Capsol Technologies ASA: Capsol Technologies appoints experienced climate technology executive Wendy Lam as new CEO

Oslo, Norway – 04 January 2024


The Board of Directors of Capsol Technologies has appointed Wendy Lam as new CEO
to lead the global deployment of the company’s sustainable and highly
cost-efficient carbon capture technology.

Effective 15 February 2024, Lam takes over for Jan Kielland who has led the
company since 2018. The appointment of Lam comes after a comprehensive
international search as part of a management succession program initiated in
early 2023 to safeguard the company's long-term development.

Lam brings over 20 years of global executive leadership experience from major
international and listed industrial companies, including Baker Hughes,
Rolls-Royce, and GE. She has a proven track record of driving growth, developing
strategic partnerships, and commercializing new technologies worldwide and has
been a board member of Capsol Technologies since October 2023. Lam is a Canadian
and Norwegian citizen residing in Oslo, with mechanical and industrial
engineering degrees from the Universities of Waterloo and Toronto and an MBA
from INSEAD/Wharton.

“COP28 has highlighted the importance of accelerating the deployment of carbon
capture and Capsol is positioned to play a key role in that development. I am
excited about the opportunity of working even closer with the company’s highly
competent and driven team as we now move into the next phase of global scaling.
Our immediate focus will be on strengthening our ties with the industries where
we can offer the strongest value propositions and building our presence in the
US and Canada,” said Wendy Lam, Capsol Technologies’ new CEO.

Kielland, who will continue to advise the company in a transition period,
commented:
“I am proud of what we have achieved and with the company now moving into global
scaling the timing of introducing the company’s next CEO is ideal. I am very
pleased that we now can announce my successor Wendy Lam, an accomplished
international executive with whom I have developed a great relationship over the
past months. As a long-term shareholder, I am excited about the company’s
outlook for growth and value creation.”

“Over the past six years, Jan has built an exceptional team and ecosystem of
partners that is now delivering accelerating commercial traction in Europe and
beyond. It is a very well-positioned company Jan leaves in Wendy’s capable
hands, and the board looks forward to the next phase of building a globally
leading carbon capture technology provider in a fast-growing market,” said Chair
Endre Ording Sund of Capsol Technologies.

As part of the company’s incentive program, Wendy Lam will be offered 850 000
share options with three years vesting and at a strike price determined on 15
February according to customary principles. She will at the same time resign as
board member of Capsol Technologies.



For further information, please contact:
Endre Ording Sund
Chair, Capsol Technologies ASA
+47 458 00 400
endre.o.sund@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 solutions are
licensed out either directly to customers or through industrial partners
globally. Key segments include cement, biomass, energy-from-waste, power
generation and large industrial. Capsol is targeting significant long-term value
creation with a scalable model with an ambition of 5-10% technology licensing
market share in 2030, EUR 7-12 in licensing revenue per tonnes installed
capacity and 40-60% pre-tax profit margin. Plants with capacity below 400 000
tonnes of CO2 per year will typically be priced in the higher part of the range.
Capsol Technologies is listed on Euronext Growth Oslo, Norway (ticker: CAPSL).
For more information visit capsoltechnologies.com.

The information in this announcement 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 of the Norwegian Securities Trading Act.


This stock exchange announcement was published by Tone Bekkestad, Chief
Marketing Officer, on 04 January 2024 at 10.00 CET

 

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