Oslo, 23 November 2023
During the past quarters, the Company has, in close collaboration with DNV and Vedam Design, made significant progress on the development of a low-pressure mid-stream shipping solution for Carbon Capture, Transportation and Storage ("CCTS"), involving 40k cbm deep sea liquefied CO2 carriers ("LCO2"), 12k cbm LCO2 feeder vessels and 2k cbm LCO2 barges for riverine/port support. The solution is technically innovative and should lead to significant cost savings compared with existing LCO2 ship designs. As the project is progressing towards commercialization, we are now entering a new phase which will involve adapting the solution to the latest IMO and EU regulations. We have been contacted by several interested parties, but given the recent headwinds in the CCTS value chain, and the high price of new buildings, firm long-term contracts will be needed before any vessel orders can be placed. We remain firm believers in CCTS' role in the fight against climate change, and will continue to diligently develop and promote our CCTS solution to ensure that we are ready when the market for maritime LCO2 transportation gains traction.
The market for one of the other projects we are working on is developing favorably and we expect to be able to share more information shortly.
Key events in 3Q 2023
Registration of 20:1 reverse share split
As of today, the Company has cash and receivables of approx. NOK 43m (NOK ~1.5 per share), which equates to a liquidity runway of around 3.5 years
Erik A.S. Frydendal, CEO, email@example.com, Ph.: +47 957 72 947
Lars M. Brynildsrud, CFO, firstname.lastname@example.org, Ph.: +47 932 60 882
This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.