Capsol Technologies: Q1 2023 and CMU – Product expansion, sales growth and opening of US office

Oslo, Norway - 04 May 2023


Capsol Technologies, a carbon capture technology provider, today announced its
results for the first quarter of 2023. The Company is also hosting its first
Capital Markets Update (CMU) to provide capital markets stakeholders with
insights and perspectives on the company’s strategic roadmap for growth and
long-term value creation.

2023 CMU highlights:
• Value proposition: Cost-efficient capture for the world’s largest industrial

emitters
• Commercial traction: Accelerating incoming demand driving sales pipeline
growth
• International expansion: Entering the world’s largest CCS market with US
office
in 2H 2023


The company reached several key milestones during the first quarter including:
• CapsolEoP™ gaining traction in energy-from-waste; awarded feasibility study
from KVA Linth in Switzerland with full-scale deployment potential of 100
000
tonnes CO2
• Awarded engineering study for negative-emissions plant in Sweden, confirming

Capsol’s position within Bioenergy with Carbon Capture and Storage (BECCS)
• Operational with the first of two 6-month CapsolGo® demonstration campaigns

for a major German energy company; opened Berlin office during the quarter
to capture further opportunities
• Expanded CapsolGo® offering with CO2 liquefaction and signed rental and
service
contract for the first liquefaction unit
• Established a preferred supplier program for key process equipment and
signed
MoU (Memorandum of Understanding) with Siemens Energy; focusing on
optimising
sales and delivery of key equipment to increase efficiency and scalability
• Changing name from CO2 Capsol to Capsol Technologies to reflect the
development
of a portfolio of carbon capture technologies supporting international
scale-up

“During the first quarter, we expanded our product offering, we gained further
commercial traction and we decided to further our international expansion by
opening a US office in H2 2023. Upon customer demand, we expanded our CapsolGo®
demonstration units to enable testing liquefaction of the CO2 captured while
partnering with Siemens Energy on key equipment and continuing the development
of CapsolGT® - our full-scale solution for open cycle gas turbines. We grew the
number of leads in sales engineering and were awarded paid engineering contracts
for promising CCS projects in Sweden and Switzerland. Specifically, we've seen
activity levels increase in Germany since opening in Berlin earlier this year
and we are now increasing our efforts in UK and US reflecting our ambitions of
becoming a leading global carbon capture technology company,” said Jan Kielland,
CEO of Capsol Technologies.

Capsol’s Q1 2023 report and CMU presentation are attached and available on
capsoltechnologies.com/reports.

CEO Jan Kielland and CFO Ingar Bergh will present the Q1 2023 results 04 May
2023 at 10:00 CEST at Hotel Continental in Oslo, as part of its Capital Markets
Update.

The presentation will simultaneously be broadcast as a webcast and questions can
be submitted throughout the streaming event:
https://channel.royalcast.com/landingpage/hegnarmedia/20230504_10/


For further information, please contact:
Ingar Bergh
Chief Financial Officer
Capsol Technologies
+47 926 20 330
ingar.bergh@capsoltechnologies.com


About Capsol Technologies
Capsol Technologies is a carbon capture technology provider with a goal to
accelerate the transition to a carbon negative future. The company’s energy
efficient, cost competitive and environmentally friendly solution is licensed
out either directly to customers or through industrial partners globally. Key
target segments include cement, biomass, energy-from-waste, power generation and
large industrial. Capsol Technologies is listed on Euronext Growth Oslo, Norway
(ticker: CAPSL). For more information visit capsoltechnologies.com.

 

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