

Order backlog by execution year NOK billion

Indicative levelized cost of Carbon Capture as a Service

Project accounting | Recognition of profit versus revenue

Revenue recognition Profit recognition

• Revenue from projects is recognized according to incurred cost progress over time, typically following an S-curve completion schedule

• The input method used to measure cost progress over time is a reference to the costs incurred to date, relative to the total estimated contract cost

• There is no profit recognition until project cost estimates can be measured reliably

• Project costs are normally judged to be measured reliably once major steps in the schedule are reached, such as (1) major purchase orders placed, and/or (2) when details of site installation works are confirmed
• The process usually involves some level of "catch-up effect" at the start of profit recognition

Copyright and disclaimer

Copyright

Copyright of all published material including photographs, drawings and images in this document remains vested in Aker Carbon Capture Norway AS and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without written prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction.

Disclaimer

This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Carbon Capture Norway AS and Aker Carbon Capture Norway AS's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker Carbon Capture Norway AS's businesses, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the presentation. Although Aker Carbon Capture Norway AS believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. Aker Carbon Capture Norway AS is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither Aker Carbon Capture Norway AS nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

© 2023 Aker Carbon Capture