Slides
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Q1 2025 results presentation May 13, 2025
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Default disclaimer text pending Disclaimer 2 THIS PRESENTATION IS NOT FOR PUBLICATION NOR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA OR THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATED AND THE DISTRICT OF COLUMBIA) OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THE DISTRIBUTION OF THIS PRESENTATION MAY IN CERTAIN JURISDICTION BE RESTRICTED BY LAW. PERSONS INTO WHOSE POSSESSION THIS RELEASE COME SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH RESTRI CTIONS. This company presentation (the “Presentation”) has been prepared by Capsol Technologies ASA (“Capsol” or the “Company”) and r elates to Capsol. This Presentation speaks as of May 13, 2025, and there may have been changes in matters which affect the Compa ny subsequent to the date of this Presentation. 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Any investment or investment activity to which this Presentation relates is available in the United Kingdom only to persons that are both Relevant Persons and Qualified Investors, and in member states of the EEA other than Norway and the United Kingdom only to persons tha t are Qualified Investors, and will be engaged in only with such persons. This Presentation and the information contained herein is not intended for publication or distribution, directly or indirectly, in whole or in part, in, and does not constitute an offer of securities in, the United States (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)), Cana da, Australia, Japan or any other jurisdiction where such distribution or offer is unlawful. 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Ingar Bergh Chief Financial Officer Today’s presenters: Wendy Lam Chief Executive Officer Jacob Clausen Krøvel SVP Investment and Strategy
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5 Licensor of point source carbon capture technology Offering carbon capture and heat recovery in one system 1. Based on company estimates, internal and external studies (Swedish Energy Agency report “Conceptual study for Bio-CCS within Stora Enso’s Swedish kraft pulp mills” and Sintef report “Reducing the Cost of Carbon Capture in Process Industry”); 2. 140-400 kWh Electricity consumption 0.5-1.5 GJ per tonne of CO2 captured2 Attractive capture cost 20-60% Lower than amines1 Studies and project leadsCapsolGo® and licenses Demonstration hours 18,800 Nine campaigns, proven chemistry 15 years+ experience Norway (HQ) Germany US BECCS Cement Energy- from-waste Gas turbines Industries Refinery Pulp & paper Others
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Highlights – Q1 2025 61. FID = final investment decision; 2. BECCS = Bioenergy with carbon capture and storage (BECCS). y-o-y = year-over-year. mtpa = million tonnes per annum Strong pipeline growth – momentum across industries • Moving ahead on one of the world’s largest BECCS 2, using Capsol’s technology • 28% revenue growth y -o-y, and >70% mature pipeline growth to 22 mtpa of CO2 capture • Traction in Europe and US across cement, biomass, gas turbines, and other industries Significant EBITDA potential in 2026 New services offering driving future value • 13 projects in mature pipeline with potential FIDs in 2026 totaling 6.5 mtpa CO2 • NOK 300m+ licensing revenue potential in 2026 • Risk-adjusted forecast 2026 EBITDA at NOK ~60m • Strengthened position as carbon capture technology leader with new lab • Developing services offering to continue to optimize performance in operational phase • Potential of EUR 2+ recurring revenue per tonne CO2 captured
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Capsol’s value creation opportunity
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8 Payback on the Capsol license fee: less than one year Source: Capsol client studies and publicly available data on energy costs for amine-based carbon capture systems. 1. Assumptions: No heat integration, 800ktpa plant, EUR 80 per Mwhe.1. At 20% CO2 concentration in flue gas. Case study: Cement plant, 800 ktpa1 One year savings vs aminesOne time Capsol technology license fee NOK ~120m NOK ~180m• 20-60% lower capture costs vs amines • License fee of EUR 10-15 per tonne installed capacity • Case assuming mid-point, EUR 12.5 • Capsol’s inherent heat recovery enabling: • One-year opex savings larger than the entire license fee • Additional revenue opportunity where excess heat can be sold • Additional electricity generation for open cycle gas turbines Proven technology offering lower capture costs One-time Capsol technology license fee One-year savings vs. amines
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9 Targeting NOK 3bn+ of licensing revenue 2025-20351 1. Assuming licensing revenue 1.5 years before projects are operational on average. Note: Total addressable market (TAM), serviceable addressable market (SAM) and serviceable obtainable market (SOM) percentages here presented as share of total carbon capture technology licensing market. Relevant industries for Capsol’s technologies include cement, BECCS, energy-from-waste, gas turbines, pulp and paper, refineries, petrochemicals, ammonia, iron and steel, and other base materials. 2024 2030 203 2040 20 0 ETO 2024 IEA announced pledges IEA net ero scenario 0 1 000 2 000 3 000 4 000 000 6 000 CAGR: 19% CAGR: 17% CAGR: 13% mtpa, operational CCS capacity Total addressable market Serviceable addressable market Serviceable obtainable market 41% 25% 4%+2030 43% 34% 5%+2035 45% 36% 5%+2040 50% 40% 6%+2050 Post-combustion CCS Relevant industries Realistic market share (organic business plan)
