Slide 1: Q4 and FY 2024 results presentation
Q4 and FY 2024 results presentation February 24, 2025
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION IS NOT FO R PUBLICA TION NO R DISTRIB UTION, IN WHO LE OR IN P ART, DIRE CTLY OR INDIRECTL Y, IN OR INTO AUSTRALIA, CANADA O R THE UNITED S TATES (INCLUDING ITS TERRITORIE S A ND POSSE SSIONS, ANY STATE O F THE UNITED STATED A ND THE DISTRICT O F COLUMBIA ) O R ANY OTHE
Slide 3: Today's presenters
Today’s presenters: Ingar Bergh Wendy Lam Sam Thivolle Chief Financial Officer Chief Executive Officer Chief Delivery Officer
Slide 4: Capsol delivers robust carbon capture technology
Capsol delivers robust carbon capture technology Separating CO2 from other gases Burning biomass Capsol for BECCS (bio-energy carbon to produce heat CO2 is compressed capture and storage) and electricity and transported • Ability to capture a wide range of flue gases: 3-30%1 • Top tier capture rate:
Slide 5: Licensor of point source carbon capture technology
Licensor of point source carbon capture technology Offering carbon capture and heat recovery in one system Attractive capture cost Electricity consumption Norway (HQ) 20-60% 0.5-1.5 US Germany Lower than amines1 GJ per ton of CO2 captured2 Technology experience Mature pipeline 15+ 17.2mt Decades pro
Slide 6: Highlights – Q4 and full-year 2024
Highlights – Q4 and full-year 2024 Strong revenue and • Revenues increased 2.75x to NOK 94.2 million pipeline growth • 45% y-o-y growth in mature project pipeline to 17.2 million tons annual CO2 capacity • EUR >200 million revenue potential in projects that can reach FID next three years Capsol’s te
Slide 7: Capsol is already making CCS more economical
Capsol is already making CCS more economical Case example: Capsol vs amines in cement industry Costs for CCS to continue declining ... • Advancing technologies EUR -48 • Increasing access to and lower transportation and storage 187 EUR 5 - 25 costs, driven by economies of scale 139 139 ...while ince
Slide 8: Capsol provides a competitive market advantage
Capsol provides a competitive market advantage Post-combustion carbon capture solutions HPC (Hot Potassium Carbonate) Amines Others1 700+ pre-combustion plants built since 1950 Most common technology; but few large- Testing, piloting and industrial scale Maturity scale post-combustion facilities dem
Slide 9: Capsol's pipeline growth outpacing the industry
Capsol’s pipeline growth outpacing the industry Mature CCS project pipeline growth, Q2 23 - Q2 24 Targeting: 140% • High-growth segments, cement and biomass, waste-to-energy CO2 capture capacity growth, % 120% 13 100% • High-growth regions, Europe and North America 80% • Successful go-to-market with
Slide 10: 80% of Capsol's pipeline can reach FID next three years
80% of Capsol’s pipeline can reach FID next three years Capsol’s mature project pipeline Revenue potential 20 300 18 250 16 14 Million tons CO2 200 EUR million 12 10 150 17.2 260 8 13.8 100 210 6 4 50 2 0 0 Mature pipeline Potential FIDs 2025-2027 Mature pipeline Potential FIDs 2025-2027 Note: Based
Slide 11: Deep dive: Delivering for customers and gaining experience
Deep dive: Delivering for customers and gaining experience
Slide 12: Superior technology platform to decarbonize industries
Superior technology platform to decarbonize industries CapsolGo® CapsolEoP® CapsolGT® Demonstration units Full-scale plant Gas turbines Image: Stockholm Exergi by Urban Design • 12
Slide 13: CapsolGo - strong safety and commercial performance
CapsolGo® - strong safety and commercial performance CapsolGo® safety performance No HSE accidents in 2024 Commercial performance 70% booked for 2025 Strong industry interest
Slide 14: CapsolGo - de-risking CCS projects as-a-service
CapsolGo® - de-risking CCS projects as-a-service CapsolGo® capacity 0.5-2 ton/day Campaign duration 3-12 months Number of CapsolGo® units 3 Number of liquefaction units 2 14
Slide 15: CapsolGo - accelerating CCS investment decisions
CapsolGo® - accelerating CCS investment decisions CapsolGo® allows emitters to test Capsol’s technology on their plant-specific flue gases Clients’ benefits: • Project risk mitigation • Validation of performance • Assessment of flue gas variability • Stakeholder engagement A CapsolGo® campaign is de
Slide 16: CapsolGo - Innovation platform
CapsolGo® - Innovation platform • CapsolGo® is designed to accelerate licensing revenues • >15,000 hours of operations to date • 7 demonstration campaigns successfully executed • Developed industry-leading HPC post combustion flue gas experience • Provides Capsol with a platform for driving innovati
