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Aker Carbon Capture announces second quarter 2024 results

10 Jul 2024

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In the second quarter, Aker Carbon Capture finalized a joint venture (JV) with SLB. The JV strategically combines technology portfolios, expertise, and operational platforms to support accelerated carbon capture adoption for industrial decarbonization at scale. ACC ASA booked a gain on the sale of NOK 4.9 billion and the cash position at the end of the second quarter was NOK 4.5 billion.

'We are immensely proud of making carbon capture a reality today with seven technology installations in progress in Norway, Denmark and the Netherlands that have the combined capacity to capture up to 1 million tonnes of CO2 emissions per year. Through the JV with SLB, we will scale industrial decarbonization and commercialize disruptive technologies for the future. This JV marks a defining moment in our strategy, and we are confident that the partnership with SLB will create significant value for all our stakeholders,' said Valborg Lundegaard, CEO of Aker Carbon Capture ASA.

SLB and Aker Carbon Capture ASA close JV transaction

In June, ACC ASA and SLB announced the closing of their carbon capture JV. Carbon capture is a key technology to fight climate change and achieve net zero by reducing greenhouse gas emissions from power and hard-to-abate industrial sectors. The new JV is well positioned to deploy decarbonization at scale. ACC ASA will retain a 20% ownership stake in the JV and will continue to further develop the business together with SLB, which will hold the remaining 80% ownership stake. The new company will be headquartered in Oslo.

For further details on the JV transaction, reference is made to transaction announcement:

Market development and commercial activity progressing

The first half of 2024 saw high activity in the overall carbon capture market and for Aker Carbon Capture, notably including further progress with supportive government policy, the development of carbon removals, and the formation of progressive industry partnerships.

Aker Carbon Capture saw high activity in early-stage work such as test campaigns, FEEDs, pre-FEEDs and studies and took major steps to develop its position in the important North American market. This included signing Memorandum of Understanding agreements with MAN Energy Solutions for CO2 capture and compression, and with carbon capture developer CO280 and Microsoft to accelerate full-scale carbon removal, initially targeting biogenic CO2 emissions from the pulp and paper industry. This builds on the existing partnership between Aker Carbon Capture, Ørsted and Microsoft that supports the landmark Kalundborg CCS project in Denmark.

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 in Europe.

  • The Heidelberg Materials Brevik CCS project in Norway, a Big Catch facility, will be the first industrial scale carbon capture plant at a cement factory anywhere in the world, and will at completion capture 400,000 tonnes CO2 per year.
  • Ørsted's BECCS project in Denmark, with the delivery of 5 Just CatchT 100 units at Asnæsværket and Avedøreværket, will capture up to 500,000 tonnes CO2, creating negative emissions from 2026 onwards.
  • The Twence project in the Netherlands, with the delivery of a Just CatchT 100 unit to the Dutch operator of waste-to-energy plants, will have a rated capacity of 100,000 tonnes CO2 per year and will commence operations 2024. The captured CO2 at Twence will be utilized in local horticulture to increase plant yields from greenhouses, making it one of the first industrial scale examples of carbon capture and utilization (CCU).

Financial results

ACC ASA ended the second quarter 2024 with NOK 4.5 billion in cash and a solid equity position at NOK 5.5 billion. An accounting gain of NOK 4.9 billion was booked related to the sale of ACCH to SLB.

Future strategy

The Board of Directors of ACC ASA is in the process of defining the future strategy and structure of the Company, including the framework for the use of the proceeds from the transaction with SLB.

Original announcement link

Source: Aker Carbon Capture

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