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2023
Annual and
sustainability
report
AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 4
Content
About this report
This is Aker Carbon Capture’s
2023 Annual and sustainability
report, reporting from 1 January
2023 till 31 December 2023.
The Sustainability section
provides stakeholders with
additional information on our
performance and governance of
key sustainability topics. We
report on WEF Core metrics, and
we report with reference to GR I.

CEO LETTER | 3
AKER CARBON CAPTURE IN BRIEF | 4
BOARD OF DIRECTOR’S REPORT | 7
BOARD OF DIRECTORS | 21
SUSTAINABILITY | 25
CONSOLIDATED FINANCIAL STATEMENTS | 47
PARENT COMPANY FINANCIAL STATEMENTS | 67
DECLARATION BY THE BOARD OF DIRECTORS | 74
AUDITOR’S REPORT | 75
ALTERNATIVE PERFORMANCE MEASURES | 79
CORPORATE GOVERNANCE REPORT | 81
TRANSPARENCY ACT PROGRESS REPORT | 86
APPENDIX | 91

CEO letter
2023 was a milestone year for Aker Carbon Capture.
With the award and commencement of the Ørsted
Kalundborg CCS project, we are now delivering seven
Carbon Capture units, the first of which will be ready
to capture CO 2 in 2024.
In addition to our ke y projects, we are engaged in a number of important
front end engineering and design (FEED) studies and process design
packages (PDPs) including a FEED for Hafslund Oslo Celsio CCS and
PDP for Un iper Grain CCS in the UK.
At Aker Carbon Capture we are really proud to be converting 20 years of
research, development and testing into reality, leading the way on a
range of first-of-a-kind projects in Europe and building a solid platform
for future profitable growth both in Europe and North America.
Leveraging our experience and delivering on our commitments is key to
our strategy and central to our journey towards profitable growth. In
order to accelerate our growth strategy, we are continuously learning
and investing in technology and product development. We are
committed to driving down the cost of capture, leveraging our mature
and proven carbon capture solution and enabling our customers to reach
their net zero goals. Investment in digitalization, energy efficiency, and
effective aftermarket support are all pillars in our mission to combat
climate change and accelerating our journey to make a positive impact
on the planet.
Our unique carbon capture technology, products and solutions continue
to position us well in this fast-growing market. In 2023, we strengthened
our modular product portfolio with the launch of Just Catch™ 400, and
demonstrated with the Mobile Test Unit that our technology is highly
effective with flue gas from smelters.
We firmly believe the development of our new Just Catch™ 400 modular
solution together with our agile Just Catch™ 100 units will allow us to
expand our business across our core sectors and regions and deliver on
our growth ambitions.
We see real momentum in carbon capture, and as we embark on 2024
we are benefiting from a strong market position in Europe providing
momentum for further growth in Europe and North America. Conclusions
from the COP28 meeting highlighted broad agreement around the
importance of carbon capture in meeting net zero ambitions. Moreover,
the EU, UK, US and Canada as well as local governments increased their
focus on funding and incentives for the entire value chain, including new
commitments on storage emerging in the EU. It is clear to me that
carbon capture is recognized firmly as one of the cornerstone
technologies to decarbonize the industrial world.
None of this would be possible without the dedication and passion of
our people. Our people ar e our foundation and our future. Our values are
core to our success and I am in no doubt that as a team, we are able to
create bold innovation together as well as forge new partnerships
across the CCUS value chain. Working together we are able to unlock
deployment of carbon capture at scale.
Together with our customers, partners, and suppliers, and with the
backing of the Aker group, we are in a great position to make a major
positive impact. Together, we will continue to accelerate the reduction
and removal of carbon from the industries we serve. Together, we will
contribute to creating a sustainable future for our company, our
customers, and our society. This is the purpose of our business and why
we are here.
Egil Fagerland
Chief Executive Officer, Aker Carbon Capture

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 3
Key regions
Aker Carbon Capture
in brief
Aker Carbon Capture is a pure play carbon capture company with technology,
products, solutions and services serving a range of industries. The company has a
proprietary and field-proven technology to enable carbon emission reduction and
removal in sectors such as cement, gas-to-power, biomass and waste-to-energy,
blue hydrogen, and also new industry segments including refining and process
industries as well as pulp and paper.
The company’s business model covers the sale of complete modular carbon
capture units, license models including supply of key equipment, aftermarket
services and, together with industrial partners, a full value chain Carbon Capture
as a Service model.

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 4
Prioritized industries
CEMENT
BIO/WASTE-TO-
ENERGY
GAS-TO-POWER
BLUE HYDROGEN
...and engagement with new industry segments such as refining and process industries as well as pulp
and paper
A ker Carbon Capture delivers ready-to-use capture plants. The
company’s core technology has high energy efficiency and a robust
patent protection offering a health, safety and environmentally (HSE)
friendly solvent portfolio developed with the aim of no harm to workers
on site, surrounding communities or the environment. This technology
can be applied to both existing and new build plants, and has extensive
real-world validation, with over 60,000 hours of operation to date across
a wide range of carbon emitting industries. Aker Carbon Capture’s
technology is available across a range of cost-effective modular and
bespoke carbon capture plants.
Research, innovation and technology development are key drivers of
competitive advantage, and the company has an active program
focused on reducing cost for our customers over the lifetime of our
solutions, developing and qualifying new carbon capture technologies
and products, and improving carbon capture project economics. This
includes capture efficiency, modularization, and the implementation of
digital capabilities.
Aker Carbon Capture operates in Scandinavia, Benelux and the United
Kingdom, with growth also evident across other areas of Europe, and
North America, especially the United States. The company has four key
market segments - cement, biomass and waste-to-energy, gas-to-
power, and blue hydrogen - but also sees good engagement with other
sectors where Aker Carbon Capture’s technology is well-suited, such as
refining and process industries, smelting and pulp and paper.
One of Aker Carbon Capture’s strategic ambitions is to secure contracts
that capture a total of 10 million tonnes of CO 2 annually by 2025.
Aker Carbon Capture’s business therefore has a crucial role in helping
carbon-emitting industries transition to a net zero world. Carbon capture
and storage must be part of the solution to reach the targets of the Paris
Agreement, according to the Intergovernmental Panel on Climate
Change (IPCC). Government regulations and policies have strengthened
the business case for CCUS-related investment, and as of November
2023, the total global capacity of CCS projects under development was
361 million tonnes of CO 2 per year. This is an increase of 48 percent
compared to last year according to the Global CCS Institute.

| Aker Carbon Capture’s overall purpose is to accelerate planet positive by enabling carbon reduction and removal from industries and energy solutions. To drive this effort, the company and its employees are devoted to three core values. |

Key figures | Measure | 2023 | 2022
Secured contracts to capture 10 million tonnes of CO 2 per annum by 2025 | Million tonne CO 2 per annum | 1.0 | 0.5
Order backlog | NOK billion | 2.6 | 1.3
Revenue | NOK million | 1,605 | 781
whereof taxonomy aligned | % | 100% | 100%
EBITDA | NOK million | -195 | -212
Net Profit | NOK million | -171 | -204
Earnings per share | NOK/share | -0.28 | -0.34
Total R&D spend | NOK million | 139 | 119
Net Current Operating Assets | NOK million | -671 | -334
Cash and cash equivalents | NOK million | 1,112 | 1,093
Equity | NOK million | 702 | 878
Total employees | Headcount | 149 | 133
Net GHG emissions, scope 1+2+3 | tCO 2 e emitted - tCO 2 removed | 17,246 | 18,238

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 5
Pure play carbon capture company
delivering ready-to-use capture
plants
Health, Safety and Environmentally
friendly and proprietary patented
technology for optimized all-round
plant performance
Proven market-leading proprietary
technology with over 60,000
operating hours
Our main achievements in 2023

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 6
Board of Director’s
report
Aker Carbon Capture supplies the solutions and
technology which together comprise a carbon
capture plant and the downstream processing and
management of CO 2, including capture, compression,
liquefaction, and temporary storage at site. These
solutions and services, including comprehensive
aftermarket support, are provided to industrial plant
owners and operators across various industries to
reduce and remove CO 2 emissions.
Aker Carbon Capture was established as a stand-alone company in the
summer of 2020, following more than two decades of developing carbon
capture technology and solutions in the Aker group. The proprietary
technology with unique HSE characteristics includes the company’s
advanced solvent portfolio, anti-mist design and solutions for minimizing
net energy use.
Key offerings include feasibility studies, process design packages
(PDPs), detailed engineering work, front end engineering design (FEED),
delivery of complete modular carbon capture facilities across a range of
capture capacities, as well as assistance with ‘life of asset’ operations
and aftermarket services, and a carbon capture as a service model that
offers customers a full CCUS value chain solution.
As of the end of 2023, Aker Carbon Capture is delivering seven
industrial scale carbon capture facilities across Norway, Denmark and
the Netherlands, with a total CO 2 capture capacity of some 1 million
tonnes per year.
Aker Carbon Capture is headquartered in Norway with operations in
Norway, Denmark, Sweden, United Kingdom, the Netherlands, India and
the United States.

