In the second quarter, Aker Carbon Capture ASA ("ACC ASA") finalized a joint
venture (JV) with SLB. The JV strategically combines technology portfolios,
expertise, and operational platforms to support accelerated carbon capture
adoption for industrial decarbonization at scale. ACC ASA booked a gain on the
sale of NOK 4.9 billion and the cash position at the end of the second quarter
was NOK 4.5 billion.
"We are immensely proud of making carbon capture a reality today with seven
technology installations in progress in Norway, Denmark and the Netherlands that
have the combined capacity to capture up to 1 million tonnes of CO2 emissions
per year. Through the JV with SLB, we will scale industrial decarbonization and
commercialize disruptive technologies for the future. This JV marks a defining
moment in our strategy, and we are confident that the partnership with SLB will
create significant value for all our stakeholders," said Valborg Lundegaard, CEO
of Aker Carbon Capture ASA.
SLB and Aker Carbon Capture ASA close JV transaction
In June, ACC ASA and SLB announced the closing of their carbon capture JV.
Carbon capture is a key technology to fight climate change and achieve net zero
by reducing greenhouse gas emissions from power and hard-to-abate industrial
sectors. The new JV is well positioned to deploy decarbonization at scale. ACC
ASA will retain a 20% ownership stake in the JV and will continue to further
develop the business together with SLB, which will hold the remaining 80%
ownership stake. The new company will be headquartered in Oslo.
For further details on the JV transaction, reference is made to transaction
announcement: https://akercarboncapture.com/?cision_id=DB4E7DA6FBE9D754
Market development and commercial activity progressing
The first half of 2024 saw high activity in the overall carbon capture market
and for Aker Carbon Capture, notably including further progress with supportive
government policy, the development of carbon removals, and the formation of
progressive industry partnerships.
Aker Carbon Capture saw high activity in early-stage work such as test
campaigns, FEEDs, pre-FEEDs and studies and took major steps to develop its
position in the important North American market. This included signing
Memorandum of Understanding agreements with MAN Energy Solutions for CO2 capture
and compression, and with carbon capture developer CO280 and Microsoft to
accelerate full-scale carbon removal, initially targeting biogenic CO2 emissions
from the pulp and paper industry. This builds on the existing partnership
between Aker Carbon Capture, Ørsted and Microsoft that supports the landmark
Kalundborg CCS project in Denmark.
The Twence CCU, Heidelberg Materials Brevik CCS and Ørsted Kalundborg CCS
projects continued to progress in the quarter and are currently the most mature
large-scale carbon capture projects under construction in Europe.
· The Heidelberg Materials Brevik CCS project in Norway, a Big Catch facility,
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 CO2 per
year.
· Ørsted's BECCS project in Denmark, with the delivery of 5 Just CatchT 100
units at Asnæsværket and Avedøreværket, will capture up to 500,000 tonnes CO2,
creating negative emissions from 2026 onwards.
· The Twence project in the Netherlands, with the delivery of a Just CatchT
100 unit to the Dutch operator of waste-to-energy plants, will have a rated
capacity of 100,000 tonnes CO2 per year and will commence operations 2024. The
captured CO2 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).
Financial results
ACC ASA ended the second quarter 2024 with NOK 4.5 billion in cash and a solid
equity position at NOK 5.5 billion. An accounting gain of NOK 4.9 billion was
booked related to the sale of ACCH to SLB.
Future strategy
The Board of Directors of ACC ASA is in the process of defining the future
strategy and structure of the Company, including the framework for the use of
the proceeds from the transaction with SLB.
ENDS
The first-half 2024 report is attached.
For further information:
Media:
Marianne Stigset, mob: +47 41188482, email:
marianne.stigset@akercarboncapture.com
Investors:
David Phillips, mob: +44 7710 568279, email:
david.phillips@akercarboncapture.com
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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 Marianne Stigset,
Communications, Aker Horizons ASA, on July 10, 2024, at 07:00 CEST.