Capsol Technologies ASA, a leading provider of carbon capture technology, reported significant developments in its operations for the second quarter and first half of 2024. The company, which serves large emitters, has seen a surge in demand, particularly from the biomass and cement sectors in Europe.
The firm's mature project pipeline has doubled in capacity year-over-year, now capable of capturing 13 million tons of CO2 annually. This growth has been propelled by the biomass/bioenergy with carbon capture and storage (BECCS) sector and an increasing number of cement projects.
Correspondingly, Capsol Technologies has raised its target price range to €10-15 per ton of installed CO2 capture capacity, a notable increase from the previous €7-12 range.
During the Q2, Capsol Technologies completed two cement studies for SCHWENK and Holcim (SIX:HOLN), as well as four studies related to biomass and energy-from-waste. These studies have indicated highly competitive energy consumption figures for the cement industry, with some as low as 0.55 gigajoules (GJ) per ton and even 0.25 GJ/ton CO2 captured with advanced heat integration techniques.
Financially, Capsol Technologies reported a total operating income of NOK 17 million for Q2 2024, a significant increase from NOK 5.7 million in the same period of the previous year. The first half of 2024 saw operating income reach NOK 36.5 million, up from NOK 6.6 million in the first half of 2023.
Despite this growth in income, the company experienced a pre-tax loss of NOK -22.1 million for the quarter and NOK -27.1 million for the first half-year.
Capsol Technologies concluded the second quarter with NOK 92.6 million in cash and cash equivalents, showing a strengthened financial position compared to NOK 33.6 million at the end of the same quarter in the previous year.
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