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 7
Strategic direction
The carbon capture market has continued to accelerate, and as of
November 2023, the total global capacity of commercial CCS projects
under development reached 361 million tonnes of CO 2 per year.
According to the Global CCS Institute, this is an increase of 48 percent
compared to last year. The importance of carbon capture in meeting
net-zero ambitions was highlighted in the conclusions from COP28. At
the same time, government regulations and policies have strengthened
the business case for CCUS-related investments. The Inflation
Reduction Act (IRA) in the US, is nothing short of a game changer for
green industrial growth at scale. In addition to Europe and North
America, there are also positive developments in the APAC region, and
CCUS now has significant traction in most global regions, with the
exception of South America and Africa as of today.
Through 2023 Aker Carbon Capture has further matured its strategy and
priorities, building on its position as one of the leading early movers in
the CCUS industry. The company is now delivering seven carbon
capture units in Northern Europe. To achieve its strategic ambitions,
Aker Carbon Capture will continue to build its market position in Europe
and expand into the North American market.
In addition to its geographical focus, Aker Carbon Capture has identified
four prioritized market segments that offer particular opportunity:
cement, biomass or waste-to-energy, gas- to-power and blue hydrogen.
The company has also identified promising opportunities from refining
and a range of process industries, including pulp and paper. During
2023, the company secured a high number of studies and technology
verification campaigns within these segments. In 2023, Aker Carbon
Capture demonstrated with its Mobile Test Unit that its carbon capture
technology is highly effective on the flue gas from smelters.
Continued technology and product development and implementation will
be a key enabler for the company’s long-term competitive advantage.
Cost reduction is a core pillar in the company’s strategy, as it will
significantly improve project economics, lowering the investment hurdle
for customers. Aker Carbon Capture has an active technology and
innovation program that invests in reducing the costs associated with its
product offering.
Aker Carbon Capture’s market offering is based around a cost-efficient
portfolio of carbon capture products and solutions, including its modular
Just Catch™ and mega-scale Big Catch designs. The company has

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 8
already identified a number of significant cost-reducing initiatives
building on the success of the Just Catch™ 100 product. In early 2024,
the first unit of this type was already in its commissioning phase at the
Twence energy-from-waste facility in the Netherlands. In 2023, the
company strengthened its modular product portfolio with launch of the
Just Catch™ 400. This larger modular facility matches a clear need in the
market, as evidenced by a number of studies and FEED work already
secured in the months since its launch.
For Aker Carbon Capture bold innovation within energy optimization is a
critical component to deliver on the prosperity ambitions as well as
reducing operation cost for customers.
T echnology development is key to reducing operating costs during the
operational phase of carbon capture facilities. A key example is the
ongoing broad collaboration with data science and analytics companies
in the Aker ecosystem and globally, such as Cognite, Aize and Microsoft.
The company believes the adoption of advanced information technology
and analytics has considerable scope to improve efficiency across the
lifecycle of its carbon capture offering. This ranges from improved
solutions through lessons learned to optimizing carbon capture plant
operating costs via techniques such as predictive maintenance and
remote operation.
Aker Carbon Capture has developed its core execution capabilities, in
terms of project management, procurement, engineering and
subcontracting, to act as a solid player in the market, leveraging the
competence and capacity of the Aker Group to ensure the highest levels
of project execution. During 2023, t he company also continued to
develop its strategy to work with complementary partners beyond the
Aker group. This broader network of execution partners is critical for
Aker Carbon Capture’s ability to expand further internationally,
particularly into North America.
Aker Carbon Capture’s growth strategy has a strong focus on the
development of industrial partnerships. This covers a number of aspects
of the carbon capture value chain, including positioning with partners for
integrated offerings and full value chain business models, and
accelerating the development and acquisition of new CO 2 capture
technologies. The company also sees its partnership model as an
important enabling step to expanding its business into new geographies.
The company’s ‘Carbon Capture as a Service’ model is based around its
Just Catch™ 100 modular plant, and offers customers a full value chain
solution based on a “pay per tonne CO 2 captured” long-term contract.
This flexible business model aims to accelerate the decarbonization of a
number of industry segments, and continues to reflect strong interest in
carbon capture with mid-sized emitters across a range of industries.
In 2023 Aker Carbon Capture was recertified according to the
Occupational health and safety management system standard ISO
45001:2018, Environmental management system standard 14001:2015
and Quality management standard 9001:2015, covering all offices in
Norway, UK and Denmark.
Market
For the last three years, the global CCUS market has followed a clear
and accelerating growth curve. This is supported by recognition across
policy, industrial strategy and research that carbon capture technology
is a central element in enabling the world to meet its greenhouse gas
reduction targets in the Paris Agreement. With continued growth, the
International Energy Agency (IEA) sees the potential for the CCUS
market ultimately to match the current size of the natural gas industry. In
its updated ‘Net Zero by 2050’ scenario (published in World Energy
Outlook, October 2023), the IEA estimates the need for 1 gigatonne CO 2
capture per year by 2030, and 6 gigatonnes CO 2 per year by 2050. This
represents a very substantial increase from the current operational
CCUS capacity of 49 million tonnes per year.
Europe
In Europe, the EU Commission has been consistent in its efforts to drive
decarbonization and has recognized explicitly the important contribution
CCUS technology brings to reach its climate reduction goals, despite
market volatility resulting from turbulent geopolitics in recent years. The
EUA carbon price, which is the price of emission allowances that
emitters have to surrender as they emit CO 2 in the EU, traded between
EUR 80 and EUR 90 per tonne through the majority of 2023.
In July, the European Commission announced the results of its
Innovation Fund’s (IF) third call for large-scale projects. In total, 41
projects shared a total budget of EUR 3.6 billion, out of which 10
projects included CCUS. The selected projects spanned across the
cement, refineries and chemicals industries, with five including storage
(CCS) in their scope and the remaining five utilizing the CO 2 (CCU).
Geographically, the awarded projects are located in Croatia, Greece,
Spain, France, Belgium and Germany, where the three first countries
represent new and promising regions for CCUS development in the
European market.
The Innovation Fund 23 call for projects in the EU was launched in
November, with a total budget of EUR 4 billion. The significant increase
in budget results from the emphasis on the EU Commission-proposed
Net Zero Industry Act and the overarching European Green Deal.
As of June 2023, the EU-ETS (Emissions Trading System) elements of
the Fit for 55 policy package officially became law and was recorded in
the Journal of the European Union. This legislation makes reaching the
EU’s climate goal of reducing EU emissions by at least 55 percent by
2030 a legal obligation. The regulations included plans to phase into the
EU ETS industries such as shipping and potentially waste-to-energy and
introduce the carbon border adjustment mechanism (CBAM) with a
simultaneous phase-out of EU ETS free allocations for several sectors.
The combined effect of these regulations means the decarbonization of
the European continent is set to accelerate further. Furthermore, in
March, the European Commission proposed the Net Zero Industry Act,
arguably the EU’s response to the US Inflation Reduction Act, which set
an annual storage injection capacity target of 50 million tonnes of CO 2
per annum from 2030, and aimed to shorten permitting timelines.
For Europe, it is also important to note that in addition to EU policy,
national-level policies and funding are also contributing to CCUS
deployment. In the Nordics, the Danish government is investing DKK 27
billion through two funding rounds in June 2024 and June 2025 to
ensure annual CO 2 reductions of 2.3 million from 2029. And in Sweden,
the Swedish Government will provide a total budget of SEK 37 billion to
their Reverse Auction for negative emissions, which will drive CCUS
deployment on biogenic CO 2 sources. The Swedish incentive is currently
awaiting approval by the European Commission.
The Netherlands’ SDE++ funding mechanism had a budget of EUR 8
billion for decarbonization projects in 2023, which will remain available
for 2024 as well. Regions such as France and Germany plan to make an
important policy shift, exemplified by the French CCUS Strategy
consultation launched in June 2023, and the German funding for Climate
Protection Contracts also launched in the summer of 2023.
United Kingdom
The UK further matured its industrial CCUS cluster strategy in 2023 to
select candidates for final negotiations for government funding as part

