27 Jan 2025 12:54 CET

Issuer

Capsol Technologies ASA

Stockholm Exergi's Bio-CCS (BECCS) project, which will permanently remove
800,000 tons of CO2 per year using Capsol's carbon capture technology, has
reached a key milestone. The Swedish Energy Agency commits SEK 20 billion (EUR
1.7 billion) in funding to what is set to become one of Europe's first large
-scale negative emissions plants.

[A large brick building with a tall tower

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Image: Stockholm Exergi by Urban Design

Sweden's decision to fund Stockholm Exergi's carbon capture plant significantly
de-risks the project, complementing offtake agreements for more than three
million tons of carbon removal made in 2024 with Microsoft and Frontier, on
behalf of Alphabet, Meta, JPMorgan Chase, and H&M Group, among others.

Today Stockholm Exergi's Värtaverket biomass-fired plant provides power,
district heating, and cooling to 190,000 households in the Stockholm region.
With the award by the Swedish government, the final investment decision (FID)
for the BECCS project is expected to happen as soon as possible in 2025,
initiating the construction of the carbon capture plant and associated
infrastructure.

Technical validation

Stockholm Exergi was the first company to select Capsol Technologies as its
technology supplier for a large-scale carbon capture project, signing a
licensing agreement for CapsolEoP® (end-of-pipe) in July 2022. Since then, the
robustness of the project and Capsol's technology has been validated through
several significant milestones, including:

· An EU Innovation Fund grant of EUR 180 million in April 2022
· Environmental permit approval by Sweden's Land and Environmental Court in
April 2024
· An offtake agreement where Microsoft committed to acquiring 3.33 million
tons of permanent carbon removals in May 2024
· An offtake agreement where Frontier committed to acquiring carbon removals
worth USD 49 million in June 2024

In parallel, Stockholm Exergi and Capsol have continuously developed the
CapsolEoP® technology. To further enhance performance, Capsol recently entered
into an R&D project with Stockholm Exergi, KTH Royal Institute of Technology and
AirZyme to develop a bio-based promoter for accelerated CO? capture and release.

Significant BECCS potential

Biomass is one of Capsol Technologies' key market segments, alongside energy
-from-waste, cement, and gas turbines.

"The progress of Stockholm Exergi's BECCS project paves the way for other
biomass-fired power plants across Europe and North America, where we experience
increased interest in our technology. We are pleased to deepen our R&D
collaboration with our partners to drive further performance improvements," said
Wendy Lam, CEO of Capsol Technologies.

First licensing revenues in Q4 2024

The payment terms of the licensing agreement between Capsol Technologies and
Stockholm Exergi were met by the end of 2024. Capsol expects to recognize these
revenues in Q4 2024. As previously communicated, the agreement includes a
discount to Capsol's current license pricing due to Stockholm Exergi's role as a
first mover.

To receive Capsol's stock exchange and press releases via email, subscribe at
capsoltechnologies.com/investors

For further information, please contact:

Ingar Bergh
Chief Financial Officer, Capsol Technologies ASA
+47 926 20330
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. 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.

This is referring to Stockholm Exergi's release

https://news.cision.com/se/stockholm-exergi/r/stockholm-exergi-wins-auction-for
-government-support-for-beccs,c4096225


Source

Capsol Technologies ASA

Provider

Oslo Børs Newspoint

Company Name

CAPSOL TECHNOLOGIES ASA

ISIN

NO0010923121

Symbol

CAPSL

Market

Oslo Børs