Aker Carbon Capture ASA: Third quarter 2024 results

Rhea-AI Summary

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.

Positive

• Strong cash position of NOK 4.5 billion
• Solid equity position of NOK 5.5 billion
• New large-scale US project secured through SLB Capturi joint venture
• Multiple ongoing major carbon capture projects across Europe

Negative

• Net loss of NOK 47 million in Q3 2024
• Reduced ownership to 20% stake in carbon capture business through SLB joint venture

FORNEBU, Norway, Oct. 31, 2024 /PRNewswire/ -- Aker Carbon Capture ASA ("ACC ASA") closed the third quarter 2024 with NOK 4.5 billion in cash and a solid equity position at NOK 5.5 billion.

"Through our 20% ownership stake in the joint venture with SLB, which holds the remaining 80%, we will continue to scale and commercialize the carbon capture business. We are advancing carbon capture as a viable path to net zero for the customers and society at large," said Valborg Lundegaard, CEO of Aker Carbon Capture ASA.

The Board of Directors of ACC ASA continues the process of determining the future strategy and structure of the company, including the framework and conclusions for the use of the proceeds from the transaction with SLB. As part of this process, the Board is also assessing the role and responsibilities of ACC ASA as seller in the recent transaction with SLB and as a 20% owner in SLB Capturi, including ACC ASA's remaining pro-rata guarantee exposure for ongoing projects. The board will also consider future needs in ACC ASA for its operations, investment opportunities, and in relation to SLB Capturi.

The conclusion of the Board of Directors' assessment will be communicated at the latest within the first quarter of 2025.

SLB Capturi

In the third quarter, the joint venture with SLB unveiled its new company name; SLB Capturi. The name reflects the company's commitment to scaling up existing carbon capture technologies as well as to investing in research and development to ensure a pipeline of cutting-edge solutions that meet the evolving needs of a variety of industries worldwide.

In August, SLB Capturi announced its first US-based project with a contract award from its partner CO280 Solutions, for front end engineering and design (FEED) of a large-scale carbon capture plant at a pulp and paper facility on the US Gulf coast. SLB Capturi's mobile test unit has already been deployed at the site. The project aims to remove 800,000 tonnes of CO₂ annually.

In September, global chemical and biotech company WACKER announced that it had successfully demonstrated with SLB Capturi's mobile test unit that it is possible to capture CO₂ generated from the production of metallurgical-grade silicon-an essential raw material for microchips, solar modules, and silicones-at its production site in Holla, Norway.

SLB Capturi is currently delivering across multiple sites and is engaged in some of Europe's most significant carbon capture projects including:

- Brevik, Norway, where 400,000 tonnes of CO₂ will be captured each year from a cement plant, and transported by ship to permanent storage, as part of the Longship project.

- Kalundborg, Denmark, where five Just Catch systems are being deployed by Ørsted across two biomass-to-energy sites with design capacity of capturing 500,000 tonnes of CO₂ each year, as part of Denmark's first full-scale carbon capture and storage (CCS) value chain implementation.

- Hengelo, Netherlands, where 100,000 tonnes of CO₂ will be captured per year at Twence's waste-to-energy plant. The captured CO₂ is then delivered in liquid form to the local greenhouse horticulture sector.

Financial results

ACC ASA reported net loss of NOK 47 million in the quarter. The company ended the third quarter 2024 with NOK 4.5 billion in cash and a solid equity position at NOK 5.5 billion.

A summary of Q3 2024 financials is attached.

For further information, please contact:
Media and Investors:
Mats Ektvedt, mob: +47 41 42 33 28, email: mats.ektvedt@corpcom.no 

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.

This stock exchange announcement was published by Mats Ektvedt, partner, Corporate Communications AS at 7:00 CET, on October 31, 2024.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-carbon-capture-asa/r/aker-carbon-capture-asa--third-quarter-2024-results,c4059261

The following files are available for download:

https://mb.cision.com/Public/20223/4059261/b19a74d2ec9639b2.pdf

ACC Q3 2024 Financials

 

View original content:https://www.prnewswire.com/news-releases/aker-carbon-capture-asa-third-quarter-2024-results-302292556.html

SOURCE Aker Carbon Capture AS

FAQ

What were Aker Carbon Capture's (AKRCY) Q3 2024 financial results?

In Q3 2024, Aker Carbon Capture reported a net loss of NOK 47 million, with NOK 4.5 billion in cash and NOK 5.5 billion in equity position.

What is SLB Capturi's largest announced project in 2024?

SLB Capturi's largest announced project in 2024 is a US Gulf Coast pulp and paper facility project, aiming to remove 800,000 tonnes of CO2 annually.

When will Aker Carbon Capture (AKRCY) announce its future strategy conclusions?

Aker Carbon Capture will announce its future strategy and structure conclusions at the latest within the first quarter of 2025.