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 9
of the Track 1 process. Earlier in the year, the government selected 8
projects within the first phase of Track 1, and these are expected to
begin to move forward towards final investment decision later in 2024.
The UK also named the proposed Track-2 clusters as Acorn, in Scotland,
and Viking on the UK’s East Coast, and also outlined the start of the
Track-1 Expansion process. The UK has an overall target to store
between 20-30 million tonnes of CO 2 per year by 2030, and has set up a
GBP 20 billion fund to support this initiative.
North America
Through 2023, the North American CCUS market saw strong growth,
driven by the enactment of the Inflation Reduction Act and the
Bipartisan Infrastructure Law.
In the US, the strengthened 45Q tax credit now provides some of the
largest and most certain incentives for CCUS projects in the world. The
45Q credit was raised from a level of USD 50/tonne to USD 85/tonne for
CO 2 which is permanently stored, as well as lowering the threshold for
the capture volume needed to qualify for the credit. The strengthened
45Q legislation comes in addition to the Bipartisan Infrastructure Law
(BIL) passed in November 2021. In total BIL provides roughly $12 billion
in funding for high-potential projects across the CCUS value chain,
including funding for demonstration and pilot projects.
In Canada, the government will rely on enabling federal programs,
policies, and regulations such as progressive carbon pricing and a
federal CCUS Investment Tax Credit. This is aimed at providing
investment support for capital expenditures, giving 60 percent support
for direct air capture (DAC), 50 percent for all other industrial CO 2
capture, and 37.5 percent for projects related to transport, storage and
utilization of CO 2.
The incentive is time restricted to the period 2022-2030, meaning that
projects realized in 2031-2040 will only receive half of the support. The
structure of the incentive is therefore meant to drive early deployment
of CCUS projects.
This overall significant market expansion in 2023 reflects broad policy
support, several new CCUS legislative proposals and strategic net zero
ambitions across many countries and industries, but also the focus from
government funding to support the development of major industrial
clusters. The development of these industrial clusters will help support
future cost reductions for roll-out of CCS infrastructure, as scale drives
cost-effective solutions in the transport and storage sections of the
CCUS value chain.
Aker Carbon Capture is primarily focused on the European market,
where interest from prospective customers and the regulatory
environment to support adaptation of carbon capture technology is seen
as mature. 2023 marked an important year for the company as it
implemented and delivered on a strategic plan to enter the North
American market.
Aker Carbon Capture launched a long-term ambition called “10 in 25”
when it was set up as a separate company in 2020. This ambition stated
that Aker Carbon Capture “aims to secure contracts for the combined
capture of 10 million tonnes per year by the end of 2025.” Based on the
market development expected in the coming years, the company will
actively target regions and opportunities that will support the realization
of this ambition, in addition to further growth longer term.

| Launch of new product - Just Catch™ 400 Building on the progress from Heidelberg Materials Brevik CCS, and experience with Just Catch™ 100 in the Twence CCU and Ørsted Kalundborg CCS projects, Aker Carbon Capture has launched a new product, the Just Catch™ 400. Just Catch™ 400 will have a capture capacity of up to 400 000 tons per annum, capture rate up to 95 percent and a footprint of 30m x 55m. The Just Catch™ 400 can be combined with the Energy Saver™ or the heat integrated compressor solution to optimize the energy efficiency of the capture process. |

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 10
Projects
2023 saw a continued high level of project execution activities at
Aker Carbon Capture, with three execution projects running in
parallel at different stages.
In Denmark Aker Carbon Capture is progressing in a BECCS
project for Ørsted with the delivery of 5 Just Catch™ 100 units at
Asnæsværket and Avedøreværket. The power stations run on
biomass and will capture up to 500,000 tonnes CO 2, creating
negative emissions from 2026 onwards.
In Norway t he Heidelberg Materials Brevik CCS project for
Heidelberg Materials reached key milestones with the erection of
the absorber column and other main equipment including the
tanks for immediate storage. The Heidelberg Materials Brevik
CCS will be the first industrial scale carbon capture plant at a
cement factory anywhere in the world, and will at completion
capture 400,000 tonnes CO 2 per year. A FEED for Hafslund Oslo’s
Celsio CCS was also signed.
In the Netherlands, Aker Carbon Capture has completed the
installation of the modular Just Catch™ 100 unit to Twence, the
Dutch operator of waste-to-energy plants. The plant will have a
rated capacity of 100,000 tonnes CO 2 per year and will
commence operations early 2024. The captured CO 2 at Twence
will be utilized in local horticulture to increase plant yields from
greenhouses, making it one of the first industrial scale examples
of carbon capture and utilization (CCU).
In the UK, Aker Carbon Capture was awarded a Process Design
Package for Uniper’s Grain power station to potentially capture
over 2 million tonnes of CO 2 per year. Continued support was
provided to the consortium of Aker Solutions, Siemens Energy
and Altrad Babcock for bp’s Net Zero Teesside Power and SSE’s
Keadby 3 projects, both with an annual capture capacity of up to
2 million tonnes CO 2.
Aker Carbon Capture see continued high demand for feasibility
studies for the implementation of carbon capture across Europe
and the United States, supported by governments relying on
carbon capture as a key to the energy transition and net zero
targets.
Products
Aker Carbon Capture continues to develop a cost-efficient portfolio of
plug-and-play products. These products use standardized and
modularized solutions to minimize lifecycle cost and ensure predictable
product delivery. The products also enhance the value to the client by
enabling Aker Carbon Capture to offer centralized and optimized
operations and maintenance services for the plants.
In 2023, strategic product development initiatives focused on the Just
Catch™ portfolio with additional variants for different capacities and
markets. The Just Connect™ modularization of the carbon capture
product is being refined to target the market-specific needs of different
industries. Experience from the Heidelberg Materials Brevik CCS project
and the Twence CCU project has been used to develop the Just Catch™
portfolio of carbon capture and liquefaction products as modularized
solutions for faster
delivery and installation. Key products like the energy saver and
reclaimer have also been developed to serve a wide range of capture
capacity.
The Big Catch™ product offering is designed for mega-scale facilities
and offers a highly customized capture equipment design. This is an
overall bespoke offering that is delivered as a license and key equipment
package together with an EPC alliance partner.
All product designs allow for standardization based on readily available
materials and equipment, and are scalable to meet the specific
requirements of different industries and client-specific needs. The
products incorporate the latest technological developments and

