Aker Carbon Capture

Regulatory Filings • May 9, 2023

Aker Carbon Capture extends Memorandum of Understanding with leading CO2 storage company Carbfix

Aker Carbon Capture extends Memorandum of Understanding with leading CO2 storage company Carbfix

Aker Carbon Capture and Carbfix have extended their partnership aimed at

combining the companies' complementary technologies to explore full carbon

capture and storage (CCS) value chains in the global fight against climate

change. The Memorandum of Understanding (MoU) has a duration of 2 years and is

non-exclusive.

The two Nordic industry front runners aim to work together on point source

capture and storage volumes between 100,000 tonnes CO2 per year and 1 million

tonnes CO2 per year, especially from hard-to-abate industries such as cement,

gas-to-power, and waste-to-energy. The Carbfix technology involves dissolving

CO2 in water and injecting it into porous basaltic stone formations, where

natural processes cause the CO2 to form stable carbonate minerals within two

years.

"Our next-generation partnership with Carbfix, as documented in this MoU, shows

a clear ambition to deepen our ongoing collaboration, further accelerating the

CCS market in Europe and North America.  Together, we can offer industrial

emitters the entire CCS value chain, capturing CO2 and permanently storing it by

turning it into stone underground," said Jon Christopher Knudsen, Chief

Commercial Officer at Aker Carbon Capture.

"Taking the Carbfix technology to a broader market of emitters either with point

source storage or with the use of CO2 terminals, is a key pillar in the Carbfix

strategy. By working with Aker Carbon Capture, we extend our reach, benefitting

from the possibility to provide a full value chain offering for those cases

where this creates value," said Kristinn Ingi Lárusson, Head of Business

Development and Commercialisation at Carbfix.

More than ten years ago, Carbfix started testing subsurface mineralization of

CO2 in basaltic stone formations at Hellisheidi in Iceland - or in simple terms:

turning it into stone underground. Since then, Carbfix mineralized over 90,000

tonnes of CO2 captured from the emissions of the nearby geothermal power plant.

Aker Carbon Capture's proprietary and field-proven technology can be applied to

both existing and new-build plants, and has extensive real-world validation,

with close to 60,000 hours of operation across a range of carbon-emitting

industries. The company's flagship projects, Brevik CCS and Twence CCU, are

currently the large-scale carbon capture projects in the construction phase in

Europe. Last month, the company launched the next generation modular carbon

capture plant, aimed at the mid- to large-scale emitter market. The company

continues to build its leading market position in Northern Europe, and further

advancing into North America through strong partnerships.

In July 2021, both companies joined forces with Elkem Iceland in the

groundbreaking mission towards reducing CO2 emissions from Elkem Iceland's

ferrosilicon plant through carbon capture and mineral storage in basalt

structures. Aker Carbon Capture and Carbfix are now extending this partnership

towards their shared strategic focus areas: point source emissions and CO2 hub

projects across Europe and North America. Aker Carbon Capture and Elkem are also

currently testing carbon capture at Elkem's smelting plant in Rana, Norway.

ENDS

Media contacts

Aker Carbon Capture

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

email: yannick.vanderveeren@akercarboncapture.com

Carbfix

Ólafur Teitur Guðnason, mob: +354 856 3535 (http://tel:+354 856 3535), email:

olafurtg@carbfix.com

Investor contacts:

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

david.phillips@akercarboncapture.com

Christian Yggeseth, mob: +47 915 10 000 (http://tel:+47 915 10 000), email:

christian.yggeseth@akerhorizons.com

About Aker Carbon Capture

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/).

About Carbfix

Carbfix is the world's first CO\2\ mineral storage operator. Since 2012, Carbfix

has mineralized over 90 thousand tons of CO\2\ in Iceland using proprietary

technology. This proven, safe, permanent, and cost-effective carbon storage

solution is ripe for significant upscaling both in Iceland and worldwide.

Carbfix's largest current project is Coda Terminal, recipient of a EUR 115M

grant from the EU's Innovation Fund, with an expected capacity to mineralize 3

million tons of CO\2\ annually.

Visit www.Carbfix.com and connect with us on

Twitter (https://twitter.com/CarbFix) |

LinkedIn (https://www.linkedin.com/company/carbfix/) |

Instagram (https://www.instagram.com/carbfix/) |

Facebook (https://www.facebook.com/Carbfix/)