Aker Carbon Capture made progress in new and existing projects in the second quarter, as the pure-play carbon capture specialist continued to expand internationally.
"With ETS quota prices nearly doubling the last twelve months, the number of industrial emitters approaching Aker Carbon Capture for our CCS solutions continues to rise," said Valborg Lundegaard, Chief Executive Officer of Aker Carbon Capture.
Aker Carbon Capture today separately announced the launch of Carbon Capture as a Service; Carbon capture made easy(TM), an integrated offering that covers everything a customer needs to reduce emissions by CCS. As part of the service, Aker Carbon Capture will deliver and operate the carbon capture facilities, and transport and storage will be embedded in the service through strategic partnerships.
"With our offering, customers will simply pay per tonne captured CO2. We will handle the CO2 throughout the full value chain - from point of emission to permanent storage," said Lundegaard.
Highlights in the second quarter included progress made in the Brevik CCS project and securing agreements with new customers in the company's targeted regions and industries.
The Brevik CCS project to deliver the world's first industrial-scale carbon capture plant at a cement factory progressed according to plan in the quarter, with key milestones achieved.
The company secured several strategic studies in the quarter, including an agreement with BIR to explore carbon capture at the largest CO2 emitter in Bergen, Norway. The waste to energy company's plant is located only 60 km from the Northern Lights terminal. ACC also secured a feasibility study to explore implementation of carbon capture at one of Viridor's largest plants in the UK.
After the quarter ended, Aker Carbon Capture and Iceland's Carbfix have established a partnership aimed at combining the companies' complementary technologies to offer the full CCS value chain in the global fight against climate change. Together with Carbfix, Aker Carbon Capture will explore CCS at Elkem Iceland's ferrosilicon plant. The three companies have signed an MoU for the ground-breaking work of reducing the CO2 emissions of Elkem's plant through carbon capture and Carbfix's unique on-site mineral storage in basalt structures.
The company continued to expand internationally, with the first offices established in Denmark and UK to position the company for ongoing CCS projects.
During the quarter, shares in Aker Carbon Capture started trading on Oslo Børs' main list, moving from Euronext Growth, and the company started trading on OTCQX in the US, making the pure-play carbon capture stock eligible for trading by a wider pool of investors. OTCQX is a top tier marketplace for the over-the-counter (OTC) trading of stocks. The OTCQX is provided and operated by the OTC Markets Group.
Financial result and outlook
Revenue for the quarter was NOK 69 million and EBITDA (Earnings before interest, tax, depreciation and amortisation) was negative NOK 47 million. The cash balance at the end of the quarter was NOK 552 million.
Aker Carbon Capture aims to take a leading position in the global CCS industry, and the company last year launched a long-term goal of '10 by 25', which states that the company will have secured firm contracts for carbon capture plants for a total of 10 million tonnes per year by the end of 2025.
The company today also published its first-half report, which is attached and available on akercarboncapture.com.
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Aker Carbon Capture is a pure-play carbon capture company with solutions, services and technologies serving a range of industries with carbon emissions, including the cement, bio and waste-to-energy, gas-to-power and blue hydrogen segments. Aker Carbon Capture's proprietary, carbon-capture technology offers a unique, environmentally friendly solution for removing CO2 emissions.
Visit akercarboncapture.com and connect with us on LinkedIn, Facebook, Twitter, Instagram and YouTube. This press release may include forward-looking information or statements and is subject to our disclaimer, see akercarboncapture.com.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Katja Aanestad, Marketing Communications, Aker Carbon Capture on July 12, 2021 at CEST 07:00.
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