Oslo, 10 November 2021

CEO STATEMENT
"In the third quarter, the Company continued the implementation of its strategy
of investing in companies and technologies which contribute to substantial
reduction of CO2 emissions. As the ongoing energy crunch and the recent COP26
summit have clearly demonstrated, accelerating the energy transition into large
scale industrialization is now on top of the agenda globally. The critical need
for change and the political will to enforce it is going to create massive
opportunities in the "carbon transition" space. As a listed investment company
with a unique access to deal flow within this space, the Company expects to
generate substantial shareholder value going forward. 

In July, the Company invested NOK 30 million (USD 3.4 million) into a
convertible loan in Arbaflame AS, a highly promising company with a proven
technology and substantial backlog for their bio waste-based coal replacement
fuel solution (ArbaCore). When replacing coal with ArbaCore in coal fired power
plants, Co2 emissions are reduced by approximately 90% compared to coal. With a
unique and scalable solution, and a massive need for coal replacement
world-wide, we believe that Arbaflame is at the start of a very exciting
journey, as recently illustrated by Arbaflames letter of intent with the
Ministry of Energy of Romania for a coal replacement verification programme,
which might lead to a 10-year offtake agreement for 100,000 tonnes per year of
Arbacore pellets.


In August, we announced our second investment of approximately GBP 1.3 million
(USD 1.7 million) into common shares and options in the UK-based company Power
by Britishvolt Limited ("Britishvolt"). Britishvolt is a developer, and future
manufacturer, of lithium-ion cell chemistries and batteries for electric cars,
established with the aim to meet rapidly accelerating EV demand. Britishvolt is
targeting becoming a world leading sustainable, low-carbon battery cell
producer. The company has started construction of its first gigafactory in the
UK and is experiencing strong political support for its operations.

Carbon Transition has subsequently announced its third investment, and the first
strategic entry into the carbon capture market, by investing NOK 40 million (USD
4.7 million) in the leading carbon capture technology company CO2 Capsol AS. The
investment offers Carbon Transition shareholders a very attractive exposure to a
vast growth sector with a very large global addressable market. With its unique
and patented low-cost system and HSE-friendly HPC technology, CO2 Capsol is a
highly attractive solution for the carbon capture marketplace. 

Looking at the Company's first three investments, common denominators are
typically pre-IPO companies with unique and proven technology, scalable business
models, high barriers to entry and a truly global potential. Through our unique
network, we are constantly evaluating investment cases which fit the Carbon
Transition "bill".

In the legacy seismic business, the Company successfully completed the
previously announced ROV-deployed ocean bottom node survey in the North Sea.
Despite the challenges of COVID-19 and associated logistical issues, the survey
was completed on time, on budget and without incidents. Although a recovery in
the multi-client space is yet to materialize, we are seeing active interest in
our "near-field" data libraries and remain optimistic about potential late sales
to support our future investments." says Ronny Bøhn, CEO of Carbon Transition. 

EVENTS DURING THE QUARTER
o	Change of Company name to Carbon Transition ASA and implementation of new
strategic direction
o	Two investments made under new strategy
o	NOK 30 million (USD 3.4 million) convertible note in sustainable coal
replacement manufacturer Arbaflame AS
o	GBP 1.3 million (USD 1.7 million) common equity and options investment into
leading UK battery cell developer Britishvolt Limited
o	NOK 20 million repair offering substantially oversubscribed
o	New option program initiated
o	Reverse share split 10:1
o	North Sea seismic node project successfully completed on time and ahead of
budget
o	Revenue USD 9.0 million