Aker Carbon Capture ASA: Aker Carbon Capture extends Memorandum of Understanding with leading CO2 storage company Carbfix

OSLO,Norway, May 9, 2023 /PRNewswire/ -- Aker Carbon Capture and Carbfix have extended their partnership aimed at combining the companies' complementary technologies to explore full carbon capture and storage (CCS) value chains in the global fight against climate change. The Memorandum of Understanding (MoU) has a duration of 2 years and is non-exclusive.

The two Nordic industry front runners aim to work together on point source capture and storage volumes between 100,000 tonnes CO2 per year and 1 million tonnes CO2 per year, especially from hard-to-abate industries such as cement, gas-to-power, and waste-to-energy. The Carbfix technology involves dissolving CO2 in water and injecting it into porous basaltic stone formations, where natural processes cause the CO2 to form stable carbonate minerals within two years.

"Our next-generation partnership with Carbfix, as documented in this MoU, shows a clear ambition to deepen our ongoing collaboration, further accelerating the CCS market in Europe and North America. Together, we can offer industrial emitters the entire CCS value chain, capturing CO2 and permanently storing it by turning it into stone underground," said Jon Christopher Knudsen, Chief Commercial Officer at Aker Carbon Capture.

"Taking the Carbfix technology to a broader market of emitters either with point source storage or with the use of CO2 terminals, is a key pillar in the Carbfix strategy. By working with Aker Carbon Capture, we extend our reach, benefitting from the possibility to provide a full value chain offering for those cases where this creates value," said Kristinn Ingi Lárusson, Head of Business Development and Commercialisation at Carbfix.

More than ten years ago, Carbfix started testing subsurface mineralization of CO2 in basaltic stone formations at Hellisheidi in Iceland - or in simple terms: turning it into stone underground. Since then, Carbfix mineralized over 90,000 tonnes of CO2 captured from the emissions of the nearby geothermal power plant.

Aker Carbon Capture's proprietary and field-proven technology can be applied to both existing and new-build plants, and has extensive real-world validation, with close to 60,000 hours of operation across a range of carbon-emitting industries. The company's flagship projects, Brevik CCS and Twence CCU, are currently the large-scale carbon capture projects in the construction phase in Europe. Last month, the company launched the next generation modular carbon capture plant, aimed at the mid- to large-scale emitter market. The company continues to build its leading market position in Northern Europe, and further advancing into North America through strong partnerships.

In July 2021, both companies joined forces with Elkem Iceland in the groundbreaking mission towards reducing CO2 emissions from Elkem Iceland's ferrosilicon plant through carbon capture and mineral storage in basalt structures. Aker Carbon Capture and Carbfix are now extending this partnership towards their shared strategic focus areas: point source emissions and CO2 hub projects across Europe and North America. Aker Carbon Capture and Elkem are also currently testing carbon capture at Elkem's smelting plant in Rana, Norway.

CONTACT:

Media contacts
Aker Carbon Capture
Yannick Vanderveeren, mob: [phone], email: [e-mail]

Carbfix
Ólafur Teitur Guðnason, mob: [phone], email: [e-mail]

Investor contacts:
David Phillips, mob: [phone], email: [e-mail]
Christian Yggeseth, mob: [phone], email: [e-mail]

The following files are available for download:

https://news.cision.com/aker-carbon-capture-asa/i/carbfixacc-final,c3176518

CarbfixACC final

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