In the first quarter 2024, Aker Carbon Capture recorded high commercial activity
across Europe and North America. The company's order backlog increased to NOK
2.3 billion, up from NOK 1.0 billion in the same period last year. Revenues rose
to NOK 566 million, up 97 percent compared to the same period last year. The
cash position at the end of the first quarter was NOK 902 million. The company
announced the agreement to form a Joint Venture with SLB.

"The decision to combine Aker Carbon Capture and SLB's carbon capture business
is underpinned by a strategic vision that reflects our commitment to accelerate
the industrial adoption of carbon capture," said Egil Fagerland, Chief Executive
Officer at Aker Carbon Capture. "In this first quarter of 2024, we have
experienced high levels of activity. In North America, we were awarded the first
mobile test unit campaign in the pulp & paper industry, and we signed an MoU
agreement with CO280 and Microsoft, aiming for large-scale carbon removal,"
continued Egil Fagerland.

Agreement to form Joint Venture with SLB

In the quarter, the company announced an agreement with SLB to combine their
respective carbon capture businesses to support accelerated industrial
decarbonization at scale (see Aker Carbon Capture's announcement on 27 March
2024). The new company will combine technology portfolios, expertise and
operations platforms to bring carbon capture solutions to market, faster and
more economically. The transaction is subject to regulatory approvals and is
expected to close by the end of the second quarter, 2024.

Operational and commercial activity progressing

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 company's first test campaign in the US signifies a milestone for Aker
Carbon Capture's rapid expansion into the significant North American market. The
test campaign, which was awarded by CO280 and a leading pulp and paper company,
will enable the full-scale implementation of multiple Just Catch 400 modular
capture facilities with permanent storage, and the creation of carbon removal
credits.

In March, Aker Carbon Capture established a strategic alliance with CO280,
providing unique access into both the pulp and paper and CDR markets. North
America's pulp and paper industry represents a carbon removal opportunity of up
to 130 million tonnes per year.

After the quarter end, Aker Carbon Capture signed - together with CO280 - an MoU
agreement with Microsoft to explore opportunities for scaling the full physical
and digital value chain of carbon removal in the US and Canada. Together the
three companies have the expertise, technologies, and resources to develop this
market by creating a scalable model to deploy large-scale carbon capture
projects quickly to meet global net zero targets.

Aker Carbon Capture also made strong progress in securing studies, a test
campaign and pre-FEED work across Northern Europe in the first quarter.

Financial results

Aker Carbon Capture saw continued revenue growth through the first quarter
compared to the same period last year. Revenues reached NOK 566 million in the
period, up from NOK 287 million in the same period last year. The increase in
revenues was driven mainly by progress on ongoing Big Catch and Just Catch
projects.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) excluding
transaction and other related costs in the first quarter was negative NOK 22
million, compared to negative NOK 51 million in the same period last year. While
Big Catch and Just Catch projects delivered positive contributions, the overall
EBITDA in the period was driven by high commercial and tender activity, North
America entry and R&D activity. Non-recurring transaction and other related
costs of NOK 48 million brought the reported EBITDA to negative NOK 70 million
for the quarter.

Aker Carbon Capture ended the first quarter with NOK 902 million in cash and a
solid equity position at NOK 649 million. The order backlog increased to NOK 2.3
billion, up from NOK 1.0 billion in the same period last year.

ENDS

Aker Carbon Capture will present the results in an audiocast, followed by a live
Q&A session, today at 15:00 CEST. Click on the following link to follow the
event: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240425_20

Media contact:
Hanne Rolén, mob:?47 99 00 25 71, email: hanne.rolen@akercarboncapture.com

Investor contacts:
David Phillips, mob: +44 7710 568279, email:
david.phillips@akercarboncapture.com

Aker Carbon Capture is a pure-play carbon capture company with solutions,
services and technologies serving a range of industries with carbon emissions,
including the cement, bio and waste-to-energy, gas-to-power and blue hydrogen
segments. Aker Carbon Capture's proprietary, carbon-capture technology offers a
unique, environmentally friendly solution for removing CO2 emissions.

Visit akercarboncapture.com (https://www.akercarboncapture.com/) and connect
with us on LinkedIn (https://www.linkedin.com/company/aker-carbon
-capture), Facebook (https://facebook.com/akercarboncapture),
Twitter (https://twitter.com/akercarbon),
Instagram (https://www.instagram.com/akercarboncapture/) and
YouTube (https://www.youtube.com/channel/UCqE71jAZxmM-CNhfUQq86kQ). This press
release may include forward-looking information or statements and is subject to
our disclaimer, see akercarboncapture.com (https://www.akercarboncapture.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 Katja Aanestad, Marketing
Communications, Aker Carbon Capture on 25 April 2024 at CEST 07:00.