CO280 and Aker Carbon Capture collaborate with Microsoft to scale-up permanent, affordable carbon removal in US and Canada

New collaboration aims to scale the full value chain of carbon removal by
capturing and permanently sequestering biogenic CO2 at pulp and paper mills.
CO280 and Aker Carbon Capture's collaboration with Microsoft will supply the
market with significant volumes of permanent, verifiable, affordable Carbon
Dioxide Removals (CDRs).

CO280 and Aker Carbon Capture have signed a Memorandum of Understanding (MoU)
agreement with Microsoft to explore opportunities for scaling the full physical
and digital value chain of carbon removal in the US and Canada. Together the
three companies have the expertise, technologies, and resources to develop this
market by creating a scalable model to deploy large-scale projects quickly to
meet global net zero targets. The collaboration aspires to leverage the
strengths and capabilities of each partner to enable the ecosystem for the
voluntary carbon market by providing traceability of data and enabling high
-integrity carbon credits.

The three companies will collaborate to address the technological, regulatory,
and commercial challenges and opportunities for creating carbon removal, with
each party playing distinct commercial roles. The parties intend to collaborate
on a non-exclusive basis.

Under the terms of the MoU agreement, the parties agree to explore to:

  · Develop biogenic carbon capture project(s), including projects currently in
CO280's development pipeline, as well as additional projects;
  · Apply CO280's expertise to jointly develop a standard and efficient
screening process to evaluate the technical and economic feasibility of carbon
capture on pulp and paper mills, with the subsequent deployment of Aker Carbon
Capture's plants, including the modularized Just Catch series;
  · Standardize the lifecycle assessment (LCA) and measurement, verification,
and reporting (MRV) systems for capture projects in pulp and paper, with the
ambition to leverage Microsoft's digital capabilities, cloud computing
platforms, services, and solutions;
  · Create a digital tool to compare CO280's planned projects against Microsoft
Criteria for High Quality Carbon Removal;
  · Advocate for policies and demonstrate thought leadership to promote the pulp
and paper carbon capture market, with the corresponding creation and use of high
-integrity carbon removal credits.

North America's pulp and paper industry represents a carbon removal opportunity
of up to 130 million tons per year, due to the fact that the average mill has a
CO2 emissions profile that is 80-90% biogenic. By capturing and storing these
emissions permanently, negative emissions are achieved as more carbon dioxide is
removed from the atmosphere than is being emitted from the process.

CO280 is the leading developer of Carbon Dioxide Removal (CDR) projects in the
pulp and paper industry. In partnership with pulp and paper companies, CO280
develops, finances, owns, and operates large-scale CDR projects. CO280's
projects address a critical supply gap in the CDR market by supplying permanent,
verifiable, and affordable CDR to corporate buyers in the voluntary market.
CO280 currently has more than 10 million tons per year of permanent CDR under
development.

"This commitment on the part of three best-in-class companies is exactly the
kind of bold move the industry needs to unlock the enormous removal opportunity
in the pulp and paper industry and scale up the CDR market. Together, we are
developing the largest scale, lowest cost, permanent carbon removal projects in
the world," said Jonathan Rhone, Chief Executive Officer of CO280.

Microsoft announced its ambitious Carbon goals back in 2020: To be carbon
negative by 2030 and remove the company's aggregated carbon footprint by 2050.
This journey starts with reducing carbon emissions as much as possible,
replacing electricity consumption with carbon-free energy, and removing the
emissions that remain. Microsoft has run an open process for carbon removal
since 2020 and the company has shared learnings publicly. Microsoft is committed
to creating a robust market for CDRs, including by building a digital value
chain that authoritatively tracks carbon attributes and generates robust credits
as simply as possible. For this to happen, engaging with companies that share
the same goals is essential.

"Our collaboration with Aker Carbon Capture and CO280 builds on important large
-scale initiatives across asset-intensive industries including pulp and paper",
says Darryl Willis, Corporate Vice President of Energy and Resources Industry at
Microsoft. "By leveraging the power of technology to create a digital value
chain for carbon tracking and reporting, we can equip the market for high
-integrity carbon removal credits and further enable the industrial sector to
decarbonize."

"It's time to move past the first-of-a-kind and the demonstration projects for
carbon removal. The deployment rate needs to be accelerated by the hundreds to
deliver the 'net' in net zero. We have demonstrated the strength of working
together in the past, and we are excited to expand our collaboration with
Microsoft and CO280 to further deliver impact" says Egil Fagerland, CEO of Aker
Carbon Capture.

Aker Carbon Capture is dedicated to enabling carbon removal and reduction and
the company's proven Just Catch modular solutions enable industries to deploy
their capture technology at speed and at scale. The company is currently
delivering seven carbon capture units: five Just Catch 100 units to Ørsted, one
Just Catch 100 unit to Twence and a Big Catch delivery to Heidelberg Materials
at Brevik.

Accelerating the large-scale deployment of carbon dioxide removals (CDR) is
critical to the net-zero transition. The International Energy Agency (IEA)
estimates that more than one gigaton of CO2 per year will need to be captured by
2030, scaling up to more than six gigatons per year by 2050.

A launch event featuring representatives from CO280, Aker Carbon Capture, and
Microsoft's management teams took place at Microsoft's corporate headquarters in
Redmond on 17 April 2024, in conjunction with the official visit of the Crown
Prince of Norway to the US.

ENDS

Media contact:
Hanne Rolén, mob:?[phone], email: [e-mail]

Investor contacts:
David Phillips, mob: [phone], email:
[e-mail]

CO280 contact:
Tom Raith, mob: [phone], email: [e-mail]

Aker Carbon Capture is dedicated to carbon removal and reduction. The company's
proven modular solutions enable industries to deploy capture technology at speed
and scale, meeting the requirements of tomorrow and the opportunities of today.

Visit akercarboncapture.com (https://www.akercarboncapture.com/) and connect
with us on LinkedIn (https://www.linkedin.com/company/aker-carbon
-capture), Facebook (https://facebook.com/akercarboncapture),
Twitter (https://twitter.com/akercarbon),
Instagram (https://www.instagram.com/akercarboncapture/) and
YouTube (https://www.youtube.com/channel/UCqE71jAZxmM-CNhfUQq86kQ). This press
release may include forward-looking information or statements and is subject to
our disclaimer, see akercarboncapture.com (https://www.akercarboncapture.com/).

CO280 Solutions Inc. is a developer of carbon removal projects. The company
partners with leading pulp and paper companies to develop Carbon Dioxide Removal
(CDR) projects that deliver a new standard of permanent, verifiable, and
affordable carbon removal credits to the voluntary carbon market.
Visit co280.com (https://www.co280.com/) and connect with us on
LinkedIn (https://www.linkedin.com/company/co280/).

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