Capsol awarded feasibility study by global energy company to decarbonize European refinery

02 Dec 2024 13:53 CET

Capsol Technologies ASA has been awarded a feasibility study for the
CapsolEoP[®] (end-of-pipe) carbon capture solution by a global energy company at
one of its oil refineries.

The study is for a plant in Northern Europe aiming to capture 800,000 tons of
CO2per annum.

"We are pleased to be awarded our first feasibility study for carbon capture in
the refining industry. Carbon capture utilization and storage (CCUS) is crucial
to the decarbonization of energy-intensive industries with high levels of CO2
emissions, such as refining. It is inspiring to work with a company that is
committed to tackling the global challenge of reducing greenhouse gas
emissions", says Wendy Lam, CEO of Capsol Technologies.

Refineries face an urgent need for action to support the energy transition and
meet emission reduction targets, with carbon capture emerging as one of the most
viable solutions for these hard-to-abate emissions. According to the
International Energy Agency, operational carbon capture capacity by end 2030
within the refining and petrochemicals industry is estimated to more than 53.9
million tons based on announced projects.

Capsol Technologies is continuously evaluating market opportunities beyond its
current target segments to support further growth. This first feasibility study
for a refinery, which is expected to be delivered in Q1 2025, will provide
Capsol with valuable data on its competitiveness and commercial potential in a
new segment.

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capsoltechnologies.com/investors

For further information, please contact:
Ingar Bergh
Chief Financial Officer, Capsol Technologies ASA
+47 926 20 330

ingar.bergh@capsoltechnologies.com

About Capsol Technologies

Capsol Technologies ASA is a carbon capture technology provider with a goal of
accelerating the world's transition to a net zero future. The technology
combines inherent heat recovery and generation in a stand-alone unit based on a
proven and safe solvent. Capsol's technology is licensed either directly to
customers or through industrial partners globally. Capsol targets a license fee
of EUR 10-15/ton installed CO2 capture capacity and a long-term pre-tax profit
margin of 40-60%. Key segments include cement, biomass, energy-from-waste and
gas turbines. Capsol Technologies is listed on Euronext Oslo Børs (ticker:
CAPSL). For more information visit capsoltechnologies.com.

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