In the first quarter 2024, Aker Carbon Capture recorded high commercial activity acrossEurope andNorth America . The company's order backlog increased toNOK 2.3 billion , up fromNOK 1.0 billion in the same period last year. Revenues rose toNOK 566 million , up 97 percent compared to the same period last year. The cash position at the end of the first quarter wasNOK 902 million . The company announced the agreement to form a Joint Venture with SLB. "The decision to combine Aker Carbon Capture and SLB's carbon capture business is underpinned by a strategic vision that reflects our commitment to accelerate the industrial adoption of carbon capture," saidEgil Fagerland , Chief Executive Officer at Aker Carbon Capture. "In this first quarter of 2024, we have experienced high levels of activity. InNorth America , we were awarded the first mobile test unit campaign in the pulp & paper industry, and we signed an MoU agreement with CO280 and Microsoft, aiming for large-scale carbon removal," continuedEgil Fagerland . Agreement to form Joint Venture with SLB In the quarter, the company announced an agreement with SLB to combine their respective carbon capture businesses to support accelerated industrial decarbonization at scale (see Aker Carbon Capture's announcement on27 March 2024 ). The new company will combine technology portfolios, expertise and operations platforms to bring carbon capture solutions to market, faster and more economically. The transaction is subject to regulatory approvals and is expected to close by the end of the second quarter, 2024. Operational and commercial activity progressing The Twence CCU, Heidelberg Materials Brevik CCS and Ørsted Kalundborg CCS projects continued to progress in the quarter and are currently the most mature large-scale carbon capture projects under construction inEurope . The company's first test campaign in the US signifies a milestone for Aker Carbon Capture's rapid expansion into the significant North American market. The test campaign, which was awarded by CO280 and a leading pulp and paper company, will enable the full-scale implementation of multiple Just Catch 400 modular capture facilities with permanent storage, and the creation of carbon removal credits. In March, Aker Carbon Capture established a strategic alliance with CO280, providing unique access into both the pulp and paper and CDR markets.North America's pulp and paper industry represents a carbon removal opportunity of up to 130 million tonnes per year. After the quarter end, Aker Carbon Capture signed - together with CO280 - an MoU agreement with Microsoft to explore opportunities for scaling the full physical and digital value chain of carbon removal in the US andCanada . Together the three companies have the expertise, technologies, and resources to develop this market by creating a scalable model to deploy large-scale carbon capture projects quickly to meet global net zero targets. Aker Carbon Capture also made strong progress in securing studies, a test campaign and pre-FEED work acrossNorthern Europe in the first quarter. Financial results Aker Carbon Capture saw continued revenue growth through the first quarter compared to the same period last year. Revenues reachedNOK 566 million in the period, up fromNOK 287 million in the same period last year. The increase in revenues was driven mainly by progress on ongoing Big Catch and Just Catch projects. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) excluding transaction and other related costs in the first quarter was negativeNOK 22 million , compared to negativeNOK 51 million in the same period last year. While Big Catch and Just Catch projects delivered positive contributions, the overall EBITDA in the period was driven by high commercial and tender activity,North America entry and R&D activity. Non-recurring transaction and other related costs ofNOK 48 million brought the reported EBITDA to negativeNOK 70 million for the quarter. Aker Carbon Capture ended the first quarter withNOK 902 million in cash and a solid equity position atNOK 649 million . The order backlog increased toNOK 2.3 billion , up fromNOK 1.0 billion in the same period last year. ENDS Aker Carbon Capture will present the results in an audiocast, followed by a live Q&A session, today at15:00 CEST . Click on the following link to follow the event: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240425_20 Media contact: Hanne Rolén, mob:?47 99 00 25 71, email: hanne.rolen@akercarboncapture.com Investor contacts:David Phillips , mob: +44 7710 568279, email: david.phillips@akercarboncapture.com Aker Carbon Capture is a pure-play carbon capture company with solutions, services and technologies serving a range of industries with carbon emissions, including the cement, bio and waste-to-energy, gas-to-power and blue hydrogen segments. Aker Carbon Capture's proprietary, carbon-capture technology offers a unique, environmentally friendly solution for removing CO2 emissions. Visit akercarboncapture.com (https://www.akercarboncapture.com/) and connect with us on LinkedIn (https://www.linkedin.com/company/aker-carbon -capture), Facebook (https://facebook.com/akercarboncapture), Twitter (https://twitter.com/akercarbon), Instagram (https://www.instagram.com/akercarboncapture/) and YouTube (https://www.youtube.com/channel/UCqE71jAZxmM-CNhfUQq86kQ). This press release may include forward-looking information or statements and is subject to our disclaimer, see akercarboncapture.com (https://www.akercarboncapture.com/). This information 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 the Norwegian Securities Trading Act. Thisstock exchange announcement was published byKatja Aanestad , Marketing Communications, Aker Carbon Capture on25 April 2024 at CEST 07:00.
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