Oslo, Norway -17 February 2023 CO2 Capsol, a carbon capture technology provider, today announced its results for the fourth quarter of 2022. The company reached several key milestones during the quarter: o Revenues ofNOK 6.9 million in Q4-22, an increase of 78% from Q3-22. Pre-tax profit ofNOK -6.2 million , compared withNOK -7.2 million in the previous quarter.NOK 65.5 million in Cash and cash equivalents at the end of the period. o Successful CapsolGo demonstration campaign for Öresundskraft in Helsingborg,Sweden . The project achieved a capture rate of above 90%, proving that the technology is well-suited for Energy-from-Waste (EfW). Investment decision related to Öresundskraft's Filbornaverket expected in 2025. o Entering the German market with two CapsolGo 6-month demonstration campaigns won with large German energy company and opening ofBerlin office during Q1-23. o Increased engineering capacity through partnership with US-based Eickmeyer (CATACARB®), a company with +35 million hours of experience from over 150 plants in 33 countries. o Developing standardised EfW CO2 capture plants in partnership with Sumitomo, part ofSumitomo Heavy Industries Group having more than 24,000 employees worldwide. o "Green loan" debt financing secured from DNB for the first two CapsolGo units. o Strong market drivers, including the Inflation Reduction Act in the US which increases tax refund for carbon capture and EU's upcomingGreen Deal Industrial Plan with simple tax-break models and targeted aid for production facilities. "Demand for carbon capture is currently at an inflection point and is expected to be further fuelled this year by new incentives in the US and EU. In 2022, CO2 Capsol took several important steps towards developing into a leading global carbon capture tech provider. With the demonstration campaign for Öresundskraft successfully completed recently we proved that our solution works, and we booked our first revenue. We also won our first large scale project withStockholm Exergi. Additionally, the organisation was strengthened with key recruitments within product development and sales, and we entered partnerships enabling us to scale our safe and energy-efficient carbon capture technology towards our long-term goal of a 5% market share," saidJan Kielland , CEO of CO2 Capsol. CO2 Capsol's Q4 2022 report and presentation are attached and available on co2capsol.com. CEOJan Kielland and CFOIngar Bergh will present the Q4 2022 results17 February 2023 at08:15 CEST . The presentation will be broadcast as a webcast on the following link: https://channel.royalcast.com/landingpage/hegnarmedia/20230217_4/ For further information, please contact:Ingar Bergh Chief Financial OfficerCO2 Capsol AS +47 926 20 330 ingar.bergh@co2capsol.com About CO2 Capsol CO2 Capsol is a carbon capture technology provider with a goal to accelerate the transition to a carbon negative future. The company's energy efficient, cost competitive and environmentally friendly solution is licensed out either directly to customers or through industrial partners globally. Key target segments include cement, biomass, energy-from-waste, power generation and large industrial. CO2 Capsol is listed on Euronext GrowthOslo, Norway (ticker: CAPSL). For more information visit co2capsol.com.
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