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Strong growth in carbon credits Cumulative CDR purchases, mtpa1 CCS endorsed across the globeEU CO2 prices expected to triple ETS forecast, EUR/mt2 10 «By supporting cutting-edge technologies like carbon capture and storage (..), the Trump Administration is ensuring America leads in both energy production and environmental innovation.» Maturing carbon markets and policy support driving carbon capture demand 65 149 194 2025 2030E 2035E 0.6 5.2 13.4 24.4 2022 2023 2024 YTD 2025 1. CDR.fyi, CDR = Carbon Dioxide Removal. 2. Bloomberg New Energy Finance estimates 3. Whitehouse.gov 4. English.www.gov.cn5. Reuters/European Commission Clean Industrial Deal Reuters, 26 February 2025 The State Council, PRC, 24 April 2025 Trump Administration, 22 April 2025
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Future services with potential to generate recurring revenues of EUR 2+/tonne CO2 captured Scalable business model yielding attractive returns 12 Note: Normally, 12-36 months from feasibility study to final investment decision (FID). Demonstration campaigns typically last for 6 months. License fee typically paid over the construction period, 18-36 months. Process Design Packages (PDPs) are typically delivered after licensing agreements and before FID. 1. Incl. liquefaction Sales engineering Engineering studies CapsolGo® (optional) Operational plant Licensing agreement FID Timeline for a typical CCS project and Capsol’s revenue streams Technology license fee EUR 10-15 per tonne CO2 capture capacity Capital light technology licensing and services – targeting medium to long-term pre-tax profit margins of 40-60% PDP/FEED High value engineering pre-FID: Process Design Packages/FEED EUR 200k-350k in revenue per month1 Feasibility and Pre-FEED
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• FI for one of the world’s largest Bioenergy with carbon capture and storage projects (BECCS) • Capsol’s HPC-based technology chosen for its safety, maturity, energy- and cost-efficiency • Offtake agreements with Microsoft and Frontier and project supported by EU and Swedish state • Milestone has accelerated commercial traction in Q1, driven by funding applications and large clients Flagship Capsol project breaks ground with FID 13 Installation type Combined heat and power plant Storage Northern Lights – Equinor, TotalEnergies and Shell jv Stockholm Exergi is the provider of power, district heating and cooling to the city of Stockholm EPC Saipem Plant/full-scale deployment Värtaverket, 800,000 tonnes CO2 / year «(..) we are pleased with the efficiency of recovering heat from carbon capture and adding it into district heating networks» Brian Marrs, Senior Director, Energy & Carbon Removal, Microsoft
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Mature pipeline up 72% y-o-y and 29% q-o-q Mature pipeline industry split First gas turbines study in Q1 14 12.9 mt 13.1 mt 15.0 mt 17.2 mt 22.2 mt Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 12.0 7.7 1.4 1.1 Proven traction in first waves of CCS demand New projects in Europe and US added to pipeline – NOK 3bn+ in total licensing revenue potential Note: Following a thorough pipeline review, projects that are deemed less likely to proceed have been taken out as per the stock exchange release April 25, 2025. Engineering studies include Concept, Feasibility and pre-FEED (front-end engineering and design) studies with paid engineering work or other project specific work more advanced than "sales engineering”. mt = million tonnes. Gas turbines Energy-from- waste/BECCS Cement 22.2 mt Other
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Unrisked revenue potential from FIDs in 2026 Contract potential from FIDs in 2026 15 13 potential FIDs totaling 6.5mt in 2026 Note: Assumptions for contract potential from FIDs in 2026 based on mid-point target licensing revenue of EUR 10-15 per tonne installed capacity and EURNOK 11.8. Assumptions for unrisked revenue potential from FIDs and risked forecast EBITDA in 2026 based on 1/3 of licensing revenue paid in year 1 (1/3 in year 2 and 1/3 in year 3). Project 1 Project 2 Project 3 Project 4 Project Project 6 Project 7 Project 8 Project 9 Project 10 Project 11 Project 12 Project 13 d s y Bio Bio as turbines Bio Bio Bio Bio Bio Refinery Cement Cement Cement Bio pa 0.1 0.1 1.0 0.2 0.8 0.7 0. 0. 0.8 0.8 0.8 0.4 0.1 as as Q1 2026 Q1 2026 Q2 2026 Q2 2026 Q3 2026 Q3 2026 Q3 2026 Q3 2026 Q4 2026 Q4 2026 Q4 2026 Q4 2026 Q4 2026 NOKm >900 NOKm >300 Risk-adjusted forecast 2026 EBITDA NOKm 60
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16 Current Next 12 months 2026 Progressing towards break-even Illustrative CapsolGo® Engineering studies PDP/FEED Licensing revenue Cash break even • Higher value engineering work driving revenue increase pre -FIDs • Can reach break-even next 12 months with current business plan • Highly flexible cost base to be balanced with activity levels • Strict capital discipline until next FID revenue
