Aker Carbon Capture

Earnings Release • Apr 26, 2023

Aker Carbon Capture ASA: First quarter 2023 results

Aker Carbon Capture ASA: First quarter 2023 results

Aker Carbon Capture made important progress on existing projects in the first

quarter of 2023, with revenues reaching NOK 287 million, which was up 99%

compared to the same period last year. The cash position at the end of the

quarter was solid at NOK 1.3 billion. The company's flagship projects, Brevik

CCS and Twence CCU continued to progress and are the most mature large-scale

carbon capture projects under construction in Europe today.

Aker Carbon Capture continued to accelerate its market activity in the first

quarter. A Letter of Intent for the delivery of two Just Catch units for an

undisclosed European customer was signed early in the quarter. The company

welcomes that bp's Net Zero Teesside Power and Viridor's Runcorn CCS were

selected by the UK Government as successful bidders in the Track 1 CCUS Cluster

Sequencing Process and are now proceeding to final negotiations for governmental

support. Aker Carbon Capture has delivered a FEED and a pre-FEED for the two

projects respectively. In the quarter, Aker Carbon Capture won an important pre

-FEED for an undisclosed European power utility customer and secured several

studies across industries such as waste-to-energy and smelting. In April, Aker

Carbon Capture has been awarded a Mobile Test Unit campaign and feasibility

study for Fortum's facility in Nyborg, Denmark, with a planned capture capacity

of around 170,000 tonnes CO2 per year.

Through the first quarter, the company made several research and development

(R&D) achievements. Aker Carbon Capture's proprietary technology has shown a

high level of effectiveness for the smelting industry, the third generation Just

Catch was launched with improved energy efficiency, smaller footprint and fewer

modules, and an R&D project for high pressure CO2 separation utilizing membranes

was completed.

"The recent UK governmental support announcement for CCUS was an important step

forward for the delivery of our License and Key Equipment offering for mega

-scale carbon capture plants. We continued to realize solid progress on projects

in Norway and the Netherlands. In particular for the Twence CCU project, it is

truly impressive that our execution team installed all the Just Catch containers

within a day after receiving them on site. This confirms the advantages of our

modular and configurable Just Catch concept, and we are now looking forward to

finalizing the project on schedule by the end of 2023," said Egil Fagerland,

Chief Financial Officer at Aker Carbon Capture.

Aker Carbon Capture aims to take a leading position in the global CCUS industry,

and the company has launched a long-term goal of '10 in 25', which states that

the company will have secured contracts for carbon capture plants for a total of

10 million tonnes per year by the end of 2025.

Financial results

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

Revenues reached NOK 287 million in the period, which was up 99% compared to the

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

the Brevik CCS project, Twence CCU project, UK FEED and pre-FEED projects, and

the CO2 Hub Nord MTU campaign with Elkem.

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

first quarter was negative NOK 51 million, compared with negative NOK 61 million

in the same period last year. Both the Brevik CCS project and Twence CCU project

are now recognizing profit and are expected to continue to deliver positive

results through 2023. The FEEDs, pre-FEEDs and studies also delivered positive

contribution in the period. The overall negative EBITDA continued to be driven

by high sales and tender activity and ongoing investment into technology and

innovation, including digitalization.

Aker Carbon Capture ended the first quarter with a solid cash position at NOK

1.3 billion, and equity remained strong at NOK 0.8 billion. The order backlog

closed at NOK 1.0 billion.

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/hegnarmedia/#!/hegnarmedia/20230426_3  (https://cha

nnel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230426_3 )

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

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

christian.yggeseth@akerhorizons.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 April 2023 at CEST 07:00.