Aker Carbon Capture to deliver five Just Catch units and equipment for over EUR 200 million to Ørsted

FORNEBU,Norway,May 15,2023 --Aker Horizons ASA (OSE: AKH) today announced that Aker Carbon Capture ASA,which is owned 43.3 percent by Aker Horizons,has been awarded a large-scale carbon capture project by Ørsted,a global leader in renewable energy,for its Ørsted Kalundborg Hub in Denmark. As the carbon capture provider,Aker Carbon Capture will deliver five Just Catch units,additional equipment such as liquefaction systems,and temporary CO2 storage and on-/offloading facilities with an expected total contract value above EUR 200 million. The carbon capture facilities will be delivered to Ørsted's wood chip-fired Asnæs Power Station and the Avedøre Power Station's straw-fired boiler and combined will have an installed design capture capacity of 500,000 tonnes CO2per year.

This follows the 20-year contract award to Ørsted by the Danish Energy Agency (DEA) for its carbon capture and storage (CCS) project. The funding will enable the realization of the first full-scale carbon capture and storage value chain in Denmark,delivered by Ørsted,Aker Carbon Capture,Microsoft and Northern Lights.

"We are proud of our partnership with Ørsted and see this project as a milestone for our Just Catch standardized concept,a modular and configurable offering that enables time-efficient deployment of carbon capture units to the mid-scale emitter market. We look forward to working with Ørsted and contributing to their decarbonization journey and to Denmark's CCUS ambitions," said Valborg Lundegaard,Aker Carbon Capture's Chief Executive Officer.

"The signing of this contract represents the beginning of a groundbreaking CCUS project covering the entire value chain. This collaboration brings together key stakeholders,including government bodies,technology providers,industry leaders,and carbon credit buyers,with the aim of scaling up CCUS deployment and achieving net-zero emissions in hard-to-abate industries. Aker Carbon Capture's standardized solutions,including Just Catch,and strategic partnerships with industry leaders such as Ørsted and Microsoft,will create significant growth opportunities in the future," said Kristian M. Røkke,Aker Carbon Capture's Chairperson and Aker Horizons Chief Executive Officer.

In this landmark project,Microsoft will purchase several million tonnes of high-quality,durable carbon removal over more than ten years from the capture and storage of biogenic carbon from Ørsted's project. This represents one of the world's largest carbon removal offtake agreements by volume to date.

The project is subject to signing of the funding contract by Ørsted and the DEA,which completes the funding tender procedure. Such signing is expected to take place shortly after expiry of the mandatory standstill period.

For further information,please contact:

Media:

Yannick Vanderveeren,mob: +47 458 36 358,email: yannick.vanderveeren@akercarboncapture.com

Investors:

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

Christian Yggeseth,mob: +47 915 10 000,email: christian.yggeseth@akerhorizons.com

About Aker Horizons

Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy,carbon capture and hydrogen and develops industrial-scale decarbonization projects. As part of the Aker group,Aker Horizons applies industrial,technological and capital markets expertise with a planet-positive purpose to drive decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu,Norway. Across its portfolio,the company employs approximately 1,100 people in 18 countries on five continents. www.akerhorizons.com

About Aker Carbon Capture

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 and connect with us on LinkedIn, Facebook, Twitter, Instagram and YouTube.