Capsol Technologies Q1 2025: FID drives demand – positioned for EBITDA ramp-up from 2026 – scaling future value with services
Capsol Technologies, a leading provider of carbon capture solutions, today announced its results for Q1 2025.
FID drives pipeline growth – momentum across industries
• Final investment decision (FID) secured for one of the world’s first bioenergy with CCS (BECCS) plants, using Capsol’s technology
• Commercial milestone de-risks technology and FID decisions, accelerating traction in Q1
• Mature project pipeline up ~70% y-o-y and ~30% q-o-q to 22 million tonnes of annual CO2 capture capacity
• First paid studies in US and gas turbines add to traction in core segments across Europe
Revenue growth and near-term capital discipline
• Q1 revenue at NOK 25 million, up from NOK 19.5 million in Q1 2024, driven by increased paid engineering studies and demonstration campaigns
• Cash balance of NOK 58.5 million (Q2 2024: NOK 64.4 million)
• Investment phase completed – average cost level to decrease next four quarters
• Positioned to reach break-even next 12 months with current business plan driven by higher value engineering work pre-FIDs
Positioned for EBITDA growth from 2026 and beyond
• 13 projects in mature pipeline (6.5 million tonnes) with potential 2026 FIDs
• Over NOK 300 million in 2026 licensing revenue potential
• Risk-adjusted 2026 EBITDA forecast at NOK ~60 million, dependent on project conversion
New services offering driving future value
• Strengthened leadership position with new lab capabilities
• Developing service platform to optimize operational performance
• Potential for EUR 2+ recurring revenue per tonne CO2 captured
“13 projects totalling 6.5 million tonnes in our pipeline could reach final investment decision (FID) in 2026, with several licensing agreements targeted in the second half of 2025 and 2026. This gives us line of sight to meaningful EBITDA generation next year. Looking beyond near-term licensing, we are laying the groundwork for scalable, high-margin services to meet client demand and extend value creation. As more projects reach operational status, these services will become a natural extension of our technology platform, enabling recurring revenues of EUR 2 or more per tonne CO2 captured. This will position us not just as a technology supplier, but as a long-term partner in the net zero transition,” said Wendy Lam, CEO of Capsol Technologies.
On the back of recent milestones, Capsol’s technology has received significant validation, effectively broadening the range of opportunities for collaboration and growth paths. To accelerate market deployment and strengthen its presence in key industrial and geographical markets, the company has engaged Pareto Securities to advance ongoing discussions with potential strategic partners and review growth financing options. The initiative forms part of Capsol’s long-term strategy to scale the business and deliver enhanced value to shareholders.
Capsol exits Q1 2025 with clear commercial momentum, disciplined capital use, and multiple levers to scale value creation in an expanding carbon capture market.
The Q1 2025 report and presentation are attached and available on
https://capsoltechnologies.com/investors.
CEO Wendy Lam, CFO Ingar Bergh, and SVP Investment & Strategy Jacob Zeno Clausen Krøvel will present the Q1 2025 results on May 13, 2025, at 15:00 CEST.
The presentation will be broadcast as a webcast and questions can be submitted throughout the streaming event: https://investorweb.no/ir-channel/CAPSL/event/cefd33b8-fc2b-4b14-a074 -3a03ce088700
For further information, please contact:
Ingar Bergh
Chief Financial Officer
Capsol Technologies
+47 926 20 330
[email protected]
About Capsol Technologies
Capsol Technologies ASA is a carbon capture technology provider with a goal of accelerating the 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. 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.
To receive Capsol’s stock exchange and press releases via email, subscribe at capsoltechnologies.com/investors.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.