Oslo, Norway - 7 November 2023


Capsol Technologies ASA, a carbon capture technology provider, today announced
its results for the third quarter of 2023. 

"We continue to see accelerating demand driven by industrial emitters' need to
decarbonise and the competitive advantages of Capsol's safe and cost competitive
carbon capture technologies. The demand is supported by increased taxation of
carbon emissions and government subsidies for CCS (Carbon Capture and Storage)
projects. During the third quarter we received three paid engineering studies
for cement plants in Europe, totalling nine cement projects in sales engineering
and engineering studies with a potential of about 10 million tonnes of CO2 to be
captured annually. This is a testament to our strong value proposition to the
cement industry, which needs CCS to be able to substantially reduce its CO2
emissions and reach net zero. The cement industry also represents a significant
market opportunity given the fact that cement is the world's largest industrial
emitter, accounting for as much as 8% of global CO2 emissions," said Jan
Kielland, CEO of Capsol Technologies. 

Highlights: 
o More than 150 active leads totalling more than 48 million tonnes of CO2
o Growth in engineering studies of around 85% compared to end Q2 2023
o Orders for two CapsolGo® demonstration campaigns from partner Sumitomo SHI FW
and a third CapsolGo® unit ordered
o Stockholm Exergi Final Investment Decision, which triggers license payment, on
track for early 2024
o New license agreement with a large European company expected to be signed in
Q4 2023
o Signed collaboration agreement with GE Vernova to explore deployment of
CapsolGT® carbon capture plants in combination with GE aeroderivative gas
turbines
o A US-registered entity is established in the quarter, marking a critical step
towards increased presence in the large and fast-growing US market, and ongoing
process for establishing JV with a new Middle East partner
o Due to the increasing level of activity and interest, Capsol has started
preparations for a potential uplisting from Euronext Oslo Growth to Euronext
Oslo Børs

"We are very pleased to partner with GE Vernova to offer lower-carbon gas power
by deploying GE's gas turbines in combination with CapsolGT® - Capsol's carbon
capture solution for open cycle gas turbines. By introducing CapsolGT®, we
unlock a market that previously did not have access to cost-efficient carbon
capture solutions. The GE collaboration represents another major milestone
towards the commercialisation of the CapsolGT® technology and is in line with
our strategy to scale by partnerships. We have also received an order from
partner Sumitomo SHI FW for two CapsolGo® demonstration campaigns to be executed
at one energy-from-waste (EfW) and one biomass power plant. This marks an
important milestone in the partnership, which aims to develop standardised
carbon capture plants. Based on incoming demand from Europe, the US, the Middle
East and Asia across multiple industries we have ordered our third CapsolGo®
unit," added Kielland. 

Revenues were NOK 13.6 million in Q3 2023, up 162% from Q2 2023, driven by
increased activity from CapsolGo® demonstration campaign and paid engineering
studies. Pre-tax profit was NOK -7.8 million compared to NOK -15.2 million in
the previous quarter. 

Net cash flow from operating activities was NOK -3.7 million in Q3 2023,
compared with NOK -11.5 million in the previous quarter. Capsol Technologies
expects to reach break-even on technology licensing in 2024 and considers its
current business plan to be fully funded. 

Capsol's Q3 2023 report and presentation are attached and available on
capsoltechnologies.com/reports. 

Chief Executive Officer Jan Kielland, Chief Financial Officer Ingar Bergh and
Chief Product Officer Philipp Staggat will present the Q3 2023 results on 7
November 2023 at 08:15 CEST. 

The presentation will be broadcast as a webcast and questions can be submitted
throughout the streaming event:
https://channel.royalcast.com/landingpage/hegnarmedia/20231107_2/ 


For further information, please contact:
 
Ingar Bergh
Chief Financial Officer, Capsol Technologies ASA
+47 926 20 330
ingar.bergh@capsoltechnologies.com



About Capsol Technologies ASA
 
Capsol Technologies 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 solutions are
licensed out either directly to customers or through industrial partners
globally. Key segments include cement, biomass, energy-from-waste, power
generation and large industrial. Capsol is targeting significant long-term value
creation with a scalable model with an ambition of 5-10% technology licensing
market share in 2030, EUR 7-12 in licensing revenue per tonnes installed
capacity and 40-60% pre-tax profit margin. Capsol Technologies is listed on
Euronext Growth Oslo, Norway (ticker: CAPSL). For more information visit
capsoltechnologies.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. 

This stock exchange announcement was published by Tone Bekkestad, Chief
Marketing Officer, Capsol Technologies on 7 November 2023 at CEST 06:40.