Capsol Technologies ASA - Q4 and FY 2024: Pipeline growth outpacing the industry - initiatives for further value capture

24 Feb 2025 07:00 CET

Capsol Technologies ASA, a provider of carbon capture technology to large
emitters, today announced its results for Q4 and full-year 2024.

Strong revenue and sales pipeline growth

.          First licensing revenue booked, Q4 2024 first quarter with positive
earnings, and 2.75x revenue increase y-o-y with 2024 revenue of NOK 94.2 million

.          45% y-o-y growth in mature project pipeline, reaching 17.2 million
tons of annual CO2 capture capacity, outpacing industry growth

.          EUR 260 million in potential technology licensing revenue up EUR 100
million from 2023 driven by pipeline growth and pricing increase

.          10+ million tons of capture capacity in pipeline with potential Final
Investment Decision (FID) 2025-2027, triggering licensing revenue

Capsol's technology verified by industry pioneers

.          Stockholm Exergi set for FID after EUR 1.7 billion from Swedish
government for world's first large-scale bio-CCS (BECCS) project

.          Project and Capsol's technology further verified through CO2 removal
offtake with Microsoft and Frontier, EU Innovation Fund support and
environmental permit approval

.          Increasing commercial traction with leading industrials, including
Holcim, SUEZ and other large clients with significant carbon capture needs

R&D initiatives set to drive performance and further value capture

.          Hot Potassium Carbonate (HPC) R&D center opened, building
intellectual property and know-how to enable increased cost-efficiency and
project development speed

.          Project with Stockholm Exergi, KTH Royal Institute of Technology and
AirZyme to develop a bio-based promoter for improved capture process

.          Technology development program to generate recurring revenue per ton
captured

.          Current business plan fully funded with committed engineering work,
demonstration campaigns and a NOK 64.4 million cash balance

"In the second half of 2024, Capsol reached a commercial inflection point,
booking first licensing revenue and securing agreements with industrial leaders
such as Holcim and SUEZ. While the world is lagging behind targeted net zero
paths, our mature project pipeline within target industries is growing rapidly,
especially within the cement industry," said Wendy Lam, CEO of Capsol
Technologies.

"Beyond strong pipeline and top-line growth based on our current business model,
we are on track for significant enhanced long-term value creation. With the
launch of our HPC R&D Center, industry R&D projects and the development of new
performance optimization services, we aim to increase value generation per ton
of CO2 captured - transforming Capsol from a pure technology provider to a long
-term value partner for industrial emitters," Lam added.

Total operating income in Q4 2024 was NOK 36.1 million (NOK 15.6 million in Q4
2023) and NOK 94.2 for the full year (NOK 34.2 million). Pre-tax profit was NOK
3.2 million in the quarter (NOK -8 million in Q4 2023) and NOK -32.8 million in
2024 (NOK -43.4 million).

The company held NOK 64.6 million in cash and cash equivalent by the end of Q4
2024 (NOK 41.6 million).

The Q4 and FY 2024 report and presentation are attached and available on

https://capsoltechnologies.com/investors.

CEO Wendy Lam, CFO Ingar Bergh, and Chief Delivery Officer Sam Thivolle will
present the Q4 and FY 2024 results on February 24, 2025, at 15:00 CET. The
presentation will be broadcast as a webcast and questions can be submitted
throughout the streaming event:
https://channel.royalcast.com/landingpage/hegnarmedia/20250224_1/

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. 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.

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

More information:
Access the news on Oslo Bors NewsWeb site

639496_Capsol_Technologies_Q4_and_FY_2024_presentation.pdf
639496_Capsol_Technologies_Q4_and_FY_2024_Report.pdf