Capsol Technologies Announces Q4 and FY 2023

Source: 2/14/2024, Location: Europe

Capsol Technologies ASA, a provider of carbon capture technology to large emitters, announced its results for the fourth quarter of 2023.

“2023 was a step change for carbon capture globally with an unprecedented number of projects being moved forward. Importantly, the commercial traction delivered by the Capsol team throughout the year confirms the attractiveness of our technical and commercial offer,” said incoming CEO Wendy Lam of Capsol Technologies.

Strong revenue and sales pipeline growth
- 2023 revenues of NOK 35.8 million, up more than 300% compared to 2022, with growth driven by CapsolGo® demonstration campaigns and paid engineering studies

- The mature part of the pipeline increased from 2.6 million tonnes CO2 per annum at the end of 2022 to 11.9 million tonnes CO2 per annum at the end of 2023 – up more than 350%

- The sales pipeline by the end of the quarter, including sales engineering, totalled 55 million tonnes of CO2 captured per year

Growth driven by superior technology
- Customers recognise the competitive advantages of reduced energy consumption through heat recovery, minimised integration risk due to stand-alone capture unit and that Capsol’s non-toxic solvent easing permitting

- Second license agreement signed for biomass/energy-from-waste plants with a leading European utility. Final investment decision expected within 24 months

- Additional feasibility study signed for a cement plant post quarter, bringing the total number of large-scale cement projects in engineering pipeline to seven with a capture capacity of 6.8 million tonnes CO2 annually

Building a global leader
- Ambition of top three position technology provider in target segments and a total market share of 5-10% globally by 2030

- Targeting licensing revenue of EUR 7-12 per tonne installed capacity and a pre-tax profit margin of 40-60%

- Focus areas for 2024 are expanding footprint in North America, increasing CapsolGo® campaigns, fast-tracking development of CapsolGT® and strengthening our partner network.

“Looking ahead, we continue our strategy of teaming up with global partners to accelerate the deployment of our safe and highly cost-competitive carbon capture solutions. We are strengthening our ties with the industries for which we have the most competitive value propositions – energy-from-waste, biomass and cement. And, to leverage our first mover advantage in CCS for gas turbines, we’re fast-tracking the technical and commercial development of CapsolGT®,” added Lam.

Total operating income in Q4 2023 was NOK 13 million (NOK 14 million in Q3). Operating loss was NOK -9 million (NOK -8 million in Q3 2023), with a pre-tax profit of NOK -9 million (NOK -8 million in Q3 2023).

Net cash flow from operating activities was NOK 12 million, positively impacted by pre-payment from clients on CapsolGo® campaigns and changes in accounts payable. Net cash flow from investment activities was NOK -23 million related to CapsolGo® demonstration units. Net cash flow from financing activities was NOK 33 million related to credit facilities from DNB for CapsolGo® financing.

The company held NOK 42 million in cash and cash equivalent by the end of Q4 2023 (NOK 23 million).

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