Aker Carbon Capture

Environmental & Social Information • Feb 17, 2022

Aker Carbon Capture and Northern Lights JV to collaborate on accelerating the carbon capture and storage market through full value-chain offerings

Aker Carbon Capture and Northern Lights JV to collaborate on accelerating the carbon capture and storage market through full value-chain offerings

Aker Carbon Capture and Northern Lights JV have signed a non-exclusive

Memorandum of Understanding (MoU) to collaborate on realization of Carbon

Capture and Storage (CCS) projects in Norway and across Europe. Together, the

two companies represent a full value chain offering from carbon capture through

transport and storage. The MoU also seeks to optimize logistics and standardize

ship-shore interfaces.

Valborg Lundegaard, Chief Executive Officer of Aker Carbon Capture said:

"Through the Longship project, Norway has taken a leadership position in

enabling industrial decarbonization through Carbon Capture and Storage. This

collaboration between Northern Lights and Aker Carbon Capture aims to build on

learnings from the Longship project and enable the accelerated deployment of CCS

projects across Europe".

Børre Jacobsen, Managing Director of Northern Lights JV said: "Interest in CCS

is picking up across Europe. Northern Lights is well positioned to contribute

accelerating the development and we are looking forward to working with Aker

Carbon Capture to realize the potential of the CCS market in support of climate

targets. This will require technical and commercial innovation as well as cross

-sector collaboration".

The collaboration will allow emitters access to full value chain offerings at

locations where the combined technical concept of Aker Carbon Capture's

technology and the CO2 transport and storage capabilities of Northern Lights is

best suited.

Jon Christopher Knudsen, Chief Commercial Officer of Aker Carbon Capture said:

"Northern Lights is a first-mover in enabling open-source CO2 transport and

storage infrastructure across north-west Europe. With operations starting in

2024 they are an essential player in enabling the accelerated deployment of the

CCS industry. Their ambitious plans link very well with Aker Carbon Capture's

ambition to have 10 million tonnes of CO2 on contract by 2025. Together with

Northern Lights and with our 'Carbon Capture as a Service' offering, we can now

develop source-to-storage decarbonization on a pay per tonne of captured CO2

model".

Northern Lights is developing an open and flexible infrastructure to transport

CO2 from industrial emitters by ship to a receiving terminal in western Norway

for intermediate storage, before being transported by pipeline for permanent

storage in a geological reservoir 2,600 meters under the seabed. Operations are

scheduled to start in 2024. The facilities are under construction and will

enable Northern Lights to offer a safe and reliable shipping and storage service

to industrial emitters from across Europe. With increased interest from

industrial sectors in Europe, additional shipping and storage capacity will be

developed as demand grows. Northern Lights JV DA is a registered, incorporated

General Partnership with Shared Liability (DA) owned equally by Equinor, Shell

and TotalEnergies.

Media contact:

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

ivar.simensen@akerhorizons.com

Investor contacts:

Christian Yggeseth, mob: +47 915 10 000 (http://tel:+47 915 10 000), email:

christian.yggeseth@akerhorizons.com

David Phillips, mob: +44 7710 568279 (http://tel:+44 7710 568279), email:

david.phillips@akercarboncapture.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),

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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/).