December 8, 2021

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Aker Carbon Capture lost 55 million NOK - E24

Aker Carbon Capture lost 55 million NOK – E24

The negative result in the third quarter pushed the loss for the year so far to NOK 128 million. At the same time, revenue is increasing.

Aker Carbon Capture CEO Valborg Lundegaard at the Pareto conference earlier this year.

Posted:

Aker Carbon Capture, which is dominated by Aker and Kjell Inge Røkke, will present Monday morning. Third quarter numbers.

The report shows profit before tax minus NOK 55 million, while revenue in the period fell at NOK 101 million.

In the first three quarters of the year, losses were NOK 128 million, while revenue was NOK 234 million.

In the third quarter of last year, when figures were presented for the period from July 8 to September 30, the company made pre-tax profit minus NOK 12.5 million and revenue of NOK 5.6 million.

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He sees clear signs of an acceleration in the market

In the second quarter, the turnover was NOK 69 million and the result was minus NOK 49 million, the increase in income mostly due to the good progress of the Brevik project, it was reported.

The company owns Contract with Norcem On the CO2 purification of the Brevik cement plant, the plan is to sequester 400,000 tons of CO2 from 2024.

In previous quarters, the company also noted revenue growth.

The shortfall is due to higher bidding activity, as well as business related to technology, digitalization and international growth – particularly in Denmark and the UK.

The cash balance at the end of the first quarter was 1.4 billion NOK.

Aker Carbon Capture CEO Valborg Lundegaard said in a statement: “We see clear signs of acceleration across the global carbon capture market, and we continue to position our company to be a leading player in this important and rapidly growing industry.”

The company confirms its goal of securing permanent contracts for carbon capture and storage facilities of 10 million tons per year by 2025.

Big jump in the stock market

Since its first listing day in August last year, Aker Carbon Capture’s share has risen nearly 500 percent. The company’s market capitalization is now 18 billion NOK.

In August, the carbon capture company raised 840 million NOK in a share issue.

It was also recently announced that Aker Horizons, the green investment company of the Aker system, has sold just over 42 million shares in Aker Carbon Capture for a total price of NOK 1 billion.

Aker Horizons dominates Aker Carbon Capture, which controls just over 42 percent. Aker Horizons is again controlled by Aker Capital/Aker with approximately 80 percent. Aker ASA is dominated by Kjell Inge Røkke, which owns nearly 70 percent

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