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Service to optimize performance in operations: Significant additional value for clients – and Capsol 171. Business case for client based on one mtpa cement plant. Services revenue to occur when plants are operational. Industry proven business cases Solvent services • Supply, monitoring, and management = uptime increase and opex savings Performance monitoring and optimization • Higher capture rates = opex savings and increased CDR revenues Remote support program • Extended service = Reduced downtime risks EUR 2+ annual recurring revenue pr tonne CO2 captured Services further reducing cost of capture for clients
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Financials
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Revenues driven by paid studies and CapsolGo® 19 20 17 22 36 25 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 25 38 29 32 39 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 • Revenues of NOK 24.9m in the quarter, up 28% compared to Q1 24 • NOK -16.1m pre-tax profit vs. NOK -7.9m in Q1 24 • Operating expenses of NOK 38.6m for the quarter • Invested in opportunities to strengthen position as technology leader and increase revenue per project • Lower cost base on average next four quarters Revenues NOKm Operating expenses NOKm
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64,4 -16,1 4,7069 2,5 9,3 1 -1,1 -0,1 -6,1 Start of period Profit before tax Ordinary depreciation Finance income/Interest Working capital changes Share based compensation Interest and currency Capex Financing activities End of period Investment program completed 20 Cash flow for Q1 2025 NOKm 58.5• Payment for Stockholm Exergi license fee received in Q1 2025 (booked in Q4 2024) • Cash outflow of NOK 7.2m in the quarter – current investment program now completed • Cash balance of NOK 58.5m by end Q1 • Revenue ramp-up driven by PDP work expected towards end 2025 • Break-even within reach next 12 months driven by PDPs/FEED as we approach FIDs
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Concluding remarks and Q&A
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22 Scaling a competitive, high-margin carbon capture technology platform Recent milestones Accelerating growth and value creation Recent milestones have strengthened Capsol’s position and broadened growth opportunities T o support scale-up, the company has mandated Pareto Securities to: • Advance strategic partnership discussions • Review financing options to meet rising demand from large clients • Explore footprint expansion in new markets, including Middle East and Asia This aligns with Capsol’s long-term strategy for growth and value creation Stockholm Exergi FID • Project moving ahead with Capsol technology • Boosted interest for Capsol’s HPC-based technology platform Pipeline growth and larger clients • Mature pipeline up ~70% y-o-y and ~30% q-o-q • Increased traction with multinationals incl. Holcim, Suez, International Energy Company, European utilities Traction in North America and CapsolGT® • 1.4mt of CapsolGT® projects advanced to mature pipeline, including projects in US • Project development for BECCS in the US
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Pipeline growth converting to high value engineering and licensing revenues 23 Scalable platform positioned for profitable growth Differentiated technology providing 20 –60% lower capture costs Services offering adds recurring income and lifts project value Flexible cost base supports disciplined execution Engaging selectively in value -accretive strategic partnerships
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Appendix
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25 Capsol for BECCS (bio-energy carbon capture and storage) • Ability to capture a wide range of flue gases: 3-30%1 • Top tier capture rate: 90-95% • Purity that meets industry standards: +99% Capsol delivers robust carbon capture technology 1. CO2 concentration 2. Image source: Stockholm Exergi by Urban Design Separating CO2 from other gases CO2 is compressed and transported CO2 is injected into deep underground rock formations Burning biomass to produce heat and electricity
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26 To accelerate the world's transition to a net zero future Vision Deliver energy-efficient and safe carbon capture technologies Mission
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27 Illustration of the CapsolEoP® process A full capture solution for CO 2-emitting industries Cement, biomass, energy-from-waste (EfW), power generation and large industrials Capture capacityfrom 100,000+ tonnesCO2/year Stand-alone end-of-pipe (EoP) solution, easy retrofit with parent plant District heating integration- maximizes efficiency Flexible configuration- minimal electricity consumption or maximum district heating output Note: Energy consumption revised down; MT=metric tonne
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28 Licensing agreements overview Note: Payment to Capsol from final investment decision (FID), typically in instalments until start of operations. Target revenue inreal term. 2) Potential for additional recurring services revenues related to optimi ing customers’ project operations Large European utility Project capture capacity (tonnes) 800,000 550,000 120,000 Key milestones • Signed: Q3 2022 • FID taken Q1 2025 • Signed: Q4 2023 • Expected FID: 2026 • Signed: Q1 2024 • Expected FID: 2026/2027 Terms At a discount to the target range as a result of Stockholm Exergi being a first mover Within target range of EUR 10-152/tonne capacity installed
