Aker Carbon Capture

Earnings Release • Jul 10, 2024

Aker Carbon Capture ASA: Second quarter 2024 results

Aker Carbon Capture ASA: Second quarter 2024 results

In the second quarter, Aker Carbon Capture ASA ("ACC ASA") finalized a joint

venture (JV) with SLB. The JV strategically combines technology portfolios,

expertise, and operational platforms to support accelerated carbon capture

adoption for industrial decarbonization at scale. ACC ASA booked a gain on the

sale of NOK 4.9 billion and the cash position at the end of the second quarter

was NOK 4.5 billion.

"We are immensely proud of making carbon capture a reality today with seven

technology installations in progress in Norway, Denmark and the Netherlands that

have the combined capacity to capture up to 1 million tonnes of CO2 emissions

per year. Through the JV with SLB, we will scale industrial decarbonization and

commercialize disruptive technologies for the future. This JV marks a defining

moment in our strategy, and we are confident that the partnership with SLB will

create significant value for all our stakeholders," said Valborg Lundegaard, CEO

of Aker Carbon Capture ASA.

SLB and Aker Carbon Capture ASA close JV transaction

In June, ACC ASA and SLB announced the closing of their carbon capture JV.

Carbon capture is a key technology to fight climate change and achieve net zero

by reducing greenhouse gas emissions from power and hard-to-abate industrial

sectors. The new JV is well positioned to deploy decarbonization at scale. ACC

ASA will retain a 20% ownership stake in the JV and will continue to further

develop the business together with SLB, which will hold the remaining 80%

ownership stake. The new company will be headquartered in Oslo.

For further details on the JV transaction, reference is made to transaction

announcement: https://akercarboncapture.com/?cision_id=DB4E7DA6FBE9D754

Market development and commercial activity progressing

The first half of 2024 saw high activity in the overall carbon capture market

and for Aker Carbon Capture, notably including further progress with supportive

government policy, the development of carbon removals, and the formation of

progressive industry partnerships.

Aker Carbon Capture saw high activity in early-stage work such as test

campaigns, FEEDs, pre-FEEDs and studies and took major steps to develop its

position in the important North American market. This included signing

Memorandum of Understanding agreements with MAN Energy Solutions for CO2 capture

and compression, and with carbon capture developer CO280 and Microsoft to

accelerate full-scale carbon removal, initially targeting biogenic CO2 emissions

from the pulp and paper industry. This builds on the existing partnership

between Aker Carbon Capture, Ørsted and Microsoft that supports the landmark

Kalundborg CCS project in Denmark.

The Twence CCU, Heidelberg Materials Brevik CCS and Ørsted Kalundborg CCS

projects continued to progress in the quarter and are currently the most mature

large-scale carbon capture projects under construction in Europe.

· The Heidelberg Materials Brevik CCS project in Norway, a Big Catch facility,

will be the first industrial scale carbon capture plant at a cement factory

anywhere in the world, and will at completion capture 400,000 tonnes CO2 per

year.

· Ørsted's BECCS project in Denmark, with the delivery of 5 Just CatchT 100

units at Asnæsværket and Avedøreværket,  will capture up to 500,000 tonnes CO2,

creating negative emissions from 2026 onwards.

· The Twence project in the Netherlands, with the delivery of a Just CatchT

100 unit to the Dutch operator of waste-to-energy plants, will have a rated

capacity of 100,000 tonnes CO2 per year and will commence operations 2024. The

captured CO2 at Twence will be utilized in local horticulture to increase plant

yields from greenhouses, making it one of the first industrial scale examples of

carbon capture and utilization (CCU).

Financial results

ACC ASA ended the second quarter 2024 with NOK 4.5 billion in cash and a solid

equity position at NOK 5.5 billion. An accounting gain of NOK 4.9 billion was

booked related to the sale of ACCH to SLB.

Future strategy

The Board of Directors of ACC ASA is in the process of defining the future

strategy and structure of the Company, including the framework for the use of

the proceeds from the transaction with SLB.

ENDS

The first-half 2024 report is attached.

For further information:

Media:

Marianne Stigset, mob: +47 41188482, email:

marianne.stigset@akercarboncapture.com

Investors:

David Phillips, mob: +44 7710 568279, email:

david.phillips@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 Marianne Stigset,

Communications, Aker Horizons ASA, on July 10, 2024, at 07:00 CEST.