Oslo, Norway / Stockholm, Sweden September 10 2025 - Capsol Technologies ASA
(Capsol or Capsol Technologies), a leading provider of carbon capture
technology, announces the expansion of the strategic partnership with Munters, a
global provider of mass transfer, mist elimination and humidity control
solutions.
Capsol and Munters have signed a new commercial collaboration agreement that
builds on a partnership initiated last year to increase carbon capture
efficiency and bring down costs through joint R&D efforts and testing. Following
the successful initial collaboration, the parties have identified significant
synergies and will deepen the relationship through a coordinated go-to-market
strategy to serve more projects with Capsol's carbon capture process and Munters
mass transfer and mist elimination solutions.
"Over the past year our teams worked exceptionally well together, proving how
complementary our solutions are. Extending the relationship into a more
commercial collaboration is the natural next step. It reflects our broader
strategic shift toward a carbon-capture platform that makes CCUS easier to buy
by combining technology leadership with strong partners along the customer
journey. Munters offering strengthens ours and helps customers advance projects
with greater speed and confidence." said Wendy Lam, CEO of Capsol Technologies
ASA.
Following on the investment by Munters last year, the company increases its
investment in Capsol Technologies with additional EUR 2 million through a
private placement, bringing their total investment to date to EUR 4 million. The
collaboration agreement and Munters investment strengthens Capsol's capacity to
mature and deliver on its strategic initiatives aimed at accelerating
shareholder value creation, while also reinforcing the company's financial
solidity.
"Having worked with Capsol over the last year and a half we have already seen
our joint compatibility, both technical, commercial and cooperative. Capsol's
technology is attractive for emitters, and we are confident that this strategic
partnership will strengthen the position of both parties in the eyes of existing
and new customers," said Henrik Teiwik, Group VP and President of Airtech at
Munters.
Wendy Lam, Capsol's CEO, added:
"It has been a pleasure working with Munters since the inception of this
partnership and we have seen firsthand how their offerings put us in a position
to jointly improve the attractiveness of carbon capture for large emitters.
Carbon capture requires long-term efforts and long-term relationships like the
one we have with Munters is an instrumental part of how we jointly create value
while helping industries deliver on their decarbonization plans. We take Munters
investment as a testament to Capsol's technology leadership and strong
commercial prospects."
Based on the prospects of new CapsolGo[®] campaigns currently in negotiation,
higher value engineering work and FEEDs expected before 2025, Capsol expects to
significantly reduce its cash burn, keeping a path to break-even during 2026. In
addition, the company has multiple high-conviction projects with potential FID's
in 2026 which could materially add to the cash generation of the company. Based
on target revenues of 10-15 EUR/tonnes, one fully priced FID could be sufficient
to generate positive EBITDA for three years.
Further to this, Capsol's board of directors has resolved to issue 3,111,618 new
shares towards Munters, each with a nominal value of NOK 0.50, pursuant to a
board authorization to issue new shares granted by the annual general meeting on
21 May 2025. The investment is made at a price per share of NOK 7.54, based on
the volume weighted average price per share over the previous 30 trading days
ending on 5 September 2025. Also, the subscription price represents a 19%
premium to the closing price on 9 September 2025.
The private placement represents a deviation from the shareholders' pre-emptive
right to subscribe for the issuance of new shares. The board of directors of
Capsol has considered this in light of the equal treatment obligations under the
Norwegian Public Limited Companies Act and the Norwegian Securities Trading Act
and deems that the private placement is in compliance with these obligations.
The board is of the view that it will be in the common interest of the Company
and its shareholders to raise the equity from Munters, both from a financial and
industrial perspective. The private placement is expected to be done in an
efficient manner, and at a higher subscription price and lower cost than a
rights issue. The board has together with Capsol's advisors carefully considered
and concluded that a subsequent repair issue directed to all shareholders in the
company is not required.
Following registration of the share capital increase pertaining to the issuance
of the new shares towards Munters, the Company's share capital will be NOK
33,005,143.50, divided into 66,010,287 shares, each with a par value of NOK 0.5.
As communicated in the Q2 2025 report, several strategic partnership processes
are progressing steadily, supported by Pareto Securities, with continued
momentum expected in H2 2025. Pareto Securities is acting as financial advisor
and CMS Kluge is acting as legal counsel in the private placement. BAHR is
acting as legal advisor to Munters.
For further information, please contact:
Jacob Zeno Clausen Krøvel
SVP Investment and Strategy, Capsol Technologies
+47 4840 3225
jacob.krovel@capsoltechnologies.com
About Munters AB
Munters is a global leader in energy-efficient air treatment and climate
solutions. Using innovative technologies, Munters creates the perfect climate
for customers in a wide range of industries. Munters has been defining the
future of air treatment since 1955. Today, around 5,000 employees carry out
manufacturing and sales in more than 25 countries. Munters Group AB reported
annual net sales of more than SEK 15 billion in 2024 and is listed on Nasdaq
Stockholm. For more information, please visit
www.munters.com (https://nam04.safelinks.protection.outlook.com/?url=https%3A%2F%
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0).
About Capsol Technologies
Capsol Technologies ASA is a carbon capture technology provider with a goal of
accelerating the 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 (https://www.capsoltechnologies.com/).
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This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and Capsol is obliged to make the information public
pursuant to the EU Market Abuse Regulation and Section 5-12 of the Norwegian
Securities Trading Act. This stock exchange announcement was published by Jacob
Zeno Clausen Krøvel on the time and date provided.