Aker Carbon Capture has completed a capital increase of NOK 840 million to support the further growth of its market-leading carbon capture offering.
The company issued 38,181,818 new shares in a private placement, priced at NOK 22 per share. The placement was multiple times over-subscribed amidst strong demand, particularly from international investors.
“The positive response from investors enabled an effective process to strengthen Aker Carbon Capture’s financial capacity and flexibility to realize our growth ambitions,” said Valborg Lundegaard, Chief Executive Officer of Aker Carbon Capture. “We welcome several large new shareholders with a long-term perspective and a commitment toward sustainability.”
In the twelve months since being launched as a separate company, Aker Carbon Capture has made significant progress in targeted markets and secured key clients and partners. The company is delivering the world’s first carbon capture plant at a cement facility, to HeidelbergCement.
The proceeds from the private placement will be used to:
Realize and commercialize the Carbon Capture as a Service (CCaaS) business model
Strengthen investments in technology and product development to be on the technological forefront to take advantage of the strong growth in prioritized markets
Realize investment programs, including product modularization and digitalization to drive down costs
Continue to develop the organization and internationalize the company
Strengthen the balance sheet to ensure financial capacity and flexibility to pursue growth opportunities
Support working capital and general corporate purposes
“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. “We couldn’t be more pleased with the company’s progress and the great interest demonstrated by the investor community.”
Carnegie AS, Morgan Stanley & Co. International plc and Skandinaviska Enskilda banken AB (publ) acted as joint bookrunners and managers for the transaction. Advokatfirmaet BAHR AS acted as legal advisor to the company.