Capsol Technologies ASA, specializing in carbon capture solutions for major industrial emitters, released its financial results for the final quarter and the entirety of 2024.
Capsol achieved its initial revenue from technology licensing, marking Q4 2024 as its first profitable quarter. Annual revenue surged to NOK 94.2 million (~$8.5 million), representing a 2.75-fold increase compared to the previous year.
The company’s pipeline of advanced projects expanded by 45% year-over-year, now encompassing 17.2 million metric tons of annual CO2 capture capacity, which surpasses the industry’s overall growth rate.
Potential revenue from technology licensing reached EUR 260 million (~$273 million), a EUR 100 million (~$105 million) increase from 2023, driven by pipeline expansion and price adjustments.
Projects capable of capturing over 10 million tons of CO2 are anticipated to reach Final Investment Decision (FID) between 2025 and 2027, which would trigger licensing revenue.
Further validating Capsol’s technology is the fact that Stockholm Exergi is poised to proceed with its large-scale bio-CCS (BECCS) project, backed by EUR 1.7 billion (~$1.78 billion) in Swedish government funding.
Relevant: Holcim Group To Test Capsol’s Carbon Capture Technology As A Step Towards Decarbonized Cement
The project and Capsol’s tech has been validated by CO2 removal agreements with Microsoft and Frontier, along with EU Innovation Fund support and environmental permit approval. Capsol is gaining increasing commercial traction with major industrial players, including Holcim, SUEZ, and other large clients requiring significant carbon capture.
The establishment of a Hot Potassium Carbonate (HPC) R&D center will enhance intellectual property and technical expertise, leading to improved cost-effectiveness and faster project development.
A collaborative project with Stockholm Exergi, KTH Royal Institute of Technology, and AirZyme aims to develop a bio-based promoter for enhanced capture processes.
Relevant: Capsol Awarded Feasibility Study To Decarbonize European Refinery
Capsol is implementing a technology development program to generate recurring revenue based on the volume of CO2 captured.
“In the second half of 2024, Capsol reached a commercial inflection point, booking first licensing revenue and securing agreements with industrial leaders such as Holcim and SUEZ. While the world is lagging behind targeted net zero paths, our mature project pipeline within target industries is growing rapidly, especially within the cement industry,” said Wendy Lam, CEO of Capsol Technologies.
