Aker Carbon Capture

Investor Presentation • May 4, 2021

Q1 2021

Fornebu, May 4, 2021 Valborg Lundegaard, CEO

Agenda

Aker Carbon Capture in brief

Highlights

Operations and business development

Outlook

Q&A

Aker Carbon Capture in brief

Pure play carbon capture company delivering ready-to-use capture plants

Best-in-class HSE friendly solvent and other patented plant technologies for better all-round plant performance

Validated and certified market-leading proprietary technology with more than 50,000 operating hours

Highlights

Brevik CCS started-up and progressing according to plan

Exploring CCS development at biomass-fired heat and power plants with Ørsted and Microsoft

MoU with Siemens Energy for gas power generation market

Major UK opportunities moving forward

Internationalizing company; establishing presence in Denmark & UK

MoU with SINTEF

• Signed MoU to strengthen long-established relationship with one of Europe's leading research institutes and an industry authority on CCUS
• Aker Carbon Capture and SINTEF share more than 10 of joint development of CCS solutions
• Forum for technology specialists to share insight and know-how
• Broad agreement that includes SINTEF AS with its institutes Industri, Digital and Community, SINTEF Energi AS, SINTEF Manufacturing AS and SINTEF Ocean AS

CO² prices reach record high

CCS economics turning positive

Continuous cost reductions

Operations and business developments

Key markets and industries

Main activity in Northern Europe

• Scandinavia
• Benelux
• UK
• …leading the way

Prioritized industries

• Cement
• Bio/Waste-to-energy
• Gas-to-power
• Blue hydrogen

Cement industry

Brevik CCS

• Project to deliver the world's first CCS plant at a cement facility started up in Q1
• Cement industry represents 6-7% of global emissions
• Scope: EPC delivery of a complete CO² capture plant in Brevik, Norway for Norcem HeidelbergCement
• Project commenced in January

• Key milestones achieved according to plan

• 400,000 t/pa capture plant

• Contract value of ~NOK 1.7 billion
• In operation from 2024

Bio/Waste-to-energy

Twence

• Planned start-up of the EPC project in Q3 2021 pending final governmental approval
• Aker Carbon Capture contracted to update technical documentation, project schedule and commercial conditions

Ørsted and Microsoft

• Aker Carbon Capture, Ørsted and Microsoft signed an MoU to explore ways to support the development of carbon capture and storage at biomass-fired heat and power plants in Denmark
• Opens up for negative emissions

Forus Energi & Lyse

● MoU to explore development of a full-scale CCS facility in Stavanger/Sandnes region in southwestern Norway

Blue hydrogen

Aukra

• Exploring opportunities with Aker Clean Hydrgen and Aukra Municipality to establish regional blue hydrogen hub with CCS
• As part of the development Aker Carbon Capture will together with SINTEF explore new capture technology for hydrogen production units which complements our existing and qualified capture technology for blue hydrogen from steam methane reforming

EU Market

● The European Union foresees investments of €11 billion for retrofitting half of the existing European hydrogen plants with carbon capture and storage before 2030

Gas to power

Major UK project opportunities progressing

Net Zero Teesside

• BP has secured funding for first phase to accelerate development of UK's first decarbonised industrial clusters incl. power station equipped with carbon capture and storage (CCS) technology
• Aker Carbon Capture pre-qualified for carbon capture
• Design capacity ca. 2.2 million tonnes p.a. CO²

Keadby 3

• SSE Thermal and Equinor are actively developing Keadby 3, power station equipped with carbon capture and storage (CCS) technology
• Aker Carbon Capture pre-qualified for carbon capture
• Design capacity ca. 2.0 million tonnes p.a. CO²

Summary and outlook

Market outlook

Countries

• United States to achieve a 50-52% reduction from 2005 levels in economy-wide net greenhouse gas pollution in 2030
• Canada increases 2030 emissions target to 40-45%
• Radical new climate change commitments will set the UK on course to cut carbon emissions by 78% by 2035
• Denmark's goal is 70% emissions reductions by 2030 and climate neutrality by 2050

Aker Carbon Capture

• Over 450 industrial sites with emissions of more than 100,000 TPY in prioritized market
• High study and tender activity including support to EU Innovation Fund applications
• Accelerated developments in the UK
• Northern Lights boosting activity in Norway

10 in 25

Secure contracts to capture 10 million tonnes per annum CO² by 2025

Outlook and priorities

Successfully deliver Brevik CCS project

Position for strategic markets through partnerships

Realize programs to drive down carbon capture costs

Continue to develop opportunities in prioritized markets

Q&A

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.

Appendices

P&L ● Balance sheet ● Cash flow

Condensed consolidated income statement

in thousand Amounts NOK	Full year 2020	Q1 2021
Revenues	15 802	63 452
Materials, goods and services	(9 955)	(62 811)
Salary and other personnel costs	(21 147)	(8 007)
Other operating expenses	(27 400)	(15 298)
Depreciation	(1 881)	(1 334)
Operating profit (loss)	(44 581)	(23 998)
Financial income	462	391
Financial expenses	(341)	(219)
Net financial items	121	172
Profit (loss) before tax	(44 460)	(23 826)
Income tax benefit (expense)	-	-
Net profit (loss)	(44 460)	(23 826)
Earnings (loss) per share in NOK (basic and diluted)	0.09	0.05

Condensed consolidated balance sheet

	Dec 31,	Mar 31,
in thousand Amounts NOK	2020	2021
Assets
Non-current assets
Property, plant and equipment	2 610	3 597
Intangible assets	3 792	3 884
Right-of-use assets	13 184	11 928
Total non-current assets	19 586	19 410
Current assets
Trade and other receivables	7 196	202 643
Cash and cash equivalents	457 699	483 666
Total current assets	464 896	686 309
Total assets	484 481	705 719

	Dec 31,	Mar 31,
in thousand Amounts NOK	2020	2021
Equity and liabilities
Equity
Share capital	566 060	566 060
Other paid-in capital	(114 200)	(138 026)
Total equity	451 860	428 035
Non-current liabilities
Pension liabilities	2 849	2 849
Non-current lease liabilities	9 272	7 896
Total non-current liabilities	12 121	10 745
Current liabilities
Current lease liabilities	4 908	5 393
Trade and other payables	15 592	261 547
Total current liabilities	20 500	266 939
Total equity and liabilities	484 481	705 719

Condensed consolidated cash flow statement

	Full year
in thousand Amounts NOK	2020	Q1 2021
Profit before tax	(44 460)	(23 826)
for: Adjustment
Amortisation and depreciation	1 881	1 334
Changes in net current operating assets	16 728	50 508
Accrued interest and foreign exchange	308	174
Cash flow from operating activities	(25 545)	28 190
Acquisition of property, plant and equipment	(376)	(1 158)
Payments for capitalized development	(2 142)	-
Cash flow from investing activities	(2 518)	(1 158)
Payment of finance lease liabilities	(1 192)	(1 066)
Proceeds from share issues	500 000	-
Transaction costs related to share issues	(12 489)	-
Purchase of treasury shares	(1 859)	-
Sale of treasury shares	1 302	-
Net cash flow	457 699	25 967
Cash and cash equivalent at the beginning of the period	-	457 699
Cash and cash equivalent at the end of the period	457 699	483 666