Norwegian company Aker Carbon Capture announced yesterday that its loss for the final quarter of 2021 increased to $7.3 million, compared to $6.22 million in Q3.
Expenses related to participation in tenders, further development of the company’s CO2 capture technology and international growth were mentioned as reasons for the loss. At the same time revenue did increase, as multiple projects and partnerships become operational.
Denmark seems to be a key future market with an office opened there recently and a partnership with Dan-Unity CO2 for maritime carbon dioxide transport announced several days ago.
The company’s CEO Valborg Lundegaard commented on the results by saying: “Growth in the carbon capture and storage industry remains supported by record-high CO2 quota prices and a rising number of industrial companies that want to reduce their emissions and establish sustainable business models.”
Revenue rose 28% to $14.61 million and the company confirmed their previous expectation of maintaining 2022 expenses at their 2021 levels, providing a solid foundation for continued expansion.
Aker Carbon Capture also provided their year-end net cash level – standing at approximately $150 million it is expected to drop with approximately 22% by the end of the year in order to supply current and future projects. But a positive cash flow is expected as early as 2023.
The company also stated that they expect the carbon capture market across the globe to continue growing, with political developments providing a favorable wind for their initiatives in Europe, as well as opportunities down the road in the US, Canada and the UK.
The company’s stock price today has gained 7.92% at the time of writing but has lost 18.8% in the last month.
You can read more about other carbon capture stocks in our top 5 list: What Are The Top 5 Carbon Capture Stocks?