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 11
enhancements generated through Aker Carbon Capture’s continuous
research and from ongoing projects.
I nvestment in technology
Continued technology development is a key enabler for the company’s
long-term competitive advantage. Aker Carbon Capture invests in
reducing costs associated with its product offering, ensuring to meet the
changing requirements in the CCUS market, and to develop new carbon
capture technologies and expand the portfolio to meet future market
demands.
Aker Carbon Capture focuses on reducing the net energy demand for
the carbon capture process. The company is investing in solutions that
enable the combination of advanced heat integration in the capture
process with waste heat recovery at the host facility.
Engagement with digitalization companies in the Aker ecosystem,
Cognite and Aize, as well as partners like Microsoft, will differentiate
Aker Carbon Capture’s digital offerings. There are concrete programs to
strengthen the capabilities to derive value from data, ensure efficiency
in project execution, prepare for operations and drive the transition to
efficient digital collaboration and information sharing. The data
architecture has been developed and dataOps 1 competence is secured
in-house. This enables Aker Carbon Capture to harvest data from
operations, to contextualize this data in a digital twin for further analysis
and enrichment, and for near future aftermarket business development.
Aker Carbon Capture emphasizes collaboration with universities and
scientific institutions as an important tool for innovation, and are
members of the Norwegian CCS Center (NCCS) hosted by SINTEF and
NTNU. The company broadened its engagement with the scientific
community through the projects DemoBECCS which is a research
project in collaboration with DTU related to solvent development, and
FuNITR which is a research project in collaboration with University of
Oslo related to emissions to air from carbon capture processes.
Aker Carbon Capture’s Mobile Test Unit (MTU) is a fully functional
carbon capture plant used to qualify the company’s technology for new
flue gases and to validate technical solutions in an industrial
environment.
Together with partners (SINTEF, Elkem, Norcem, Mo Industripark, SMA
minerals, Celsa Armeringsstål, Ferroglobe Mangan Norge, Norfrakalk,
Alcoa) Aker Carbon Capture qualified its technology for the smelter
industry in the world’s first pilot campaign in that industry.
To meet the interest and demand from the market, Aker Carbon Capture
is investing in a second MTU, which will be deployed in the US market in
2024.
Cost and CAPEX reduction
Significant cost reductions have already been achieved on the Just
Catch™ offering. Since 2012, the cost and footprint of Just Cath™ has
been reduced by 90 percent when comparing to the delivery of
Technology Center Mongstad, which can capture comparable amounts
of CO 2 per year.
During 2023, strong progress in cost reduction continued through focus
on the high cost drivers in fabrication and construction. The Just
Connect™ principles were developed to leverage modularization strength
and reduce the time spent in construction at site. The 3 rd generation
Just Catch™ products show significant improvement in this regard. With
the Heidelberg Materials Brevik CCS in construction, the Just Catch™
delivery to Twence CCU near completion, together with five Just Catch™
units to be delivered to Ørsted Kalundborg CCS, benefits from learning
by doing and the potential from economies of scale are becoming
evident.

| Energy efficiency Energy efficiency remains an important element in carbon capture. In 2023 we have continued to focus on developing concepts and solutions to reduce the energy demand for our process. This includes solutions where we include advanced heat integration in our own process with waste heat recovery at the host facility. |

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 12
1 DataOps is defined as a collaborative data management practice focused on improving the communication, integration and automation
of data flows between data managers and data consumers across the organization.

| Cost efficiencies and reductions |
| CAPEX |
| • Investing in maturing our Just Catch™ and delivery based on our philosophy of standardization and modularization • Learning effects from delivery of first projects • Economies of scale |
| OPEX |
| • Efficiencies in OPEX mainly driven by innovating solutions within energy efficiency • Optimal heat recovery and integration with host facility will enable cost savings |

Industries and geographies
Aker Carbon Capture has identified four prioritized market segments:
cement production, bio- or waste-to-energy generation, gas-to-power
and blue hydrogen. Carbon capture utilization and storage (CCUS) has
the potential to reduce and remove CO 2 emissions across these
segments, supporting industries in establishing sustainable business
models for the future. In addition to these industries, Aker Carbon
Capture is actively expanding its experience within new industry
segments, such as refining, process industries and pulp & paper. The
world’s first carbon capture pilot for smelters, at the Elkem facility in
Rana, Norway represents an example of how Aker Carbon Capture will
continue to help drive decarbonization in new industries.
Partnerships
In 2023, Aker Carbon Capture strategically prioritized the developing of
partnerships with Engineering, Procurement, and Construction (EPC)
firms to target large scale capture capture plants, including our Big
Catch™ offering. These collaborations are crucial as they provide the
necessary execution capacity and expertise, which are vital for
supporting the company’s growth ambitions.
Throughout the year, several Memorandums of Understanding (MoUs)
with EPC contractors were entered. The objective is to collaboratively
target large-scale carbon capture opportunities, leveraging Aker Carbon
Capture’s proprietary technology.
The partnerships with entities sharing a common interest in accelerating
the industry continue to yield benefits. A notable instance was in May
when Aker Carbon Capture’s alliance with Ørsted, Microsoft, and
Northern-Lights played a pivotal role in securing the Ørsted Kalundborg
CCS project in Denmark. The initiative, aiming to capture 430,000
tonnes of biogenic CO 2 annually, exemplifies the advantages of bringing
together technology providers, emitters, and offtakers of carbon
removals towards a shared goal.
In July, a Memorandum of Understanding (MoU) was signed with Saudi
Aramco to explore the deployment of carbon capture solutions in Saudi
Arabia. This two-year MoU focuses on reducing carbon emissions
through modular carbon capture plants, aligning with Saudi Arabia’s
Vision 2030 and Net Zero 2060 goals. This partnership underscores the
company’s commitment to global sustainability and carbon reduction.
Sustainability
Sustainability is integrated into Aker Carbon Capture’s strategy and risk
management approach. The company has identified its main Sustainable
Development Goals (SDG) impact areas and is adhering to the UN Global
Compact’s guiding principles and OECD Guidelines for Multinational
Enterprises.
The materiality assessment defines the key environmental, social and
governance disclosures for the company. In 2023 the company
performed a preliminary dual materiality assessment to prepare for
future European Sustainability Reporting Standards (ESRS). The
continuous stakeholder engagement and feedback served as key input
for the assessment. The company has selected three material topics,
reflecting the most significant impacts to the company, and has also
defined topics supporting the strategic direction of the company. More
information is available in the sustainability section of the Annual and
sustainability report. The disclosures have been prepared with reference
to the Global Reporting Initiative (GRI) Standards (2021).
Aker Carbon Capture is committed to setting Science-Based Targets for
its carbon reduction targets. The company’s first Task Force on Climate-
related Financial Disclosures (TCFD) assessment was conducted in 2021
and further matured together with a first assessment of the Task Force
on Nature-related Financial Disclosures (TNFD), available in the
appendix. The taxonomy assessment of the company’s activities is also
available in the appendix.
The company is committed to the principles addressed in the global
framework agreement for human and labor rights between the Aker
group companies and Norwegian and international trade unions.
In 2023, the company conducted supplier audits, deployed sustainability
dialogues with its critical suppliers, to further support the transition
required by the supply chains towards net zero, and continued its effort
to meet the obligations in the Norwegian Transparency Act. The
company also continued its systematical approach to ensure diversity
and inclusion, avoiding discrimination and reporting according to the
Norwegian Diversity Reporting.
More information can be found in the sustainability section of this report
and the Transparency Act progress report 2023.
Environment
Aker Carbon Capture protects the environment through products,
solutions and services that reduce the CO 2 emissions of both its
customers’ and its own operations. The most significant and positive
environmental impacts are achieved through emission reduction
solutions delivered for industrial clients.
The company also takes a holistic environmental approach to its
operations e.g. including sites, offices and business travels. To achieve
this Aker Carbon Capture has a certified environmental management
system according to ISO 14001.
Aker Carbon Capture employs an environmental impact and lifecycle
assessment from extraction of raw materials to operating capture plants.
The company enables the carbon reduction and removal through the
carbon capture plants delivered by the company. Improving energy
efficiency of the carbon capture plants can further reduce the carbon
footprint of the solutions in operation. The design has been continuously
improved, such as developing the advanced emission control systems
including the patented AntiMist™ technology, solutions to minimize net
energy use, as well as the development of an Health, Safety and
Environmentally friendly solvent portfolio, with the aim of no harm to
workers on site, surrounding communities or the environment.
More information can be found in the sustainability section of this report.

