CO2 Capsol AS – Growing Industry Interest and Milestones Reached
Oslo, April 6, 2022
Operational Update
Despite the geo-political environment in Europa and the rest of the world being
more unstable than it has been for decades, the first quarter of 2022 has been a
positive start of the year for CO2 Capsol, with continuous growth, milestones
reached and exciting opportunities as a result of increasing carbon prices and
recent company announcements.
CO2 Capsol is continuously monitoring the development in the unstable
geo-political situation. The Company has not experienced or identified any
negative impacts for the Company.
Market and projects
• Öresundskraft AB has signed a rental contract for CO2 Capsol´s CapsolGo mobile
carbon capture demonstration unit. CO2 Capsol will deliver a CapsolGo
demonstration campaign to Öresundskraft´s Filbornaverket Energy from Waste (EfW)
Combined Heat and Power (CHP) plant in Helsingborg, Sweden. The CapsolGo
demonstration campaign will be delivered as a service with a flexible testing
and validation program. This will provide Öresundskraft AB with valuable data
and information on the CO2 Capsol´s Hot Potassium Carbonate (HPC) carbon capture
technology on their specific flue gas. The project has received funding from the
Swedish Energy Agency. The project start is expected to be September 2022 and
the campaign period will be 4-5 months.
• CO2 Capsol has entered the next phase in the ongoing collaboration with Woima,
the developer and supplier of the innovative wasteWOIMA® Waste to Energy (WtE)
power plants. Woima will be constructing a next generation Synthetic Methane
(LSNG) plant at the Westenergy WtE plant site in Mustasaari next to Vaasa in
2023-2025. The key technologies in the LSNG production are carbon capture,
hydrogen electrolyzer and methanation. WOIMA will deliver an innovative modular
carbon capture plant extracting CO2 directly out of the Westenergy’s flue gas
stream, using CO2 Capsol ́s Capsol EoP carbon capture technology. This ccWOIMA
plant will capture and inject 20,000 tons of CO2 p.a. to the LSNG process and
simultaneously cut 25% of the Westenergy’s fossil carbon emissions.
• CO2 Capsol announced a Memorandum of Understanding (MoU) with the Swiss
Japanese greentech company Hitachi Zosen Inova (HZI) to collaborate on
initiatives and bring together their combined expertise to develop joint
offering of solutions to implement CO2 Capsol´s HPC carbon capture technology on
Waste to Energy (WtE) plants, and together work to accelerate the implementation
of carbon capture technology for the Waste to Energy industry.
• CO2 Capsol has signed a LoI (Letter of Intent) with Norske Skog regarding a
demonstration campaign (CapsolGo) at Norske Skog´s facility Saugsbrugs in
Halden. CO2 Capsol and Norske Skog are part of the industry cluster Borg CO2
with three identified plants for potential CCS (Carbon Capture and Storage). A
feasibility study, prepared by the industry cluster, was presented in June 2021,
with CO2 Capsol´s EoP capture technology as the basis for the extended
feasibility study for carbon capture at Saugsbrugs. An extended feasibility
study (Pre-FEED) finalized in Q12022 will be the basis for seeking financial
support for the development of the regional cluster Borg CO2. The cluster has
the potential of capturing up to 700.000 tonnes of CO2 per year.
• CO2 Capsol is considering various opportunities for growth and is working
strategically to establish cooperation and alliance agreements for collaboration
and joint marketing of the CO2 Capsol´s technology with large global industrial
players to advance and commercialize the Capsol EoP technology on a global
scale. Collaboration and alliances are important, and in line with our vision to
accelerate the world’s transition to a carbon negative future through capturing
as much CO2 as possible. It is a priority to conclude on some strategic
collaborations over the next quarters, with a continuous focus on increasing
shareholder value in all our decision making.
• Stockholm Exergi´s project for negative emissions – BECCS@STHLM (Bio Energy
Carbon Capture and Storage) – with a potential of capturing 800,000 tons of CO2
per year just received a confirmation that the support from EU's innovation fund
will be EUR 180 million. The project will make the City of Stockholm the first
carbon neutral capital in the world. The project will be using CO2 Capsol’s End
of Pipe (EoP) technology for carbon capture.
Administration – Expanding our Team
• CO2 Capsol continue to expand the team with high caliber, talented
international professionals. We experience strong interest in our company and
our technology, and the market activity is high.
Finance - Fully funded to deliver on core strategy
• The Company is fully funded to deliver on its core strategy and business
model.
• Capital raising will only be considered if the Company identifies significant
opportunities to increase shareholder value by accelerating growth.
• The Company is exploring ways to expand its contribution in each project and
thereby significantly increase the revenue potential. Increased scope in
projects will only be considered when the risk/return is attractive.
Market Outlook
In 2021, more than 100 new CCUS (Carbon Capture, Utilisation and Storage)
facilities were announced and the global project pipeline for CO2 capture
capacity is on track to quadruple.
This boost in CCUS projects is a result of three key developments. Firstly, an
increased recognition that CCUS is necessary to meet national, regional and even
corporate net zero goals. Secondly, the increased interest in low-carbon
hydrogen production has resulted in almost 50 facilities under development to
capture CO2 from hydrogen-related processes. Finally, the investment environment
for CCUS has substantially improved as a result of new policy incentives, like
the European 'Fit for 55' targets for greenhouse gas emissions and support for
carbon capture from the EU Innovation Fund.
Strategy
CO2 Capsol´s technology stands out as a highly competitive and proven carbon
capture solution, using the safe and natural solvent HPC (Hot Potassium
Carbonate), providing the lowest cost and most flexible solution.
The Company is focusing on the most promising industries which currently are
Waste to Energy (WtE), also called Energy from Waste (EfW), biomass and cement,
in addition to being involved in several projects in other industries. CO2
Capsol´s core business is to license our patented technology to emitters. In
addition, we see a growing interest for CapsolGo - our mobile carbon capture
demonstration campaign offered as a paid service with a flexible testing and
validation program.
We will continue to collaborate with EPC (Engineering, procurement, and
construction) contractors like Petrofac to gain access to larger CCUS projects.
The green transition is continuing at a great pace and most projects are large
scale. Thus being part of a bigger team, CO2 Capsol with our unique HPC
technology, will continue to play an important part going forward.
Contact
Jan Kielland
CEO
jan.kielland@co2capsol.com
+47 415 69 974
About CO2 Capsol
Carbon capture, utilization and storage (CCUS) is crucial to achieving net zero
emissions of greenhouse gases by 2050. CO2 Capsol´s carbon capture technology is
an essential part in a successful clean energy transition. Carbon capture
contributes both to directly reducing emissions in critical economic sectors and
to remove CO2 from facilities such as Waste-to-Energy (WtE) and biomass power
plants - so-called negative CO2 emissions. Negative CO2 emissions will be
essential in compensating for hard to abate emission sources. CO2 Capsol is
proud to be part of the solution for a sustainable future.
CO2 Capsol has a very competitive technology protected by IP rights. The base
case revenue model is to license out patents. We negotiate directly with project
owners or participate by collaboration with industrial players.
CO2 Capsol is listed on Euronext Growth Oslo, Norway (ticker: CAPSL).
https://www.co2capsol.com/news
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