Aker Carbon Capture

Earnings Release • Oct 26, 2023

Aker Carbon Capture ASA: Third quarter 2023 results

Aker Carbon Capture ASA: Third quarter 2023 results

In the third quarter 2023, Aker Carbon Capture secured a number of strategic pre

-FEEDs and engineering studies across Europe and North America. Aker Carbon

Capture's order backlog rose to NOK 3.0 billion, up from NOK 1.5 billion in the

same period last year. Revenues rose to NOK 440 million, up 116% compared to the

same period last year. The cash position at the end of the quarter was solid at

NOK 1.3 billion.

"Aker Carbon Capture is experiencing high levels of commercial activity on both

sides of the Atlantic, resulting in a steady growth of our pipeline of Just

Catch studies and pre-FEEDs. On a year-to-date basis, this pipeline has been

increased by around 9 million tonnes of CO2 capture per year. For our bespoke

Big Catch offering, we were recently awarded a pre-FEED covering several power

generation facilities in Europe with mega scale capture potential. We have

further cemented our position in our core industries such as waste-to-energy and

biomass, while also entering new sectors such as minerals production in the

U.S., and exploring new markets such as Saudi Arabia", said Egil Fagerland,

Chief Executive Officer at Aker Carbon Capture.

Major projects progressing

The Twence CCU, Brevik CCS and Ørsted Kalundborg CCS Hub projects, continued to

progress in the quarter and are currently the most mature large-scale carbon

capture projects under construction in Europe. At Twence, all equipment and

piping has been installed and commissioning has started. At Brevik, the first

heavy lift campaign was successfully completed, including the installation of

the absorber, CO2 storage tanks and key modules. At Ørsted CCS Kalundborg Hub,

the container fabrication for the modular Just Catch units has started.

High commercial activity

In July, Aker Carbon Capture signed a Memorandum of Understanding (MoU) with

Aramco, one of the world's leading integrated energy and chemicals companies, to

explore partnership opportunities to deploy carbon capture, utilization and

storage (CCUS) and industrial modularization in Saudi Arabia. The MoU is a

potential first step for Aker Carbon Capture into the Middle East.

Aker Carbon Capture made strong progress in securing studies and pre-FEED work

across Europe and North America in the quarter. The company was awarded a study

in the U.S. covering emissions from mineral production facilities with a

targeted combined capture of 1.5 million tonnes of CO2 per year, based on the

company's Big Catch offering. In Europe, Aker Carbon Capture was awarded a pre

-FEED for a Swedish energy company, as well as studies for a biomass combined

heat and power facility in Germany and a waste-to-energy facility in France,

with targeted emissions ranging from 200,000 to 250,000 tonnes of CO2 per year.

In addition, Aker Carbon Capture was recently awarded a Big Catch pre-FEED from

a major European energy company for several mega scale power generation

facilities.

"The high demand seen this quarter for our pre-FEED and study services is a

testament to Aker Carbon Capture's leading market position. Many emitters are

looking for proven, standardized and modular carbon capture solutions, and with

our Just Catch 100 product, and launch of our Just Catch 400 concept, we are in

a strong position to meet the market demand for space-efficient modular carbon

capture units", said Fagerland.

As Aker Carbon Capture continues to successfully convert opportunities into

projects and market activity accelerates, the company is strengthening its

project execution capacities and growing its team in the U.S. In October, the

company appointed Julie Berg as the new Chief Financial Officer, effective 1

December 2023.

Financial results

Aker Carbon Capture saw continued revenue growth through the third quarter.

Revenues reached NOK 440 million in the period, up from NOK 204 million in the

same period last year. The increase in revenues was driven mainly by progress on

ongoing Big Catch and Just Catch projects.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) in the

third quarter was negative NOK 47 million, compared to negative NOK 56 million

in the same period last year. While Big Catch and Just Catch projects delivered

positive contributions, the overall negative EBITDA in the period was driven by

high sales and tender activity, North America entry and R&D activity.

Aker Carbon Capture ended the third quarter with a solid NOK 1.3 billion cash

position and NOK 0.8 billion in equity. The order backlog rose to NOK 3.0

billion, up from NOK 1.5 billion in the same period last year, following the

Ørsted Kalundborg CCS contract award in the second quarter of 2023.

ENDS

Aker Carbon Capture will present the results in an audiocast, followed by a live

Q&A session, today at 15:00 CEST. Click on the following link to follow the

event: https://channel.royalcast.com/landingpage/hegnarmedia/20231026_11/

Media contact:

Yannick Vanderveeren, mob: +47 458 36 358 (http://tel:+47 458 36 358),

email: yannick.vanderveeren@akercarboncapture.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

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/).

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation, and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Katja Aanestad, Marketing

Communications, Aker Carbon Capture on 26 October 2023 at CEST 07:00.