Slide 17: Operational review
Operational review
Slide 18: Recent news – commercial traction continues
Recent news – commercial traction continues Total mature project pipeline >17m tons of CO2 capacity • Jan 16, 2025 – European cement plant awards Capsol Pre-FEED. 600,000 tons of CO2 per year. • Dec 20, 2024 – Large European utility awards Capsol feasibility study for energy-from-waste plant. Study
Slide 19: Strong traction driven by demand and competitiveness
Strong traction driven by demand and competitiveness 17mt mature pipeline at end of Q4 2024 representing up to EUR ~260m pre-tax profit potential +45% 20 18 16 Engineering studies Million tons CO2 14 12.0 mt 12 10 CapsolGo® 8 3.85 mt 6 4 License agreements 2 1.35 mt 0 Q4 2023 Q1 2023 Q2 2024 Q3 2024
Slide 20: Emerging as a preferred technology in target industries
Emerging as a preferred technology in target industries Biomass/Energy-from-waste Cement Gas turbines Clean power and new business Meeting new regulations and Decarbonize hard-to-abate Market drivers opportunities in carbon removal staying competitive gas power • Low energy consumption • Lower energ
Slide 21: Cement leader to test Capsol's technology
Cement leader to test Capsol’s technology • Cooperation agreement with Holcim Group • CapsolGo® carbon capture demonstration campaign at a cement plant in southern Germany in Q2 2025 • The first step aimed at decarbonizing Holcim’s global portfolio of industrial plants • Potential for large-scale ro
Slide 22: First licensing fee from flagship BECCS project
First licensing fee from flagship BECCS project • Payment terms of the licensing agreement for CapsolEoP® were met by the end of 2024 • The CapsolEoP® technology has been validated through several significant milestones: ✓ 180 million EUR awarded by EU ✓ Environmental permitting complete ✓ World's l
Slide 23: Growth initiatives for additional value generation
Growth initiatives for additional value generation Opening of Capsol’s R&D Center Exploring full project cycle service offering • Expand chemical and process testing to generate • Development of service concepts by leveraging our proprietary know-how extensive project portfolio • Support ongoing joi
Slide 24: Financials
Financials
Slide 25: Scalable business model yielding attractive returns
Scalable business model yielding attractive returns Low capital intensity Zero capex risk 40-60% pre-tax MAIN REVENUE CONTRIBUTION IN THE PAST MAIN CONTRIBUTION GOING FORWARD Timeline for a typical CCS project and Capsol’s revenue streams Sales Engineering Demonstration campaign Licensing Final inve
Slide 26: First licensing revenue – first profitable quarter
First licensing revenue – first profitable quarter Revenues mNOK 36 22 • 2.25x Q4-on-Q4 revenues, to NOK 36.1 million 20 17 16 • 2.75x y-o-y revenues, to NOK 94.2 million • Demonstration campaigns and engineering still main Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 revenue driver, first license revenu
Slide 27: CapsolGo capex close to completion
CapsolGo® capex close to completion Cash flow for Q4 2024 mNOK 05 01 02 • Cash burn for the period was NOK 1.5 million 03 ( 03) 66 ( 01) ( 03) 64.5 • Investments of NOK 3.1 million, of which ~95% into ( 06) CapsolGo® program • NOK 3.0 million of CapsolGo® capex remaining • Payment for Stockholm Exer
Slide 28: Concluding remarks and Q&A
Concluding remarks and Q&A
Slide 29: Milestones expected next 6-12 months
Milestones expected next 6-12 months De-risking the path towards long-term goals and revenue potential Stockholm Exergi Fully booked New licensing Bringing Expanding FID1 CapsolGo® agreements CapsolGT® to partnerships capacity market Entered next phase of Generating high Proving technology Moving to
Slide 30: Summary
Summary Capsol’s pipeline growth outpacing the industry EUR >200 million revenue potential in projects that can reach FID 2025-2027 CapsolGT® can unlock large opportunity within gas turbines Fully funded on current business plan R&D initiatives set to drive performance and further value capture 30
Slide 31: Appendix
Appendix
Slide 32: Enabling a sustainable future
Vision Enabling a To accelerate the world's sustainable future transition to a net zero future Mission Deliver energy-efficient and safe carbon capture technologies 32
Slide 33: Fully funded on current business plan
Fully funded on current business plan Contracted revenue/committed costs next 12 months mNOK 84 • Current contracted revenue and net open CapsolGo ® capacity sufficient to fund operations with current (Q4) cost levels ( 23) • Does not account for new revenue coming contracted during year • Further i
