Norway’s Capsol Technologies (FRA: W9K), a leader in carbon capture solutions for major industrial emitters, reported strong momentum in Q1 2025, driven by key project wins and growing demand across sectors.
With its investment phase completed, the company expects a decline in average costs over the next year, targeting break-even within 12 months, according to its quarterly report, published earlier this week.
Capsol secured a Final Investment Decision (FID) for one of the world’s first bioenergy with carbon capture and storage (BECCS) plants using its technology.
This milestone boosted market confidence and significantly accelerated the commercial pipeline.
Capsol’s mature project pipeline rose to 22 million tons in annual carbon dioxide (CO2) capture capacity—a 70% year-on-year and 30% quarter-on-quarter increase.
Relevant: Capsol Technologies Releases Outstanding Q4 Results For 2024
The company expanded its reach with first paid studies in the U.S. and gas turbine segments, reinforcing its foothold in Europe.
Revenue reached $2.4 million (NOK 25 million), up from $1.9 million in Q1 2024, driven by higher engineering study volumes and demonstration projects.
Looking ahead, 13 projects (6.5 million tons CO2) could reach FID in 2026, with licensing revenue potential of over $28.8 million.
A risk-adjusted EBITDA of approximately $5.8 million is forecasted for 2026, contingent on project conversion.
Capsol is also scaling a services platform to enhance operational performance and unlock recurring revenues of over $2.23 (€2) per ton of CO2 captured.
New lab capabilities and service offerings aim to extend Capsol’s value beyond technology, positioning it as a long-term partner in decarbonization.
To support growth, Capsol has engaged Pareto Securities to explore strategic partnerships and financing options.
CEO Wendy Lam emphasized that recent progress provides “line of sight to meaningful EBITDA generation” and lays the foundation for scalable, high-margin services.
The full Q1 2025 report and presentation are available here.
Read more: Holcim Group To Test Capsol’s Carbon Capture Technology As A Step Towards Decarbonized Cement
