Capsol Technologies: Q2 2023 – Accelerating demand growth, 30% sales pipeline growth vs Q1 to 42 million tonnes of CO2

Oslo, Norway - 15 August 2023


Capsol Technologies, a carbon capture technology provider, today announced its
results for the second quarter of 2023.

“The world is not on track to meet climate targets and the devastating
consequences of global warming has been seen this summer with unhealthy heat
waves in several continents, extreme weather events and sea temperatures
increasing to an all-time high. More must be done to accelerate the deployment
of critical solutions such as carbon capture and I trust that more political
leaders and business leaders will step forward in the months to come.

In the second quarter, commercial traction for our portfolio of CCS (carbon
capture and storage) technologies continued to accelerate as the sales pipeline
grew by about 30% in terms of million tonnes of CO2,” said Jan Kielland, CEO of
Capsol Technologies.

Capsol reached several key milestones during the second quarter including:
• Awarded four new paid engineering studies and a fourth CapsolGo® demonstration
campaign in the quarter across target industries cement, biomass and
Energy-from-Waste
• 135+ active leads totalling more than 42 million tonnes of CO2
• Focus on increasing engineering capacity in H2 2023 through hires,
partnerships and streamlining delivery model to deliver on demand growth
• Strengthening capabilities and reach in the UK, Europe’s 2nd largest emitter,
with first hire operational during Q2 2023
• Advancing customer and partner dialogues to establish Capsol Technologies as a
leading carbon capture technology in North America, the world's largest CCS
market
• CapsolGT®, which enables CCS for open cycle gas turbines, is progressing as
planned - currently in dialogue with several potential industry partners and
customers, including projects at gas-fired power plants

“We are in close dialogue with emitters across our target industries including
some of the largest cement producers globally for the licensing of our
technology, and we have set several initiatives in motion to ramp up capacity to
cater for the accelerating demand. We are eager to get boots on the ground in
the US, where we have been awarded our first paid engineering studies and
partner dialogues are being advanced. The Stockholm Exergy BECCS (Bio-Energy
CCS) project is progressing as expected and a letter of Intent has been signed
with Saipem for the Engineering, Procurement and Construction (EPC) contract.
Based on the increasing level of activity and interest for our carbon capture
technologies, the Board of Directors will, during the third quarter of 2023,
decide if the company will apply for uplisting to the main list of the Oslo
Stock Exchange,” added Kielland.

Q2 2023 revenues were NOK 5.2 million, an increase of 24% vs. Q1. Pre-tax profit
was NOK -15.2 million compared to NOK -10.3 million in the previous quarter. Net
change in cash and cash equivalents was NOK -5.0 million in the quarter with a
cash balance ending at NOK 33.5 million. Capsol Technologies expects to reach
break-even on technology licensing in 2024 and considers its current business
plan to be fully funded.

Capsol’s Q2 2023 report and presentation are attached and available on
capsoltechnologies.com/reports.

Chief Executive Officer Jan Kielland, Chief Financial Officer Ingar Bergh and
Chief Technical Officer Cato Christiansen will present the Q2 2023 results 15
August 2023 at 08:15 CEST. The presentation will be broadcast as a webcast and
questions can be submitted throughout the streaming event:
https://channel.royalcast.com/landingpage/hegnarmedia/20230815_5/



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.

 

More information:
Access the news on Oslo Bors NewsWeb site