Aker Carbon Capture announced today it has secured $95.5 million in funding to further develop its Carbon Capture as a Service model. The company issued over 38 million new shares in a private placement, with 90% of them going to the top 20 investors.
The company which was established just twelve months ago as a separate arm of Aker Solutions, has been in growth mode ever since. The flagship project at the moment is the world’s first dedicated carbon capture plant at a cement facility, currently under construction at HeidelbergCement’s plant in Brevik, Norway.
Interest in the placement was substantial, with the company announcing it was over-subscribed by multiple times. The prospect of scaling the business seems to have become a reality and the company states that the money will go towards “product modularization and digitalization to drive down costs”, as well as “developing the organization and internationalizing the company”.
The company has been announcing multiple deals for CO2 capture plants recently. The latest one is a partnership with BIR to explore the opportunity of building a carbon capture plant at BIR’s waste to energy facility in Råda, Norway.
Valborg Lundegaard, Chief Executive Officer of the company said “The positive response from investors enabled an effective process to strengthen company’s financial capacity and flexibility to realize our growth ambitions. We welcome several large new shareholders with a long-term perspective and a commitment toward sustainability.”
“Carbon capture and storage is key for the race to net zero, and Aker Carbon Capture is pioneering solutions that will make carbon capture accessible to a broader range of emitters,” said Kristian Røkke, Chief Executive Officer of Aker Horizons.
This Aker stock news today can be interpreted as confirmation of the potential of the global CO2 capture market. It also confirms Aker stock as one of the few pure carbon capture plays available to both large and retail investors who want to gain exposure to this budding market.