Capsol Technologies To Raise €8-10M In Equity Issue; Announces Partnership With Munters

Capsol Technologies To Raise 8-10M In Equity Issue; Announces Partnership With Munters - Carbon Herald

Capsol Technologies ASA (Oslo: CAPSL) – a leading provider of carbon capture solutions, announced on February 14th a couple of new developments that signal its progress towards rapid deployment of its technology and an exciting commercial sales and revenue traction. 

On Feb 14th, Capsol Technologies also announced a contemplated private placement of 6,000,000 – 8,000,000 new ordinary shares with the goal of raising 75-100 million NOK (EUR 8-10 million). The net proceeds from the equity issue will go towards financing strategic initiatives within new markets, new solutions and new revenue streams. The company will establish new operations in the US, develop technically and commercially the CapsolGT® solution for carbon capture from gas turbines and plans to expand the CapsolGo® mobile demonstration program. 

Relevant: “The Main Difference Between Our Technology And Others Is The Energy Efficiency Resulting In Low Capture Costs,” Jan Kielland, Capsol Technologies CEO

Munters, a leading provider of industrial climate solutions, is also announced to be investing EUR 2 million in the private placement. Primary insiders in the company have collectively pre-committed to subscribe for approximately NOK 3 million (EUR 260,000) in the equity issue.

Apart from taking a stake in the company, Munters has entered into a new collaboration with Capsol that will aim to further enhance the efficiency and effectiveness of Capsol’s proprietary technology. 

As an expert providing advanced solutions within packed towers, mist elimination, and dehumidifying technologies, Munters will contribute to Capsol’s R&D efforts to engineer and test state-of-the-art packed towers that will be optimized for its carbon capture process to further enhance performance while reducing energy consumption and operational costs. 

“Munters is a world-leading provider of essential components for our carbon capture plants. This collaboration is set to enhance our offerings, providing our clients with superior carbon capture solutions. Together, we aim to accelerate the global transition to a carbon-negative future. Munters’ long-standing history of innovation and industry leadership makes them the ideal partner for us,” explained Jan Kielland, CEO of Capsol Technologies.

Another announcement also made the headlines – the public company published its four quarter 2023 financial results that showed impressive accelerated growth of revenues and the sales pipeline. The 2023 revenues came at NOK 35.8 million which is 300% higher compared to 2022. The growth is driven mainly by CapsolGo® demonstration campaigns and paid engineering studies. The sales pipeline by the end of the quarter totaled 55 million tonnes of CO2 captured per year. Its pipeline of mature carbon capture projects also rose from 2.6 to 11.9 million tonnes of CO2 throughout 2023.

Relevant: Capsol Technologies Signs License Agreement With Leading European Utility

“2023 was a step change for carbon capture globally with an unprecedented number of projects being moved forward. Importantly, the commercial traction delivered by the Capsol team throughout the year confirms the attractiveness of our technical and commercial offer,” explained incoming CEO of Capsol Technologies, Wendy Lam. 

Looking into 2024, the company’s main focus is on expanding in North America, increasing CapsolGo® campaigns, fast-tracking development of CapsolGT® and strengthening its partner network.

Its long-term goal is to establish itself in the top three positions for carbon capture technology in cement, energy recovery, biomass and gas turbines, targeting a market share of 5-10% by 2030.

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