Aker Carbon Capture secures €200m deal with Ørsted for “Just Catch” carbon capture units

The case is updated.

Aker Carbon Capture, Kjell Inge Røkke’s carbon capture company, will deliver equipment and five “Just Catch” units to Ørsted to a value of 200 million euros, according to a stock exchange announcement on Monday.

“Just Catch” units are carbon capture facilities, and have a total capacity of 500,000 tonnes of CO2 per year. CEO Valborg Lundegaard in Aker Carbon Capture says the project is a milestone.

– We are proud of the collaboration. We look forward to working with Ørsted and contributing to the decarbonisation journey and to Denmark’s ambitions, says Lundegaard.

It is the umbrella company Aker Horizons, which in turn is controlled by Kjell Inge Røkkes Aker, which is the largest owner in Aker Carbon Capture.

Significant growth opportunities

Chairman of Aker Carbon Capture and CEO of Aker Horizon Kristian M. Røkke says the signing represents the beginning of a ground-breaking CCUS project that covers the entire value chain, and that it will create significant growth opportunities in the future.

– This collaboration brings together key stakeholders, including public authorities, technology providers, industry leaders and carbon credit buyers, with the goal of scaling up CCUS distribution and achieving net-zero emissions in industries that are difficult to reduce, says Røkke.

The project is conditional on the signing of the financing contract between Ørsted and DEA, which completes the tender procedure for financing. The signing is expected to be completed shortly after the end of the mandatory standstill period.

The agreement comes as a result of Ørsted receiving a 20-year contract from the Danish energy authorities (DEA) which focuses on carbon capture. The funding from DEA will enable the first full-scale value chain for carbon capture and storage in Denmark. The project as a whole is being delivered by Ørsted, Aker Carbon Capture, Microsoft and Northern Lights, it is stated.

Stock market jump

Minutes after the contract was announced, the Aker Carbon Capture share shot up 15 percent on the main index on Oslo Børs. One share trades for NOK 12.12 at the time of writing.

Aker Carbon Capture went public to great fanfare in August 2020. Around the same time, a large-scale renewable investment was set up in the Aker system, consisting of Aker Carbon Capture, Aker Offshore Wind and Aker Clean Hydrogen.

Later, the parent company Aker Horizons was also established, a company managed by Kjell Inge Røkke’s son Kristian Røkke.

At the end of March 2022, it became clear that Aker Offshore Wind and Aker Clean Hydrogen would be delisted as individual companies, to be incorporated under the Aker Horizons umbrella, in what was referred to as a large-scale reorganization of Røkke’s renewable companies.

However, Aker Carbon Capture has had a much nicer development. On the Oslo Stock Exchange, it is currently priced at around NOK 7.4 billion. Since its stock exchange debut, the share is up over 100 percent. So far this year, the share has risen over 6.1 percent.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links, which lead directly to our pages. Copying or other forms of use of all or part of the content may only take place with written permission or as permitted by law. For further terms see here.