Slide 34: Illustration of the CapsolEoP process
Illustration of the CapsolEoP® process A full capture solution for CO2-emitting industries Cement, biomass, energy-from-waste (EfW), power generation and large industrials Capture capacity from 100,000+ tons CO 2/year Stand-alone end-of-pipe (EoP) solution, easy retrofit with parent plant District h
Slide 35: Licensing agreements overview
Licensing agreements overview Large European utility Project capture capacity (tons) 800,000 550,000 120,000 • Signed: Q3 2022 • Signed: Q4 2023 • Signed: Q1 2024 Key milestones • Expected FID: As soon as possible • Expected FID: 2026 • Expected FID: 2026/2027 2025 At a discount to the target range
Slide 36: 2030 goals for long-term value capture
2030 goals for long-term value capture Ambition 1 Make point source carbon capture accessible and viable for more emitters Top 3 position in target segments: cement, biomass, waste-to-energy and 2 gas power plants Becoming a leading global carbon capture technology company 3 Achieve 5-10% carbon cap
Slide 37: Capsol's technology can significantly reduce capture cost
Capsol’s technology can significantly reduce capture cost EUR per ton CO 2 captured 187 Transport & Storage CCS project cost (capex + opex) Est. Capsol CCS project costs (capex + opex) 156 114 - 134 123 92 ~20% – 60% 50 - 70 lower costs 64 64 64 Norcem Brevik CCS Ørsted Kalundborg Hub CapsolEoP® (fi
Slide 38: Increasing energy savings at higher CO2 concentration
Increasing energy savings at higher CO2 concentration Electricity cost for fully electric capture solutions CO2 concentration in flue gas 5% 10% 15% 20% 25% Typical cement case € 60 € 50 54% reduction € 40 in electricity consumption1 Generic amine process € 30 € 20 EUR 19 saved per ton CO2 captured1
Slide 39: Heat generation boosting EfW CCS projects' returns
Energy-from-waste Heat generation boosting EfW CCS projects’ returns CapsolEoP® adresses customer needs to provide additional revenue streams EUR per ton CO2 captured Margin EUR 74 - 94 • CapsolEoP® enables additional 208 revenue of EUR 46 per ton CO₂ EUR 6 captured CapsolEoP® 46 heat revenue 156 16
Slide 40: Powering datacenters with CapsolGT
Gas turbines Powering datacenters with CapsolGT® Reliable low carbon electricity generation from natural gas Levelized cost of electricity per MWh 2 Willingness to pay ~ USD 115 108 ~ USD 50 margin 74 57 45 Combined cycle Based on recent CapsolGT® Three Mile Island power plant power plant power purc
Slide 41: Risks and mitigating actions
Risks and mitigating actions Key risk factors Mitigating actions • Licensing model highly scalable with limited resources • Partnering with big global players to greatly extend reach, capacity and capabilities Small player • A clear strategic roadmap for organic growth and opportunistic approach to
Slide 42: Management
Management Wendy Lam, Chief Executive Officer Cato Christiansen, Chief Technology Officer An extensive career as an executive at Baker Hughes, Rolls-Royce >20 years’ experience from the energy sector. Former Shell, SPT Group and Marine (now Kongsberg Maritime) and GE. the Norwegian Ministry of Petro
Slide 43: Board
Board Endre Ording Sund, Chair John Arne Ulvan, board member >40 years with management and board positions in the energy, Extensive career as a top executive with strong results from banking and shipping sector. national, international and listed companies. M.Sc. In Chemistry/Chemical Engineering fr
Slide 44: Capsol's International Advisory Board
Capsol’s International Advisory Board Chris Barkey Morgan Bazilian Ian Dunderdale Jing Jin Jan Kielland Stéphanie Saunier Former CTO for Baker Director of the Payne Experienced energy Vice President of Former CEO of Managing Director of Hughes, former Group Institute for Public sector executive Clea
Slide 45: Patent portfolio overview
Patent portfolio overview Patent family 1: Patent family 2: Patent family 3: Patent family 4: Patent family 5: Low emission Combined storage Method and plant for Thermal power plant Purification of flue thermal powerplant solution for natural transport of rich gas with CO2 gas from marine gas and CO
Slide 46: Value chain overview
Value chain overview Carbon capture EPC1 Operations and Liquefaction & Transport Storage technology maintenance intermediate storage • Technology • Client selects • Client selects • Client selects • Clients selects • Client selects licensed out independent independent independent independent indepen
Slide 47: Drammensveien 126, 0277 Oslo, Norway
Drammensveien 126 0277 Oslo Norway Our vision is to accelerate the worlds capsoltechnologies.com transition to a net zero future