LYSAKER, Norway, July 10, 2024 /PRNewswire/ -- In the second quarter, Aker Carbon Capture ASA ("ACC ASA") 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: https://akercarboncapture.com/?cision_id=DB4E7DA6FBE9D754

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, ?rsted and Microsoft that supports the landmark Kalundborg CCS project in Denmark.