Aker Carbon Capture

Earnings Release • May 4, 2021

Aker Carbon Capture AS: first quarter 2021 results

Aker Carbon Capture AS: first quarter 2021 results

Aker Carbon Capture's first-quarter highlights included the start of the

pioneering Brevik CCS project and several new partnerships with both customers

and technology partners.

"Fundamental drivers that support the emergence of a commercial market for

carbon capture, utilization and storage continued to develop favorably at the

start of the year," said Valborg Lundegaard, Chief Executive Officer of Aker

Carbon Capture. "Rising CO2 quota prices, governments increasing climate targets

and companies launching ambitions to reduce emissions characterized the first

three months of 2021."

The Brevik CCS EPC project commenced in January in which Aker Carbon Capture

will deliver the world's first carbon capture plant at a cement facility to

Norcem HeidelbergCement in Brevik, Norway.

During the first quarter, Aker Carbon Capture also secured a series of

strategically important collaboration agreements and partnerships, including a

Memorandum of Understanding (MoU) with Ørsted and Microsoft to explore ways to

support the development of carbon capture and storage at biomass-fired heat and

power plants in Denmark.

Other notable agreements included an MoU with Forus Energigjenvinning and Lyse

to explore ways to support the development of a full-scale carbon capture and

storage facility in the Stavanger/Sandnes region in southwestern Norway, and a

feasibility study for Elkem ASA for the establishment of carbon capture at its

Norwegian smelters to support the company's long-term goal of achieving carbon

-neutral metal production.

Today, sister company Aker Clean Hydrogen, Aker Carbon Capture and the

municipality of Aukra announced they were exploring opportunities to realize a

blue hydrogen production facility on the island in western Norway. The Aukra

Hydrogen Hub project will rely on access to natural gas from the local gas

processing plant. As part of the development, Aker Carbon Capture will together

with the SINTEF research institute explore new capture technology for hydrogen

production units which complements the company's existing and qualified capture

technology for blue hydrogen.

Partnering to improve efficacy and reduce cost

The company also secured new agreements with partners with complementary

offerings that support Aker Carbon Capture's overall ambition of improving

efficacy and reducing cost of CCS.

In the first quarter, Aker Carbon Capture and Siemens Energy signed an MoU aimed

at developing combined offerings for carbon capture solutions that can be

applied to gas turbines and gas-fired power plants.

Aker Carbon Capture also signed an agreement with Hitachi Zosen Inova (HZI) to

accelerate CCS solutions in the waste to energy industry in Europe.

Separately today, Aker Carbon Capture announced a collaboration agreement with

SINTEF, one of Europe's largest independent research organisations. The two

organisations have collaborated on CCS development for more than a decade

including on developing the CCS industry's most HSE-friendly amine solution.

Financial result

Revenue for the quarter was NOK 63 million and EBITDA (Earnings before interest,

tax, depreciation and amortisation) was negative NOK 23 million. The cash

balance at the end of the quarter was NOK 484 million.

Market fundamentals, reflected in recent record high prices for ETS quota prices

and major opportunities moving forward, remain supportive of further growth.

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

and the company last year launched a long-term goal of '10 by 25', which states

that the company will have secured firm contracts for carbon capture plants for

a total of 10 million tonnes per year by the end of 2025.

ENDS

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

Q&A session, today at CET 0930 via:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20210504_3

The Q1 2021 presentation is available on the company's website:

www.akercarboncapture.com

Media contact:

Ivar Simensen, mob: +47 464 02 317 (http://tel:+47 464 02 317), email:

ivar.simensen@akerhorizons.com

Investor contact:

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 May 4, 2021 at CEST 07:00.