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Aker Carbon Capture U/ADR (symbol: AKRCY) is a leading company dedicated to enabling carbon removal and reduction. The company focuses on developing and implementing carbon capture technology for various industrial applications. Their primary product, the Just Catch™ modular offering, is a standardized solution that allows for the pre-fabrication of carbon capture units, making the deployment of these technologies faster and more cost-effective.
Recently, Aker Carbon Capture has made significant strides in the carbon capture industry. In March 2024, they signed a Memorandum of Understanding (MoU) with CO280 Solutions to develop large-scale Carbon Dioxide Removal (CDR) projects in the US and Canadian pulp and paper industry. This collaboration aims to deploy Aker Carbon Capture's modularized Just Catch series to reduce emissions from recovery boilers, power boilers, lime kilns, and other stack emissions. This partnership has the potential to address a critical supply gap in the CDR market, offering permanent and verifiable carbon removals.
In another strategic move, Aker Carbon Capture announced an agreement with SLB to combine their carbon capture businesses. This partnership will leverage ACC's commercial carbon capture product offering and SLB's new technology developments, creating a platform for accelerating the introduction of early-stage technologies into the global market. This combined business is expected to support accelerated industrial decarbonization at scale, with SLB owning 80% and ACC 20% of the combined entity.
Furthermore, Aker Carbon Capture has been awarded a pre-FEED for Statkraft's Heimdal waste-to-energy plant, aiming to capture 220,000 tonnes of CO2 per year. This project is part of Norway's ambitious climate goal of reducing greenhouse gas emissions by 55% by 2030 and represents a significant step in the decarbonization of the waste-to-energy industry.
In April 2024, Aker Carbon Capture, CO280, and Microsoft signed an MoU to explore opportunities for scaling carbon removal in the US and Canada. This collaboration aims to create a scalable model to deploy large-scale projects quickly to meet global net-zero targets. The partnership will leverage Microsoft's digital capabilities to provide high-integrity carbon credits and promote policies that support the carbon capture market in the pulp and paper industry.
Aker Carbon Capture's financial condition remains robust, backed by strategic partnerships and a strong pipeline of projects. Their ongoing projects include delivering seven carbon capture units across Europe, contributing to the development of serial production of carbon capture units.
For investors and stakeholders, Aker Carbon Capture presents a compelling opportunity to engage in the growing carbon capture market, with proven technologies and a clear vision for industrial decarbonization.
Aker Carbon Capture ASA reported its Q3 2024 results, showing a cash position of NOK 4.5 billion and equity of NOK 5.5 billion. The company posted a net loss of NOK 47 million for the quarter. Through its joint venture with SLB, now named SLB Capturi, where ACC holds a 20% stake, the company is advancing several major carbon capture projects. Notable developments include a new US-based project targeting 800,000 tonnes of CO2 capture annually and ongoing European projects in Norway, Denmark, and the Netherlands. The Board continues to evaluate future strategy and structure, with conclusions expected by Q1 2025.
Aker Carbon Capture ASA announced its second quarter 2024 results, highlighting the finalization of a joint venture (JV) with SLB. The JV aims to enhance industrial decarbonization through carbon capture technology. ACC ASA reported a gain of NOK 4.9 billion from the sale and ended the quarter with NOK 4.5 billion in cash.
CEO Valborg Lundegaard emphasized the JV's potential to scale industrial decarbonization and commercialize future technologies. ACC ASA retains a 20% stake in the JV, while SLB holds 80%. The new company will be based in Oslo.
The company saw significant market development, with active projects in Norway, Denmark, and the Netherlands, capturing up to 1 million tonnes of CO2 annually. Key projects include the Heidelberg Materials Brevik CCS in Norway, Ørsted's BECCS in Denmark, and the Twence project in the Netherlands.
Financially, ACC ASA ended with NOK 4.5 billion in cash and a solid equity position of NOK 5.5 billion. The board is defining future strategies, including the use of proceeds from the SLB transaction.
Aker Carbon Capture ASA (ACC ASA) has finalized a joint venture with SLB, selling 80% of its shares in Aker Carbon Capture Holding AS (ACCH) to a subsidiary of SLB. ACC ASA retains 20% ownership of ACCH. Post-transaction, Egil A. Fagerland steps down as CEO of ACC ASA to lead the joint venture as CEO, while Valborg Lundegaard returns as CEO of ACC ASA, having previously served from 2020 to 2023. Idun Heier is appointed as the new CFO. The Board of Directors will see changes with only shareholder-elected members. ACC ASA and SLB will collaboratively develop ACCH's business. The Board is also redefining the future strategy and structure of ACC ASA, including the use of proceeds from the transaction.
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