Aker Carbon Capture

Earnings Release • Nov 1, 2022

Aker Carbon Capture ASA: third-quarter results 2022

Aker Carbon Capture ASA: third-quarter results 2022

Aker Carbon Capture is delivering the only two industrial scale carbon capture

projects under construction in Europe today. At the Brevik CCS project key

equipment is currently being installed and at the Twence Just Catch CCU project

construction has started.

"Delivering on our project commitment is top priority. In addition to our

projects under construction in Norway and the Netherlands we are also the carbon

capture technology and key equipment provider for the FEEDs for two mega scale

gas-to-power plants with carbon capture in the UK; bp Net Zero Teesside and SSE

Keadby 3. By developing these projects, we contribute to mitigating the effects

of climate change and help strengthen energy security," said Valborg Lundegaard,

Chief Executive Officer at Aker Carbon Capture.

In the quarter, Aker Carbon Capture started a Mobile Test Unit campaign for

smelters for Elkem Rana and SMA Mineral, and was awarded a new test contract

with another customer for a campaign in 2024. Due to the high interest from

customers a second Mobile Test Unit is under construction.

DNV qualifies Just Catch Offshore

The Just Catch Offshore, a modularized carbon capture facility for offshore

installations, has been qualified by DNV. It is now ready to be deployed in

offshore oil and gas fields where Aker Carbon Capture's proprietary solution can

significantly reduce emissions from offshore power generation.

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 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.

Financial result

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

Revenues reached NOK 204 million in the period, which was up more than one

hundred percent compared to the same period last year.

Revenues were mainly driven by progress on the Brevik CCS, Twence Just Catch CCU

and FEED projects. EBITDA (Earnings before interest, tax, depreciation and

amortization) was negative NOK 56 million, which is a decrease of 2 million

compared to the same quarter last year. Positive contribution from ongoing

construction and FEED projects was offset by continued expenses related to R&D

projects, digitalization projects, tenders, business development and sales

activities.

Aker Carbon Capture ended the second quarter with a robust cash position at NOK

1.4 billion, equity remained strong at NOK 0.9 billion, and the order backlog

closed at NOK 1.5 billion.

ENDS

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

Q&A session, today at 15:00 CET. Click on the following link to follow the

event:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20221101_5

Media contact:

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

ivar.simensen@akerhorizons.com

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 1 November 2022 at CET 07:00.