Aker Carbon Capture ASA: Third quarter 2024 results

31 Oct 2024 07:29 CET

Aker Carbon Capture ASA ("ACC ASA") closed the third quarter 2024 with NOK 4.5
billion in cash and a solid equity position at NOK 5.5 billion.

"Through our 20% ownership stake in the joint venture with SLB, which holds the
remaining 80%, we will continue to scale and commercialize the carbon capture
business. We are advancing carbon capture as a viable path to net zero for the
customers and society at large," said Valborg Lundegaard, CEO of Aker Carbon
Capture ASA.

The Board of Directors of ACC ASA continues the process of determining the
future strategy and structure of the company, including the framework and
conclusions for the use of the proceeds from the transaction with SLB. As part
of this process, the Board is also assessing the role and responsibilities of
ACC ASA as seller in the recent transaction with SLB and as a 20% owner in SLB
Capturi, including ACC ASA's remaining pro-rata guarantee exposure for ongoing
projects. The board will also consider future needs in ACC ASA for its
operations, investment opportunities, and in relation to SLB Capturi.

The conclusion of the Board of Directors' assessment will be communicated at the
latest within the first quarter of 2025.

SLB Capturi

In the third quarter, the joint venture with SLB unveiled its new company name;
SLB Capturi. The name reflects the company's commitment to scaling up existing
carbon capture technologies as well as to investing in research and development
to ensure a pipeline of cutting-edge solutions that meet the evolving needs of a
variety of industries worldwide.

In August, SLB Capturi announced its first US-based project with a contract
award from its partner CO280 Solutions, for front end engineering and design
(FEED) of a large-scale carbon capture plant at a pulp and paper facility on the
US Gulf coast. SLB Capturi's mobile test unit has already been deployed at the
site. The project aims to remove 800,000 tonnes of CO\2\ annually.

In September, global chemical and biotech company WACKER announced that it had
successfully demonstrated with SLB Capturi's mobile test unit that it is
possible to capture CO? generated from the production of metallurgical-grade
silicon-an essential raw material for microchips, solar modules, and
silicones-at its production site in Holla, Norway.

SLB Capturi is currently delivering across multiple sites and is engaged in some
of Europe's most significant carbon capture projects including:

- Brevik, Norway, where 400,000 tonnes of CO\2\ will be captured each year from
a cement plant, and transported by ship to permanent storage, as part of the
Longship project.

- Kalundborg, Denmark, where five Just Catch systems are being deployed by
Ørsted across two biomass-to-energy sites with design capacity of capturing
500,000 tonnes of CO\2\ each year, as part of Denmark's first full-scale carbon
capture and storage (CCS) value chain implementation.

- Hengelo, Netherlands, where 100,000 tonnes of CO\2\ will be captured per year
at Twence's waste-to-energy plant. The captured CO\2\ is then delivered in
liquid form to the local greenhouse horticulture sector.

Financial results

ACC ASA reported net loss of NOK 47 million in the quarter. The company ended
the third quarter 2024 with NOK 4.5 billion in cash and a solid equity position
at NOK 5.5 billion.

ENDS

A summary of Q3 2024 financials is attached.

For further information:

Media and Investors:

Mats Ektvedt, mob: +47 41 42 33 28, email: mats.ektvedt@corpcom.no

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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 Mats Ektvedt, partner,
Corporate Communications AS at 7:00 CET, on October 31, 2024.

More information:
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630824_ACC_Q3_2024_Financials.pdf