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 13
People
Organization
The long term goal for the company is to create a flexible international
organization with a collaborative and innovative culture.
As per 2023 Aker Carbon Capture has established legal entities in
Denmark, the United Kingdom, the Netherlands, Sweden and India to
further serve the growing CCUS market and secure execution capacity.
In 2023 a presence was established in the US with the view of
expanding our operations in North America going forward.
By the end of 2023, Aker Carbon Capture employed a total of 149
employees including contractors. This compared to a total of 133
employees, including contractors, at the end of the previous year.
Egil Fagerland was appointed CEO in July 2023, following Valborg
Lundegaard. He was an internal successor, previously holding the
position as CFO. Julie Berg was appointed new CFO in December,
bringing over 26 years of experience within finance and internal control,
and extensive international experience within the energy and industrial
sectors.
Following the appointment of the new CEO, a new structure was set for
the organization. It is designed to deliver on strategic priorities, with a
strengthened capability to deliver on projects and win new work. The
organizational structure is designed to maintain and strengthen the core
functional competence areas; sales, innovation and technology and
product development and project execution as well as corporate staff
functions.
Transparent and purpose-driven company culture
The company devotions are central elements in the established ways of
working as well as in formal, informal, external, and internal
communication. These processes aim to inform, include, involve, and
engage the employees.
The working environment has been a priority throughout 2023. Several
initiatives has been conducted, such as designated working groups,
executive management involvement in prioritized issues, department
workshops and the involvement of Working Environment Committee
(AMU). The company conducts employee surveys at least twice a year
and a digital proposal box is an integrated part of the management
system where all employees are encouraged to contribute with
improvement suggestions. The survey is used to monitor the level of
engagement and loyalty to the company and how well the values are
understood. The employee survey includes questions to monitor
whether employees have experienced discrimination, harassment, or
any other sort of misconduct. The results from the last employee survey
conducted indicates improvements on the prioritized areas. Following
the new organization the company’s ambition is to further strengthen
the empowerment of the employees, and provide clear insight to the
strategic direction and priorities of the company.
Aker Carbon Capture is a company in rapid growth, therefore
transparent ways of working is a key element to establish a trust-based
working culture. Being a company headquartered in Norway with a high
representation of international employees, and with an ambition of
further international growth, English has been selected as the common
working language. This secures an efficient information flow and
supports equal opportunities.
Health, Safety, Security and Environment
Aker Carbon Capture is committed to a goal of zero harm to people,
assets and the environment. The cornerstone of this objective is a
strong, structured and company-wide HSSE system, setting clear
standards for HSSE management and leadership. Regular audits aim to
identify, isolate and help address potential shortcomings. At Aker
Carbon Capture, the HSSE culture is founded on the principle that HSSE
is a personal responsibility for every employee.
In 2023 Aker Carbon Capture was recertified according to the
Occupational health and safety management system standard ISO
45001:2018, Environmental management system standard 14001:2015
and Quality management standard 9001:2015, covering all offices in
Norway, UK and Denmark.
Health and working environment
Aker Carbon Capture is committed to accident prevention, but also
safeguarding employee’s physical and mental health. Easy access to a
variety of services from health care professionals provided by Aker
Care, our corporate health service provider.

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 14
In 2023, construction work was ongoing at the Heidelberg Materials
Brevik CCS and the Twence CCU sites, as well as preparations for
Ørsted Kalundborg CCS sites, and follow up of local sub-contractors.
The working environment committee (AMU) in 2023 focused on various
topics to enhance the physical and psychosocial work environment
including resolving identified challenges. A safety delegate was elected
at the UK office in 2023, aiming to enhance workplace safety and
compliance, thereby contributing to a safer and healthier work
environment for the employees. The broader Aker group provides
various support including health webinars and free consultancy by
medical professionals.
Aker Carbon Capture’s global sick leave for 2023 was 2.03 percent.
Safety
Aker Carbon Capture operates with a zero harm mindset and the belief
that all incidents can be prevented. In 2023 no serious incidents were
reported. As ongoing construction work continued in 2023 for the
Heidelberg Materials Brevik CCS and Twence CCU projects in addition
to the start-up of the Ørsted Kalundborg CCS project, continuous
improvements of the operational safety-related procedures and
measures were done.
The company maintains a strong set of reporting structures,
methodologies and metrics such as Lost Time Injury Frequency (LTIF)
and Total Recordable Injuries Frequency (TRIF), in order to measure
performance and drive improvement across the company.
Security
Aker Carbon Capture’s commitment towards safeguarding employees,
assets and reputation is demonstrated by the core team of security
professionals and the operation of a 24/7 Global Security Operations
Center. The Center is supporting all aspects of Aker Carbon Capture’s
operations as well as some affiliated Aker companies. No serious
security incidents were reported in 2023.
In the aftermath of Russia's invasion of Ukraine, monitoring the cyber
attack landscape has become more crucial than ever. As part of the Aker
group, Aker Carbon Capture continuously monitors the threat landscape
and takes the necessary steps to safeguard employees, systems, data
and products.
Phishing emails remain the most important vector for cyber attacks and
further measures have been taken to secure email, improve capabilities
to identify ongoing malicious activities and increase employee
awareness of cyber threats. With smarter products connected to the
internet, there is an increased risk to these devices and the systems
they are connected to. Precautions have been taken to protect Aker
Carbon Capture and its assets.
Emergency preparedness and response
The company’s capabilities within crisis management are managed with
the support from the Aker group. Processes for emergencies and
emergency response are in place for all locations and projects.
Dedicated resources are assigned to advise and assist management on
development of systems and structure of emergency response and
business continuity. A cloud-based system, RAYVN, for efficient
notification and coordination of critical events, supports emergency
response through an assigned critical event response team.
Emergency preparedness and exercises conducted in 2023 have shown
that the company's emergency preparedness organization is agile,
adaptive, and successful in responding to crises.
Safeguarding diversity, equal opportunity and
inclusion
Aker Carbon Capture had a total of 149 employees a t the end of 2023.
The company is strongly committed to the principles of non-
discrimination and equal opportunity, regardless of gender, nationality or
other factors. Men have traditionally dominated the industry. This
continues to be reflected in the organization, where around 33 percent
percent of the employees are women. The representation of women in
executive management roles was 50 percent in 2023. Aker Carbon
Capture’s workforce represented 19 nationalities and a range of
competencies and insights, benefiting both its partners and the
business.
Aker Carbon Capture seeks to promote inclusion and diversity in its
workforce through clear recruitment requirements, development of
individuals and programs supporting equal opportunity in accordance
with its people policy and recruitment procedures. More information
regarding the company’s commitment to equity and diversity is available
in the sustainability section of this report and in the Equality and anti-
discrimination report 2023.
Aker Carbon Capture has a procedure for handling whistleblower cases,
which is followed with respect to investigating discrimination allegations.
All allegations are investigated and feedback provided to the
whistleblowers where identity is known. At the end of 2023 no such
cases had been reported.
Leadership, talent and performance
Aker Carbon Capture’s ambition is to offer professional development,
worldwide career opportunities, competitive pay and benefits and a
healthy work-life balance for all its employees. The company has a
digitally-connected, collaborative and hybrid workplace for all
employees. This will enhance end-user collaboration and
communications through an agile, mobile and secure computing
platform, in this case the Microsoft Office 365 tool set.
The company’s performance process is built upon frequent performance
conversations between managers and employees to ensure that all
employees work towards common goals, accelerate performance and
help people grow and develop. The dialogues are mandatory for all
employees and have been simplified to make them efficient and
impactful for both leader and employee.
During 2023 the company reinforced the focus on leadership cultural
awareness. The company conducted speak up training, openness
culture training, and workshops on Aker Carbon Capture behaviors to
create true ambassadors for the Aker Carbon Capture culture. In
addition, the company established new operational processes to engage
and create ownership to the company deliverables.

| Aker Carbon Capture is committed to creating an inclusive environment where diversity is valued and equality is embedded in our business processes. The representation of women in executive management was 50% in 2023. |

