Aker Carbon Capture

Investor Presentation • Sep 21, 2023

Pareto Energy Conference

September 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

A wide range of modular offerings and delivery models

Just Catch™ Units

November 2021 SIGNED CONTRACT

June 2023 ALL MAJOR EQUIPMENT INSTALLED ON SITE

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
• Containers received and installed on the same day
• All major equipment installed
• Pipe installation and cable pulling ongoing
• CO² will boost local greenhouse production

NORCEM HEIDELBERG MATERIALS BREVIK CCS Norway

• year capture and liquefaction plant
• © 2023 Aker Carbon Capture 400,000 tonnes CO2 per ● Major equipment installed on site, incl. all Waste Heat Recovery Units, Flue Gas Fans and internals of Direct Contact Cooler
• Creating local employment and strong partnerships
• CO 2 transport by ship to permanent storage as part of Northern Lights

2020 PROJECT START August 2023 ABSORBER INSTALLATION 2024 PLANNED DELIVERY

May 2023 CONTRACT AWARD June 2023 KEY PURCHASE ORDERS PLACED

End 2025 PLANNED DELIVERY

ØRSTED KALUNDBORG CCS Denmark

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

Ørsted Kalundborg CCS

• Aker Carbon Capture awarded delivery of five modular and configurable Just Catch™ 100 units to Ørsted
• ⁃ Three Just Catch™ units to the wood chip-fired Asnæs Power Station
• ⁃ Two Just Catch™ units to the straw-fired Avedøre Power Station
• Materialization of the Ørsted, Aker Carbon Capture and Microsoft MoU signed in March 2021
• Milestone for Just Catch™ serial production, enabling scale-up and time-efficient deployment
• Combined design capture capacity of 500,000 tonnes CO² per year
• Contract value above EUR 200 million
• Microsoft will purchase 2.7 million tonnes of high-quality, durable carbon removal credits
• First full-scale carbon capture and storage value chain in Denmark

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 potential Track-1 cluster expansion

• 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 partnership opportunities to deploy CCUS modular solutions in Saudi Arabia

• Signed a Memorandum of Understanding (MoU) to explore partnership opportunities to deploy carbon capture, utilization and storage (CCUS) and industrial modularization in Saudi Arabia.
• The MoU will focus on carbon emissions reduction and removal through CCUS from industries and energy solutions 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.
• The MoU has a duration of 2 years.

Making headway in new markets and industries

Strategic US study covering biogenic emissions

• Study for two Just Catch™ 100 units
• Study includes total targeted emissions of 800,000 tonnes CO² per year

Söderenergi Igelstaverket

● Sweden's second largest biomass combined heat and power plant

Image: Söderenergi

● Targeted emissions of 500,000 tonnes biogenic CO² per year

waste-to-energy player

Just Catch™ portfolio

● Targeted emissions of

per year

● Exploring options across the

200,000-400,000 tonnes CO²

Two Just Catch Offshore™ studies

• Power Hub study for Petoro in Norway, targeted emissions of 720,000 tonnes CO² per year
• Study for major offshore operator, targeted emissions of 180,000 tonnes CO² per year

Continued pipeline development towards 10 in 25

Financial outlook

Revenue and EBITDA NOK million

Order backlog by execution year NOK billion

Summary – Highlights

Key commercial development:

• Five Just Catch™ 100 units being delivered to Ørsted
• MoU with Saudi Aramco
• First major studies in North America
• Two studies for Just Catch Offshore™

Major projects progressing:

• Ørsted CCS: key purchase orders placed
• Brevik CCS: installation of equipment on site continues
• Twence CCU: all major equipment installed on site
• UK flagship projects in final negotiations for governmental support

High MTU activity: successful test campaign CO² Hub Nord and Aurora EU solvent research project started

Strengthening of modular product portfolio with 3rd generation Just Catch™ 100 and introduction of Just Catch™ 400

Second quarter 2023 financials: Strengthened backlog (NOK 3.3 billion), continued revenue growth (57% YoY) and solid cash position (NOK 1.1 billion)

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.