CAPSOL TECHNOLOGIES ASA Oslo, Norway -30 March 2023 CO2 Capsol today announces that the company will participate in a front-end engineering design (FEED) study in cooperation with a Scandinavian engineering company which will have the overall responsibility for delivering the FEED study. "This is an important project to reachSweden's climate policy goals of net zero greenhouse gas emissions by 2045, followed by negative emissions from 2045, and we are pleased to see that the client (non-disclosed) has decided to move forward with a FEED study. This proves our position in Bioenergy with Carbon Capture and Storage - BECCS - which involves CO2 captured from biogenic sources such a plants, trees and soil, and permanently stored. When CO2 from the incineration of biogenic sources is captured and stored, instead of releasing the biogenic CO2 to the atmosphere, negative emissions are created by removing CO2 from the atmosphere," saysJan Kielland , CEO of CO2 Capsol. BECCS, which is the only carbon dioxide removal (CDR) technique that can also provide energy, is required to meet net zero ambitions, according to IEA (International Energy Agency ). In IEA's Net Zero Emissions Scenario, 250 million tonnes of CO2 need to be removed through BECCS by 2030. This is far from the BECCS projects currently in the early and advanced stages of development which could reach 40 million tonnes of CO2 per year by 2030. Traction within the BECCS industry CO2 Capsol is emerging as an attractive technology provider for CO2 capture from BECCS plants. Recent activities within BECCS include: o InJuly 2022 , CO2 Capsol was a awarded a license agreement for using CapsolEoP at Stockholm Exergi's biomass powered combined heat and power plant at Värtaverket inStockholm, Sweden . o During Q1 2023, a 12-month CapsolGo demonstration campaign for a major German energy company will start operating, with a 6-month campaign at a biomass- fired combined heat and power plant. o Delivered feasibility (paid engineering) study for a plant in the BECCS value chain inthe United States . The project is expected to move forward to the next phase. (Not previously disclosed). o CO2 Capsol's technology selected for FEED at a specific plant inSweden as described herein. CO2 Capsol is now well positioned in the BECCS industry and will be a valuable partner for existing and new clients in Scandinavia and globally. For further information, please contact:Ingar Bergh Chief Financial OfficerCO2 Capsol AS +47 926 20 330 ingar.bergh@co2capsol.com About CO2 Capsol CO2 Capsol is a carbon capture technology provider with a goal to accelerate the transition to a carbon negative future. The company's energy efficient, cost competitive and environmentally friendly solution is licensed out either directly to customers or through industrial partners globally. Key target segments include cement, biomass, energy-from-waste, power generation and large industrial. CO2 Capsol is listed on Euronext GrowthOslo, Norway (ticker: CAPSL). For more information visit co2capsol.com.
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