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Corporate governance
Aker Carbon Capture ASA is a public limited liability company,
established under Norwegian law and listed on the Oslo Stock
Exchange.
Good corporate governance at Aker Carbon Capture will ensure
sustainable operations and value creation over time. Corporate
governance is a framework of processes and responsibilities for
managing the business and making sure the right objectives, strategies
and safeguards are set and implemented with results that can be
measured and followed up.
Strong governance over sustainability ensures that Aker Carbon Capture
is managed in accordance with effective and sound principles for the
benefit of all stakeholders such as employees, customers, shareholders
and society at large.
The Board of Directors is responsible for ensuring that the company
conducts business using sound corporate governance as implemented
through mandates and reporting lines for the governing bodies of the
company, hereunder for the subsidiaries.
The Board of Directors holds exclusive authority under the company’s
authorization matrix to approve matters of significance. The Board of
Directors regularly receives extensive reports from the Chief Executive
Officer and the Chief Financial Officer on key aspects of the business.
These reports reflect underlying reporting to the executive management
from the business operations.
The Board of Directors is the highest authority that oversees the
sustainability work in the company. The sustainability policy, material
aspects, sustainability targets and key priorities, as defined in the
corporate strategy, are approved by the Board of Directors. Climate
risks and other sustainability related risks are discussed with the board
as part of the company’s Enterprise Risk Process.
The Chief Executive Officer is accountable for setting the direction for
the sustainability work and for establishing the company’s sustainability
ambitions. Together with the Executive Management Team, the Chief
Executive Officer reviews and approves the sustainability targets, key
priorities and materiality assessment on an annual basis. The Executive
Management Team discusses sustainability, including climate-related
risks and opportunities, on a regular basis. Progress on the sustainability
work is reviewed as part of the Executive Management Team’s Quarterly
Business Review meetings.
The Board of Directors is also responsible for Aker Carbon Capture’s
Code of Conduct, which outlines the company’s commitments and
requirements for ethical business practices and personnel conduct. The
Code of Conduct describes what Aker Carbon Capture expects from its
employees, subsidiaries, subcontractors, representatives and other
partners, and explains the company’s policies in a number of areas of
particular importance such as anti-corruption, human rights, working
conditions and employee matters, sustainability and environmental
matters, third party management and business partner conduc t. The
Code of Conduct is available at the company’s webpage. The Code of
Conduct is operationalized through the company’s management system,
which contains more detailed and practical policies and procedures.
The Audit Committee of Aker Carbon Capture supports the Board of
Directors related to its responsibility for oversight over the management
and safeguarding of the company’s resources. Key areas of the Audit
Committee’s mandate relate to review of and internal controls over
financial and ESG reporting, corporate governance, compliance,
whistleblowing, risk management, sustainability and climate, related
party transactions, review of external auditor’s qualifications,
independence and performance, and the tender process concerning
external auditor. T he company’s Head of Compliance reports directly to
the Audit Committee.
The sustainability function monitors the implementation of the
sustainability ambitions, which is executed by the line management and
relevant risk owners. The sustainability function frequently engages with
internal and external stakeholders, monitors contextual developments
relevant for the sustainability ambitions and ensures that the company’s
material aspects are at all times updated and relevant.
The directors and officers of Aker Carbon Capture ASA are covered
under an Aker group Director & Officer’s Liability Insurance (D&O). The
insurance covers personal legal liabilities including defense and legal
costs. The coverage also includes employees in managerial positions or
employees who become named in a claim or investigation.
More information can be found in the Corporate governance report.
Risk management

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Aker Carbon Capture operates under policies and procedures that
promote proactive risk management to mitigate potential adverse impact
on financial results, financial standing and operational performance to
ensure financial reporting quality. The Board of Directors is responsible
for ensuring that Aker Carbon Capture has sound internal control and
systematic risk management that is appropriate in relation to the extent
and nature of the group’s activities. On an annual basis, the Board of
Directors carries out a detailed review of the company’s most important
areas of exposure to risk and its internal control arrangements. In
particular, changes to material risks and the group’s ability to respond to
internal and external business changes is addressed. An updated
enterprise risk assessment is presented to and discussed with the Audit
Committee and Board of Directors on a quarterly basis.
The group’s Audit Committee carries out preparatory work for the Board
of Directors’ monitoring of financial and ESG reporting. On a quarterly
basis, the Audit Committee monitors the group’s systems for Internal
Control over Financial Reporting (ICFR), routines for monitoring risks and
external reporting processes. It also maintains regular contact with the
group’s auditor in respect of the statutory audit of the annual accounts.
The Audit Committee reports and makes recommendations to the Board
of Directors, but the Board of Directors retains responsibility for
implementing such recommendations.
Aker Carbon Capture has implemented a risk-based management
system with clear policies and procedures to facilitate risk management.
The overarching governance policy requires the group to ensure active
identification and management of risks in activities to ensure safe
operations and achievement of strategic objectives. This risk-based
approach has been adopted across all company policies and further
operationalized through the group’s Enterprise Risk, Quality Operations,
and ICFR procedures. Through these governing processes, Aker Carbon
Capture controls risks, effectuates risk reducing measures,
systematically identifies business opportunities, increases the effect of
improvement efforts, and ensures quality of internal and external
reporting.
The Enterprise Risk process facilitates the operational risk management
activities and organizes processes to aggregate an enterprise view of
risk exposure and mitigating plans. The identified risk factors’ materiality
is defined by assessing the likelihood and consequence based on both
quantitative and qualitative factors. Risk mitigation plans are
implemented for the risks with the largest materiality and potential to
impact the group’s performance.
The Quality Operations process facilitates risk control, implementation of
risk reducing measures and systematic identification of business
opportunities in the management of Aker Carbon Capture’s operations.
The aggregated business and risk perspective of Aker Carbon Capture’s
operations is reported and reviewed through quarterly business reviews
covering strategic and enterprise risk related topics, monthly operating
reviews covering operational and financial topics, and monthly project
reviews covering project execution related topics.
The ICFR process is based on the Committee of Sponsoring
Organizations of the Treadway Commission framework and is an
integrated part of Aker Carbon Capture’s governance model. The ICFR
process is risk-based and an important part of the financial reporting
process which is carried out throughout the business activities of Aker
Carbon Capture’s subsidiaries and projects. The main priority through
2023 has been to formalize internal control activities addressing the
risks identified across all processes. The outcome of the risk
assessment and suggested mitigating actions have been shared and
aligned with the Audit Committee and the external auditor.
Although risk is managed and mitigated systematically throughout Aker
Carbon Capture, the group is operating in a global market which is
influenced by CO 2 taxes, government subsidies and volatile commodity
prices which provide both opportunities and risks that may still affect
the company’s operations, performance, finances, reputation and share
price. It is evident that external risk factors such as war, pandemics,
market risk, CO 2 tax levels, ethical and political risks and climate related
risks may have a significant adverse impact on the company, in addition
to internal risk factors such as operational risks and financial risks such
as liquidity risk arising from fluctuations in working capital. Principal risk
factors and uncertainties are further described below.
Principal risk factors and uncertainties
Market risk
The market outlook for CO 2 capture has been steadily increasing over
time, driven by a clear need for carbon capture to reduce the climate
effects and reach net zero targets. The industry relies heavily on
government subsidies, CO 2 markets such as EU ETS, and further

