Capsol awarded feasibility study by global energy company to decarbonize European refinery
Capsol Technologies ASA has been awarded a feasibility study for the CapsolEoP® (end-of-pipe) carbon capture solution by a global energy company at one of its oil refineries.
The study is for a plant in Northern Europe aiming to capture 800,000 tons of CO2 per annum.
“We are pleased to be awarded our first feasibility study for carbon capture in the refining industry. Carbon capture utilization and storage (CCUS) is crucial to the decarbonization of energy-intensive industries with high levels of CO2 emissions, such as refining. It is inspiring to work with a company that is committed to tackling the global challenge of reducing greenhouse gas emissions”, says Wendy Lam, CEO of Capsol Technologies.
Refineries face an urgent need for action to support the energy transition and meet emission reduction targets, with carbon capture emerging as one of the most viable solutions for these hard-to-abate emissions. According to the International Energy Agency, operational carbon capture capacity by end 2030 within the refining and petrochemicals industry is estimated to more than 53.9 million tons based on announced projects.
Capsol Technologies is continuously evaluating market opportunities beyond its current target segments to support further growth. This first feasibility study for a refinery, which is expected to be delivered in Q1 2025, will provide Capsol with valuable data on its competitiveness and commercial potential in a new segment.
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For further information, please contact:
Ingar Bergh
Chief Financial Officer, Capsol Technologies ASA
+47 926 20 330
About Capsol Technologies
Capsol Technologies ASA is a carbon capture technology provider with a goal of accelerating the world’s transition to a net zero future. The technology combines inherent heat recovery and generation in a stand-alone unit based on a proven and safe solvent. Capsol’s technology is licensed either directly to customers or through industrial partners globally. Capsol targets a license fee of EUR 10-15/ton installed CO2 capture capacity and a long-term pre-tax profit margin of 40-60%. Key segments include cement, biomass, energy-from-waste and gas turbines. Capsol Technologies is listed on Euronext Oslo Børs (ticker: CAPSL). For more information visit capsoltechnologies.com.