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29 mt = million tonnes. In addition, 1.1 mt in mature project pipeline from other industry segments. Emerging as a preferred technology in keyindustries Biomass/energy-from-waste Cement Gas turbines Market drivers Clean power and new business opportunities in carbon removal Meeting new regulations and staying competitive Decarbonize hard-to-abate gas power Value proposition • Low energy consumption • Safe solution fit for residential areas • Can boost district heating • Lower energy consumption with higher CO2 concentration • Easy plant integration; no need for external steam supply • Lower cost than alternatives • Efficient at low CO2 concentrations • Can generate additional electricity Project pipeline capacity and revenue potential 7.7 mt NOK1.1bn 12 mt NOK 1.8bn 1.4 mt NOK 0.2bn
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30 1. Current organic business plan assumes 4%+ to 6%+ long-term market share with additional upside through strategic partnerships, additional growth financing and expansion to new markets beyond Europe and North America. 2030 goals for long-term value capture Ambition Becoming a leading global carbon capture technology company Make point source carbon capture accessible and viable for more emitters1 T op 3 position in target segments: cement, biomass, waste-to-energy and gas power plants2 Achieve a licensing revenue of EUR 10-15 per tonne installed capacity4 Achieve a pre-tax profit margin of 40-60%5 Ensure presence in the largest geographical markets: Europe, North America, Southeast Asia, India, and the Middle East6 Achieve 5-10% carbon capture technology market share globally13
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Capsol’s technology can significantly reduce capture cost 64 64 64 123 92 50 - 70 CapsolEoP® (range) HPC Norcem Brevik CCS (first-of-a-kind cement) Amines 187 Ørsted Kalundborg Hub (biomass) Amines 156 EUR per tonne CO2 captured 114 - 134 CCS project cost (capex + opex)Transport & Storage Source: Pareto Securities’ 31st Annual Energy Conference for project numbers. Assumption: 4% WACC(Real),(incl. civilwork,infrastructure,etc.). Incl. capture,liquefaction,transport andstorage. Excl. subsidiesandcos treductionmechanisms. BlendedrateforCapsolstudies. 31 Est. Capsol CCS project costs (capex + opex) ~20% – 60% lower costs
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Increasing energy savings at higher CO2 concentration € 0 € 10 € 20 € 30 € 40 € 50 € 60 5% 10% 15% 20% 25% CO2 concentration in flue gas Generic amine process CapsolEoP® Cement (14-25%) EfW (8-12%) Biomass (13-17%) Electricity cost for fully electric capture solutions EUR 19 saved per tonne CO2 captured1 EUR 15.2m saved in energy annually 1 54% reduction in electricity consumption 1 1) Capsol client studies and publicly available data on energy costs for amine-based carbon capture systems. Assumptions: No heat integration, 800ktpa plant, EUR 80 per Mwhe.1. At 20% CO2 concentration in flue gas. 32 Typical cement case
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33 Risks and mitigating actions • Licensing model highly scalable with limited resources • Partnering with big global players to greatly extend reach, capacity and capabilities • A clear strategic roadmap for organic growth and opportunistic approach to inorganic growth • Highly capable and incentivised team Small player Competitors developing better technologies Key risk factors Mitigating actions • Prove cost competitiveness and continue to implement learnings from executed projects • Sound strategy and routines for patent protection implemented, continue to invest in R&D • Consider establishing projects with long cash flows • Opportunistic approach to acquiring promising new technologies Annual review to identify risk factors and implement mitigating actions overseen by the board of directors
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34 Management Wendy Lam, Chief Executive Officer An extensive career as an executive at Baker Hughes, Rolls-Royce Marine (now Kongsberg Maritime) and GE. MBA from INSEAD/The Wharton School. Ingar Bergh, Chief Financial Officer >15 years as advisor and executive in the energy and shipping sectors. BSc Engineering, NTNU; MSc in Supply Chain Management, Cranfield School of Management ranking; MBA Finance, Authorized Financial Analyst (CEFA), Norwegian School of Economics. Johan Jungholm, Chief Business Development Officer 10 years in Business Development, Complex Sales and Marketing and 15 years in energy sector. BA in Geology and Environmental Science, University of Pennsylvania. Cato Christiansen, Chief Technology Officer >20 years’ experience from the energy sector. Former Shell, SPT roup and the Norwegian Ministry of Petroleum and Energy (CCS). PhD in Mechanical Engineering, NTNU. Philipp Staggat, Chief Product Officer >10 years at Siemens, including lead commissioning engineer and project manager, before joining Capsol Technologies. BSc Engineering, Berlin University of Applied Sciences, and MBA, London Business School. Robin Bodtmann – Managing Director Americas > 30 years of experience (Wood, Amec and Air Liquide), including delivering EPC projects. BS Biological Sciences, UNC Chapel Hill; BS Construction Management, ECU; MBA, Rice University. Sam Thivolle, Chief Delivery Officer >20 years in the upstream oil and gas sector, and extensive experience in CCS. MBA from INSEAD; MSc Petroleum Economics, IFP; MEng Petroleum Engineering, Texas A&M; MSc Chemical Engineering, Chimie ParisTech.