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 17
development of CO 2 transportation and permanent CO 2 storage.The
main risks related to the market are listed below:
• Slow ramp-up of carbon capture and storage in key markets leading
to delayed realization of Aker Carbon Capture’s ambition to secure
contracts to capture 10 million tonnes of CO 2 per annum by 2025,
resulting in lower revenue and profit potential for the company in the
near-term
• Heavy dependence on government and other non-commercial
funding and regulatory policies leading to delayed investment
decisions for key carbon capture developments in key markets,
where government subsidies represent a significant element of the
business case
• Long-term low carbon prices, taxes and/or credits could limit the
commercial attractiveness of carbon capture and storage, and could
result in limited attractiveness for the carbon capture as a service
business model
• Strong demand for carbon capture and storage could drive cost
escalation, capacity constraints, delays and logistics challenges in
the carbon capture and storage value chain that adversely impact
market attractiveness
• The war in Ukraine and the strong European and American sanctions
against Russia, the war in Gaza and new global pandemics could
have significant negative effects on the global economy, energy
markets and inflation levels with operational impact for Aker Carbon
Capture
• The recent slowdown of economic activity and global tightening of
financial conditions may affect Aker Carbon Capture’s customers’
appetite and ability to invest in green technology
Operational risk
Aker Carbon Capture is subject to project execution and contractual risk
through contracts on fixed price, reimbursable and a combination of
these. The main risks are related to fixed price contracts, where
potential cost overruns will need to be covered by the company. The
projects, such as Heidelberg Materials Brevik CCS, Twence CCU, Ørsted
Kalundborg CCS and ongoing FEEDs, are demanding from a technology
and complexity point of view, with extensive sourcing, sub-contracting
and project management activities. These can impact upon the
company’s ability to deliver on time and in accordance with a contract,
potentially harming Aker Carbon Capture’s reputation, performance and
finances.
During large construction projects Aker Carbon Capture is also exposed
to health and safety risk, and the company is continuously working to
avoid all harm to personnel, products and the environment through
health and safety standards, training of employees and contractors, and
monitoring of HSSE performance.
Factors that may have an adverse material effect on the business,
results of operations and finances of Aker Carbon Capture include, but
are not limited to:
• Loss of business from a significant customer, delivery issues or
alterations to order backlog
• Ability to stay competitive or ability to develop a significant market
position, in particular in new markets such as North America
• Commercialization and development of new technologies
• Partnerships, joint ventures and other types of cooperation that
expose Aker Carbon Capture to risks and uncertainties outside its
control
• Significant delays or quality issues impacting project delivery or
performance
• Non-delivery and/or disputes with key suppliers or customers
• Inability to achieve targeted standardization, modularization and
cost reduction ambitions for key products and offerings
• Inability to secure competent and relevant resources as activity
levels increase
• Cybercriminals and cyber security issues leading to system
downtime or significant loss of intellectual property
• In addition there is a risk of supply chain delay or cost inflation due
to unforeseen external circumstances such as:
– Social unrest on the back of the war in Ukraine, sanctions
against Russia, the war in Gaza, unrest in the Middle East and
democratic decline and influx of migrants in already strained
areas
– Impact of COVID-19 outbreak or other infectious diseases may
have substantial negative effects on the global economy with
operational impact for Aker Carbon Capture
ESG and political risks
Aker Carbon Capture has implemented Sustainability policies and
procedures covering the aspects across Environment, Social and
Governance (ESG) to act according to domestic and international
standards, anchored with the Code of Conduct available on the
company website. The company has limited direct exposure in countries
associated with high political, corruption and human rights risks.
However, the implementation of sanctions against Russia increases the
risk and intensifies the awareness required also in Europe. Aker Carbon
Capture could, nevertheless, potentially become involved in non-
compliance or unethical behavior, either directly or through third parties
and partners.
Aker Carbon Capture has zero tolerance for corruption and non-
compliance and works systematically to avoid such behavior. To ensure
compliance with laws and regulations and international standards, all
employees are trained in the Code of Conduct on an annual basis. The
company expects suppliers to act in accordance with the standards set
out in the Code of Conduct for Business Partners. Aker Carbon Capture
has a whistleblower channel where issues of concern related to the
company and its operations can be reported.
Aker Carbon Capture is exposed to legal, regulatory, and political risks,
decisions on environmental regulation and international sanctions that
impact supply and demand, as well as risks associated with unethical
and criminal behavior.
The company has set carbon reduction targets towards 2030 and is
dependent on supply chain collaboration to ensure the development and
access to low carbon materials.
Climate and nature risk
Aker Carbon Capture has performed an assessment according to the
‘Task Force for Climate-related Financial Disclosures’ (TCFD), and an
early assessment of Nature-Related Financial Disclosures (TNFD),
addressing the disclosures related to the four thematic areas that
represent core elements of how companies operate: governance,
strategy, risk management, and metrics and targets, available in the
appendix.
If the world does not respond to the global climate change crisis
according to the targets set out in the Paris agreement, Aker Carbon

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 18
Capture could see a slower market demand for CCUS solutions. In the
longer term, climate change consequences such as physical effects
could directly impact Aker Carbon Capture’s business and the full CCUS
value chain. Accordingly, our analysis focuses on both transitional risks
up to 2030 and physical risks past 2030.
The European energy crisis has led to higher energy costs and policy
measures to encourage energy savings and reduce energy demand.
This increases the importance of energy efficiency in the carbon capture
process and may further delay deployment of CCUS solutions.
These risks are tracked as part of the overall risk management system in
the company and subsequently managed in the company strategy with a
high degree of involvement by Board of Directors and the Executive
Management Team.
The company’s response to climate-related risks and opportunities
spans all areas of the business including project development,
technology development and investments. Considering the potential
different effects due to climate change, there are a range of responses
that are common for the two scenarios:
• Through collaboration with customers ensure that the individual site
is assessed with respect to acute and chronic risks due to climate
change
• Through the company’s sustainability program address risks and
opportunities in the supply chain, leveraging the company’s
purchasing power to support the transition to green industry
• Advocacy towards governments, public and organizations to ensure
knowledge on carbon capture and storage as a solution to combat
climate change
• Leverage memberships and partnerships to learn across industries
and access to know-how and ideas on how to continuously improve
on climate risk response
Financial risks
The objective of financial risk management is to manage exposure from
financial risks to increase predictability of earnings and minimize
potential adverse effects on financial results and performance.
Aker Carbon Capture is exposed to a variety of financial market risks
such as currency risk, interest rate risk, tax risk, price risk, credit and
counterparty risk, liquidity risk and capital risk as well as risks associated
with access to and terms of financing i ncluding the management of
working capital fluctuations which is primarily linked to project execution
and project milestones on lump sum projects.
The financial risks affect the group’s income and the value of any
financial instruments held. The objective of financial risk management is
to manage and control financial risk exposures and thereby increase the
predictability of earnings and minimize potential adverse effects on Aker
Carbon Capture’s financial performance. Aker Carbon Capture and its
subsidiaries will use financial derivative instruments to hedge certain risk
exposures. Risk management is performed in every project in order to
identify, evaluate and hedge financial risks under policies approved by
the Board of Directors.
Financial risk management and principal financial risk factors and
uncertainties are further described in detail in note 14 and capital
management is described in note 13.
Financial performance
Aker Carbon Capture presents its consolidated financial statements in
accordance with the IFRS® Accounting Standards as adopted by the EU.
All amounts below refer to the consolidated financial statements for the
group, unless otherwise stated. The financial statements cover the
period from 1 January 2023 to 31 December 2023.
In the period, the company’s revenues increased from NOK 781 million in
2022 to NOK 1,605 million in 2023, primarily driven by increased activity
on the Heidelberg Materials Brevik CCS, Twence CCU and Ørsted
Kalundborg CCS projects. Operating loss ended at negative NOK 211
million, compared to negative NOK 223 million in 2022. The higher
operating loss was primarily caused by an increase in salary and
personnel costs as well as other operating expenses in line with
increasing activity levels and growth ambitions of the company. While
revenue has been recognized on the Ørsted Kalundborg CCS project, no
margins have been recognized in 2023 due to the project being in the
early stages. Loss for the period was negative by NOK 171 million,
compared to NOK 204 million in 2022. Loss per share was negative NOK
0.28, versus a loss of NOK 0.34 per share in 2022.
Total assets of the group amounted to NOK 1,688 million as of
31 December 2023, compared to NOK 1,297 million in 2022. The group
had a cash position of NOK 1,112 million and negative net current
operating assets at NOK 671 million, respectively 1,093 million and 334

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 19
million in 2022. The company has no interest-bearing debt. Total equity
amounted to NOK 702 million at year-end 2023, resulting in an equity
ratio of 42 percent, compared to 878, and an equity ratio of 68 percent
as of year-end 2022.
Cash flows from operating activities ended 2023 at a positive NOK 171
million compared to negative NOK 118 million in 2022. This was
significantly higher than the operating loss of NOK 211 million due to a
positive cash effect from changes in net current operating assets. Cash
flows from investing activities were negative by NOK 147 million,
compared to negative NOK 105 million the year before. The cash flow
from investing activities mainly reflects capitalized development costs
related to the carbon capture technology. Cash flows from financing
activities were negative by NOK 9 million in 2023 and NOK 9 million in
2022 mainly due to payment of finance lease liabilities.
Parent company and allocation of net loss
The parent company Aker Carbon Capture ASA is the ultimate parent
company in the Aker Carbon Capture group. Its business is the
ownership and management of the subsidiaries Aker Carbon Capture
Holding AS, Aker Carbon Capture Norway AS, Aker Carbon Capture UK
Ltd., Aker Carbon Capture Denmark A/S, Aker Carbon Capture India Pvt.
Ltd., Aker Carbon Capture Sweden AB and Aker Carbon Capture
Netherlands B.V. Aker Carbon Capture ASA has outsourced all company
functions to its subsidiaries.
Aker Carbon Capture ASA has a net profit of NOK 17 million in the period
from 1 January 2023 to 31 December 2023, compared to a net loss in
2022 of NOK 2 million. The net profit in 2023 mainly stems from interest
income on the net deposit in the cash pool arrangement. T he company is
currently in a growth phase and no dividend has been proposed. It is the
company’s ambition to pay an attractive dividend to be distributed to
shareholders as cash dividends or share buybacks, or a combination of
both in the future.
The board thereby proposes the following allocation of net loss
(amounts in NOK million):

