Aker Carbon Capture ASA: Second quarter 2024 results

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.

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.

The first-half 2024 report is attached.

For further information:
Media:
Marianne Stigset, mob: +47 41188482, email: [email protected]

Investors:
David Phillips, mob: +44 7710 568279, email: [email protected]

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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.

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https://news.cision.com/aker-carbon-capture-asa/r/aker-carbon-capture-asa--second-quarter-2024-results,c4013329

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