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35 Board Endre Ording Sund, Chair >40 years with management and board positions in the energy, banking and shipping sector. Royal Navy Academy, Norwegian School of Management, Harvard Business School. Monika Inde Zsak, board member Extensive career within energy, renewables, sustainability. MSc in industrial engineering and finance from NTNU and University of New South Wales, Australia (UNSW). Wayne G. Thomson, board member Extensive international career as a top executive within oil and gas, former Chairman of Svante Inc. BSc in Mechanical Engineering from University of Manitoba. John Arne Ulvan, board member Extensive career as a top executive with strong results from national, international and listed companies. MSc In Chemistry/Chemical Engineering from NTNU. Ellen Merete Hanetho, board member Experience from Brussels Stock Exchange, Citibank, Goldman Sachs, Credo Partners, Frigaardgruppenand Cercis. BSBA from Boston University, MBA from Solvay University, executive training from INSEAD and Harvard Business School.
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36 Capsol’s International Advisory Board Jing Jin Vice President of Clean Technologies at Munters, leading Munter’s carbon capture initiative. Stéphanie Saunier Managing Director of Carbon Limits, Independent Board Member for Carmeuse, an international lime producer. Morgan Bazilian Director of the Payne Institute for Public Policy and Professor at the Colorado School of Mines. Worked with World Bank, United Nations, EU. Jan Kielland Former CEO of Capsol Technologies. Previous management and board positions in the energy sector. Former CTO for Baker Hughes, former Group Director, Engineering & Technology for Rolls-Royce plc. Chris Barkey Ian Dunderdale Experienced energy sector executive leader with experience from Baker Hughes, Gaffney Kline, Halliburton.
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37 Patent portfolio overview Patent family 3: Method and plant for transport of rich gas Patent family 4: Thermal power plant with CO2 sequestration Patent family 5: Purification of flue gas from marine diesel engines Patent family 2: Combined storage solution for natural gas and CO2 Patent family 1: Low emission thermal powerplant Patent family 6: Oil sand production without CO2 emission Patent family 7: Heat integration in CO2 capture Patent family 8: Method and plant for CO2 capture Patent family 9: Heat recovery for CO2 capture (pending) Patent family 10: Method and plant for CO2 capture from a district heating plant (pending) Patent family 11: Energy integration of CO2 capture with a powerplant (pending)
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381 Engineering, procurement and construction Value chain overview CO2 emission/ plant Carbon capture technology Operations and maintenance Transport Storage • Technology licensed out globally directly or through partners (re-sale) • Sales engineering • Client selects independent provider or via Capsol partnerships • Competitive bidding is important for client to reduce overall cost • Capsol supports client through both the EPC tendering process and actual EPC work • Client selects independent provider or operates themselves • Capsol offers support and expertise, in addition to optimized technical solutions during lifetime of projects • Client selects an independent provider • Capsol integrates energy waste from liquefaction to reduce energy consumption in the capture plant • Clients selects independent provider • Capsol can provide independent advice to client • Client selects independent provider • Capsol can provide independent advice to client EPC1 Liquefaction & intermediate storage Supporting client through the value chain, but client remains free to choose providers
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capsoltechnologies.com Drammensveien 126 0277 Oslo Norway Our vision is to accelerate the worlds transition to a net zero future