Dividends: | —
To retained earnings: | 17
Total allocated: | 17

Going concern
The war in Ukraine and subsequent strong European and American
sanctions against Russia have had significant negative effects on the
global economy, energy markets, supply chain and inflation levels. In
addition, the war in Gaza and unrest in the Middle East is also impacting
supply chains and the global economy. This may continue going forward.
Aker Carbon Capture will continue to take measures to mitigate any
negative impact for the company, including measures required to
comply with sanctions and meet restrictions from governmental
authorities.
Since the establishment of Aker Carbon Capture in 2020 the world has
been hit by a global pandemic. In 2023 the impacts of the Covid-19 virus
continued to impact the supply chain in some areas.There is a risk that
new pandemics and outbreaks, or other unforeseen external
circumstances, may have substantial negative effects.
Aker Carbon Capture has no external debt and a solid liquidity reserve
as of 31 December 2023. Therefore, in accordance with the Norwegian
Accounting Act, the Board of Directors confirms that the going concern
assumption, on which the consolidated financial statements have been
prepared, is appropriate.
Fornebu, 17 March 2024
Board of Directors and Chief Executive Officer of Aker Carbon Capture ASA

Kristian Røkke
Chair

Linda Litlekalsøy Aase
Director

Nina Jensen
Director

Bent Christensen
Director

Oscar Fredrik Graff
Director

Åse Marit Hansen
Director

Liv Monica Stubholt
Director

Egil Fagerland
Chief Executive Officer

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 20
Board of Directors
Read more about our Board of Directors on the
following pag es.

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AKER CARBON CAPTURE ANNUAL AND SUSTAINABILITY REPORT 2023 21

| Kristian Monsen Røkke Chair (non-independent) |
| Year of birth: 1983 |
| Citizenship: Norwegian |
| Position: CEO of Aker Horizons ASA |
| Education: MBA from The Wharton School of the University of Pennsylvania. |
| Experience and skills: Kristian Røkke is CEO of Aker Horizons ASA and has extensive experience from industry and M&A, including offshore oil services, shipbuilding, renewable energy and green technologies. Mr. Røkke was chief investment officer of Aker ASA prior to joining Aker Horizons, and CEO of Akastor ASA and Philly Shipyard ASA where he also held several operational roles including SVP Operations. |
| Key external assignments: As CEO Mr. Røkke is currently chair of the board of Aker Carbon Capture ASA and Aker Mainstream Renewables. Mr. Røkke is also chair of Philly Shipyard ASA and board member of HMH Holding B.V. and The Resource Group TRG AS, the majority shareholder of Aker ASA. |
| First elected: 2020 |
| Term of office: 2022-2024 | Shares owned at year-end 2023: 0 |
| Audit Committee member: No | Board meeting attendance 8/8 |

| Nina Kristine Jensen Director (non-independent) |
| Year of birth: 1975 |
| Citizenship: Norwegian |
| Position: Chief Executive Officer of REV Ocean |
| Education: Master’s degree in Marine Biology from UIT – The Arctic University of Norway |
| Experience and skills: Ms. Jensen is the CEO of REV Ocean and is a tireless champion for promoting environmentally responsible solutions for the world’s ocean. She started this position in 2018 after 15 years of positive impact in WWF-Norway (as Secretary- General since 2012). |
| Key external assignments: Ms. Jensen is a board member of KR Foundation, The Business for Peace Foundation, Project Energy Reimagined, Ocean Wise, HUB Ocean, Polyteknisk Forening and The Brain Tumour Association. She was named Young Global Leader by the World Economic Forum in 2014. She is also part of Friends of Ocean Action and an advisor to the High-Level Panel for a Sustainable Ocean Economy. |
| First elected: 2020 |
| Term of office: 2023-2025 | Shares owned at year-end 2023: 0 |
| Audit Committee member: No | Board meeting attendance 6/8 |

| Oscar Fredrik Graff Director (independent) |
| Year of birth: 1952 |
| Citizenship: Norwegian |
| Position: Owner of Graff Consulting |
| Education: Master’s degree in chemical engineering from the Norwegian University of Science and Technology (NTNU) |
| Experience and skills: Mr. Graff joined Aker in 1980. Since 2000 he has been instrumental in the development of carbon capture technology to reduce carbon emissions. Mr. Graff was appointed as Chief Technology Officer for Aker Clean Carbon in 2008 and has up to 2020 been responsible for Carbon Capture in Aker Solutions. Mr. Graff has held several positions in CO 2 and climate related technical boards and advisory committees in Norway, UK and the EU, including ZEP (Zero Emissions Platform). Coach and board member in local football clubs. Member of Norwegian Society of Graduate Technical and Scientific Professionals (TEKNA). |
| Key external assignments: No |
| First elected: 2020 |
| Term of office: 2023-2025 | Shares owned at year-end 2023: 10.000 |
| Audit Committee member: No | Board meeting attendance 8/8 |

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| Liv Monica Bargem Stubholt Director (independent) |
| Year of birth 1961 |
| Citizenship: Norwegian |
| Position: Partner in Norwegian law firm Selmer |
| Education: Cand. jur. degree from the University of Oslo |
| Experience and skills: Ms. Stubholt has more than 20 years’ experience as a corporate lawyer and has held several top executive positions in Aker ASA and has been State Secretary both at the Norwegian Ministry of Foreign Affairs and the Ministry of Petroleum and Energy. Ms. Stubholt is especially qualified within governance and compliance and has valuable understanding of political processes. She holds several nonexecutive board positions in the energy and seafood sectors and she is a council member of the Department for Energy Law at the Faculty of Law in Oslo. She serves as member of the international board of World Ocean Council. |
| Key external assignments: Chair of the board of Green Ammonia Berlevåg AS, Silex Gas Norway AS and as director of the board of Gigante Salmon ASA, Vår Energy AS, Mjölnir Invest AS, Andrevind AS, Aquaship AS and SINTEF Energi AS. |
| First elected: 2021 |
| Term of office: 2023-2025 | Shares owned at year-end 2023: 0 |
| Audit Committee member: Yes (Chair of Audit Committee) | Board meeting attendance 7/8 |

| Linda Litlekalsøy Aase Director (independent) |
| Year of birth: 1966 |
| Citizenship: Norwegian |
| Position: Chief Executive Officer of Bremnes Seashore AS. |
| Education: Masters degree in material technology from the Norwegian University of Science and Technology (NTNU). Business economics and management accounting at the Norwegian School of Economics (NHH) |
| Experience and skills: Ms. Aase has 20 years of industry experience and has held a variety of Ms. Aase has 20 years of industry experience and has held a variety of leadership positions, most recently as CEO of SalMar ASA. Prior to this she was with Aker Solutions as part of the Executive Management Team, Head of Electrification, Maintenance and Modifications. Winner of Women’s Board Award Norway 2022. |
| Key external assignments: Director of Enova SF and Eksfin (Export Finance Norway) |
| First elected: 2021 |
| Term of office: 2023-2025 | Shares owned at year-end 2023: 19 551 |
| Audit Committee member: Yes | Board meeting attendance 8/8 |

| Bent Christensen Director (independent) |
| Year of birth: 1960 |
| Citizenship: Danish |
| Position: Owner and Chief Executive Officer of Christensen Management Consulting ApS |
| Education: Executive Board Education, CBS Executive Fonden. Executive Development Program, IMD. Engineering Business Administration, Horsens University College. BSc Electrical Engineering, University of Southern Denmark. |
| Experience and skills: Mr. Christensen has more than 35 years of international experience within the energy sector including several C-level executive positions. He has experience as non-executive director/supervisory board member from more than 25 international companies. Mr. Christensen has worked with a broad portfolio of renewable and fossil fuel technologies. His roles have among others included Senior Vice President positions at both Siemens and Ørsted. Mr. Christensen has since 2019 been running his own consultancy business. |
| Key external assignments: Mr. Christensen is currently Chairman of the board of Wind Estate A/S, Denmark; and Owner and CEO of Christensen Management Consulting ApS. |
| First elected: 2022 |
| Term of office: 2022-2024 | Shares owned at year end 2023: 0 |
| Audit Committee member: No | Board meeting attendance 8/8 |

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