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AKER CARBON CAPTURE ASA

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Real-time Oslo Bors  -  04:40 2022-08-10 am EDT
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Aker Carbon Capture and SINTEF Expand Collaboration to Develop Next-Generation CCUS Technology

03/31/2022 | 06:01am EDT

Oslo, 30 March 2022: Aker Carbon Capture and SINTEF have entered into a strategic collaboration agreement, with the goal of further developing carbon capture utilization and storage (CCUS) technology to reduce CO2 emissions from industry and energy solutions. This is a vital part of the green transition in Norway

"Aker and SINTEF have collaborated for more than 25 years, and have been pioneers of CCUS, which represents a vital solution for our ability to reach net-zero emissions. With this agreement, we accelerate the transfer of science and research to innovation in the market," said Alexandra Bech Gjørv, CEO of SINTEF.  

"Establishing the right partnerships is a critical component of our strategy and we are pleased to further strengthen our collaboration with SINTEF to develop new innovative solutions to curb CO2 emissions," said Valborg Lundegaard, CEO of Aker Carbon Capture.

CCUS - an indispensable tool

CCUS refers to a series of technologies for capturing CO2 and utilizing or storing it safely deep underground. Both the International Energy Agency (IEA) and United Nations (IPCC) consider CCUS to be crucial for reducing CO2 emissions and limiting global warming to under 1.5˚C. 

"CCUS is an indispensable tool for achieving global climate goals. As a technology, it has risen from nice to have to need to have," said Nils Røkke, EVP Sustainability at SINTEF.  

A strategic interaction to establish more CCUS projects

The agreement represents a strategic interaction on a non-exclusive basis, with the goal to speed up and make available CCUS more widespread. There will be actions to establish more CCUS projects, particularly in the field of CO2 capture. 

Through the collaboration, the parties will explore opportunities to develop new capture technologies, share knowledge, and collaborate more closely to generate and follow-up on new ideas. 

Establishing a common framework for collaboration will remove barriers and bureaucracy, thereby enabling SINTEF and Aker Carbon Capture to collaborate quickly and efficiently. 

A valuable long-term partnership

Aker Carbon Capture and SINTEF have a long history of collaboration. SINTEF has worked with Aker companies for over 25 years in the field of this specific climate technology, which demonstrates the value of long-term partnerships.

Most notably, the parties developed a solvent-based capture technology together with the Norwegian University of Science and Technology (NTNU) as part of the eight-year SOLVit program. Aker Carbon Capture is today a leading provider of a proprietary, amine-based carbon capture technology, which is being deployed in the Norwegian full-scale CCUS project, Langskip (Longship). 

"A partnership with SINTEF and access to their significant testing infrastructure and knowledge of CCUS and enabling technologies, will not only allow Aker Carbon Capture to continue to improve our existing technology portfolio, but also enable us to collaboratively identify the next generation CCUS technology and bring it to the market. Through a strategic collaboration we can challenge each other to accelerate the development of new solutions," said Jim Stian Olsen, Chief Technology Officer of Aker Carbon Capture.

Through the Norwegian CCS Research Centre (NCCS), SINTEF and its partners have contributed both knowledge and research to Langskip.

"To meet the goals of the Paris Agreement and Norwegian climate ambitions, we need to continue the joint efforts to cut costs, reduce risk, and scale up CCS technologies. Research, development, and innovation efforts done in cooperation between universities, research institutions, and industry actors like Aker Carbon Capture are essential," said NCCS Director Mona Mølnvik.

About Aker Carbon Capture and SINTEF

Aker Carbon Capture is a pure-play carbon capture company with solutions, services and technologies that serve a range of industries with carbon emissions, including the cement, bio- and waste-to-energy, gas-to-power, and blue hydrogen segments. Aker and Aker Carbon Capture have worked with CCUS for two decades, and its proprietary carbon-capture technology offers a unique, environmentally friendly solution for removing CO2 emissions. 

SINTEF is one of Europe's largest independent research organisations with international top-level expertise in the fields of technology, natural science, medicine and social science. SINTEF develops sustainable solutions to some of society's grand challenges, and creates value and innovation by generating knowledge and developing technical solutions with practical applications. SINTEF has conducted research on CCUS since its inception in the 1980s. 


SINTEF media contact:
Anne Steenstrup-Duch, anne.steenstrup-duch@sintef.no 

Aker Carbon Capture media contact:
Ivar Simensen, mob: +47 464 02 317, email: ivar.simensen@akerhorizons.com

Aker Carbon Capture investor contacts:
Christian Yggeseth, mob: +47 915 10 000, email: christian.yggeseth@akerhorizons.com
David Phillips, mob: +44 7710 568279, email: david.phillips@akercarboncapture.com

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.

https://news.cision.com/aker-carbon-capture-as/r/aker-carbon-capture-and-sintef-expand-collaboration-to-develop-next-generation-ccus-technology,c3536766

https://news.cision.com/aker-carbon-capture-as/i/some-template-people-only,c3032169

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Financials
Sales 2022 913 M 94,0 M 94,0 M
Net income 2022 -153 M -15,7 M -15,7 M
Net cash 2022 920 M 94,7 M 94,7 M
P/E ratio 2022 -96,0x
Yield 2022 -
Capitalization 13 922 M 1 433 M 1 433 M
EV / Sales 2022 14,2x
EV / Sales 2023 10,3x
Nbr of Employees 101
Free-Float 47,0%
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Number of Analysts 8
Last Close Price 23,04 NOK
Average target price 24,43 NOK
Spread / Average Target 6,03%
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Managers and Directors
Valborg Lundegaard Chief Executive Officer
Egil Fagerland Chief Financial Officer
Henrik O. Madsen Chairman
Jim Stian Olsen Chief Technology Officer
Kristian Monsen R°kke Director
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