CO2 Capsol AS – Fourth quarter 2022 results

Oslo, Norway - 17 February 2023


CO2 Capsol, a carbon capture technology provider, today announced its results
for the fourth quarter of 2022.

The company reached several key milestones during the quarter:

• Revenues of NOK 6.9 million in Q4-22, an increase of 78% from Q3-22. Pre-tax
profit of NOK -6.2 million, compared with NOK -7.2 million in the previous
quarter. NOK 65.5 million in Cash and cash equivalents at the end of the period.

• Successful CapsolGo demonstration campaign for Öresundskraft in Helsingborg,
Sweden. The project achieved a capture rate of above 90%, proving that the
technology is well-suited for Energy-from-Waste (EfW). Investment decision
related to Öresundskraft’s Filbornaverket expected in 2025.

• Entering the German market with two CapsolGo 6-month demonstration campaigns
won with large German energy company and opening of Berlin office during Q1-23.

• Increased engineering capacity through partnership with US-based Eickmeyer
(CATACARB®), a company with +35 million hours of experience from over 150 plants
in 33 countries.

• Developing standardised EfW CO2 capture plants in partnership with Sumitomo,
part of Sumitomo Heavy Industries Group having more than 24,000 employees
worldwide.

• “Green loan” debt financing secured from DNB for the first two CapsolGo units.

• Strong market drivers, including the Inflation Reduction Act in the US which
increases tax refund for carbon capture and EU’s upcoming Green Deal Industrial
Plan with simple tax-break models and targeted aid for production facilities.

“Demand for carbon capture is currently at an inflection point and is expected
to be further fuelled this year by new incentives in the US and EU. In 2022, CO2
Capsol took several important steps towards developing into a leading global
carbon capture tech provider. With the demonstration campaign for Öresundskraft
successfully completed recently we proved that our solution works, and we booked
our first revenue. We also won our first large scale project with Stockholm
Exergi. Additionally, the organisation was strengthened with key recruitments
within product development and sales, and we entered partnerships enabling us to
scale our safe and energy-efficient carbon capture technology towards our
long-term goal of a 5% market share,” said Jan Kielland, CEO of CO2 Capsol.

CO2 Capsol’s Q4 2022 report and presentation are attached and available on
co2capsol.com.

CEO Jan Kielland and CFO Ingar Bergh will present the Q4 2022 results 17
February 2023 at 08:15 CEST. The presentation will be broadcast as a webcast on
the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20230217_4/


For further information, please contact:
Ingar Bergh
Chief Financial Officer
CO2 Capsol AS
+47 926 20 330
ingar.bergh@co2capsol.com


About CO2 Capsol
CO2 Capsol 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. CO2 Capsol is listed on Euronext Growth Oslo, Norway (ticker:
CAPSL). For more information visit co2capsol.com.

 

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