In the third quarter 2023, Aker Carbon Capture secured a number of strategic pre
-FEEDs and engineering studies across Europe and North America. Aker Carbon
Capture's order backlog rose to NOK 3.0 billion, up from NOK 1.5 billion in the
same period last year. Revenues rose to NOK 440 million, up 116% compared to the
same period last year. The cash position at the end of the quarter was solid at
NOK 1.3 billion.
"Aker Carbon Capture is experiencing high levels of commercial activity on both
sides of the Atlantic, resulting in a steady growth of our pipeline of Just
Catch studies and pre-FEEDs. On a year-to-date basis, this pipeline has been
increased by around 9 million tonnes of CO2 capture per year. For our bespoke
Big Catch offering, we were recently awarded a pre-FEED covering several power
generation facilities in Europe with mega scale capture potential. We have
further cemented our position in our core industries such as waste-to-energy and
biomass, while also entering new sectors such as minerals production in the
U.S., and exploring new markets such as Saudi Arabia", said Egil Fagerland,
Chief Executive Officer at Aker Carbon Capture.
Major projects progressing
The Twence CCU, Brevik CCS and Ørsted Kalundborg CCS Hub projects, continued to
progress in the quarter and are currently the most mature large-scale carbon
capture projects under construction in Europe. At Twence, all equipment and
piping has been installed and commissioning has started. At Brevik, the first
heavy lift campaign was successfully completed, including the installation of
the absorber, CO2 storage tanks and key modules. At Ørsted CCS Kalundborg Hub,
the container fabrication for the modular Just Catch units has started.
High commercial activity
In July, Aker Carbon Capture signed a Memorandum of Understanding (MoU) with
Aramco, one of the world's leading integrated energy and chemicals companies, to
explore partnership opportunities to deploy carbon capture, utilization and
storage (CCUS) and industrial modularization in Saudi Arabia. The MoU is a
potential first step for Aker Carbon Capture into the Middle East.
Aker Carbon Capture made strong progress in securing studies and pre-FEED work
across Europe and North America in the quarter. The company was awarded a study
in the U.S. covering emissions from mineral production facilities with a
targeted combined capture of 1.5 million tonnes of CO2 per year, based on the
company's Big Catch offering. In Europe, Aker Carbon Capture was awarded a pre
-FEED for a Swedish energy company, as well as studies for a biomass combined
heat and power facility in Germany and a waste-to-energy facility in France,
with targeted emissions ranging from 200,000 to 250,000 tonnes of CO2 per year.
In addition, Aker Carbon Capture was recently awarded a Big Catch pre-FEED from
a major European energy company for several mega scale power generation
facilities.
"The high demand seen this quarter for our pre-FEED and study services is a
testament to Aker Carbon Capture's leading market position. Many emitters are
looking for proven, standardized and modular carbon capture solutions, and with
our Just Catch 100 product, and launch of our Just Catch 400 concept, we are in
a strong position to meet the market demand for space-efficient modular carbon
capture units", said Fagerland.
As Aker Carbon Capture continues to successfully convert opportunities into
projects and market activity accelerates, the company is strengthening its
project execution capacities and growing its team in the U.S. In October, the
company appointed Julie Berg as the new Chief Financial Officer, effective 1
December 2023.
Financial results
Aker Carbon Capture saw continued revenue growth through the third quarter.
Revenues reached NOK 440 million in the period, up from NOK 204 million in the
same period last year. The increase in revenues was driven mainly by progress on
ongoing Big Catch and Just Catch projects.
EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) in the
third quarter was negative NOK 47 million, compared to negative NOK 56 million
in the same period last year. While Big Catch and Just Catch projects delivered
positive contributions, the overall negative EBITDA in the period was driven by
high sales and tender activity, North America entry and R&D activity.
Aker Carbon Capture ended the third quarter with a solid NOK 1.3 billion cash
position and NOK 0.8 billion in equity. The order backlog rose to NOK 3.0
billion, up from NOK 1.5 billion in the same period last year, following the
Ørsted Kalundborg CCS contract award in the second quarter of 2023.
ENDS
Aker Carbon Capture will present the results in an audiocast, followed by a live
Q&A session, today at 15:00 CEST. Click on the following link to follow the
event: https://channel.royalcast.com/landingpage/hegnarmedia/20231026_11/
Media contact:
Yannick Vanderveeren, mob: +47 458 36 358 (http://tel:+47 458 36 358),
email: yannick.vanderveeren@akercarboncapture.com
Investor contacts:
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),
Twitter (https://twitter.com/akercarbon),
Instagram (https://www.instagram.com/akercarboncapture/) and
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/).
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 Katja Aanestad, Marketing
Communications, Aker Carbon Capture on 26 October 2023 at CEST 07:00.