Fjord Defence Group ASA

Environmental & Social Information • Oct 26, 2021

Carbon Transition’s portfolio company CO2 Capsol and WOIMA to cooperate in developing and delivering modular carbon capture solutions

Carbon Transition’s portfolio company CO2 Capsol and WOIMA to cooperate in developing and delivering modular carbon capture solutions

Oslo, 26 October 2021

Carbon Transition is pleased to announce that WOIMA Finland Oy, the developer and supplier of the innovative wasteWOIMA® Waste-to-Energy power plants, has signed a cooperation agreement with Carbon Transition’s portfolio company CO2 Capsol AS, a developer of advanced carbon capture technology. The focus of the strategic cooperation lies in the development and supply of small-scale modular carbon capture solutions primarily in connection with the wasteWOIMA® Waste-to-Energy power plant deliveries, or to existing CO2-generating processes.

On 12 October 2021, Carbon Transition announced that it had made a strategic entry into the carbon capture market and made a significant investment in CO2 Capsol. See stock market announcement for more information: https://newsweb.oslobors.no/message/544158.

"Carbon Transition is delighted that CO2 Capsol and WOIMA have announced a cooperation agreement for the use of CO2 Capsol's technology in the large Waste-to-Energy market. We are very excited to see that CO2 Capsol is rapidly progressing and delivering new growth initiatives in line with our expectations when investing in CO2 Capsol," says Gisle Grønlie, Chairman of the Board of Carbon Transition ASA.

For further information about the joint WOIMA and CO2 Capsol announcement, please see the attached joint press release for all details and contact information.

For further information about Carbon Transition's investment in CO2 Capsol, please contact:

Gisle Grønlie, Chairman of the Board

gisle.gronlie@magnoraasa.com

+47 917 51 194

Nils Haugestad, CFO

Nils.Haugestad@carbn.no

+47 977 04 439

About Carbon Transition ASA

Carbon Transition ASA ("CARBN") is an investment company listed on Euronext Expand. CARBN has a strategy to invest in companies and technologies which contribute to significant reductions of carbon emissions. The company may also invest more broadly in the "energy transition" space. CARBN has a legacy seismic business operating under the name Axxis Geo Solutions, with both an ocean-bottom seismic contract business and a multi-client data library.

More information on www.axxisgeo.com.