Q3 2024 Aker Horizons ASA Earnings Call Transcript
Key Points
- Aker Carbon Capture's joint venture, SLB Capturi, secured its first US-based project, marking a significant milestone in the carbon capture market.
- Mainstream Renewable Power achieved financial close on the 50 megawatt Ilikwa solar project in South Africa, highlighting its strong position in the region.
- The South Korean KF Wind project reached major milestones, including securing Environmental Impact Assessment approval, advancing its development.
- Aker Horizons' Narvik Green Ammonia project optimization led to reduced complexity and significant CapEx savings.
- SuperNode received several million euros in grants and funding, supporting its research and development in superconducting cable systems.
- Mainstream Renewable Power recognized an impairment net of tax of EUR134 million due to increased market risk on the Andes Renovables portfolio.
- Aker Horizons reported a net loss of NOK2.2 billion for the third quarter, reflecting financial challenges.
- The Aukra project was discontinued due to unfavorable market conditions for blue hydrogen.
- The Rjukan project's dialogue around liquid hydrogen was terminated, indicating challenges in project advancement.
- Aker Horizons' net capital employed was reduced by NOK1.1 billion in Mainstream Renewable Power, impacting financial performance.
Welcome, everybody to today's presentation of Aker Horizons third quarter 2024 Results. My name is Lars Peder Sperre and I'm happy to be the new CEO of Aker Horizons. Joining me here today, we have Kristoffer Dahlberg, CFO of Aker Horizons; and Mary Quaney, CEO of Mainstream Renewable Power, who will present the main developments in the last quarter. You are invited to submit your questions during the presentation and we will respond to them in the Q&A session at the end.
So I will start with a short summary of the main developments that we have seen in the third quarter. The joint venture between Aker Carbon Capture and SLB where ACC holds 20% unveiled its new company name, SLB Capturi. And in August, SLB Capturi announced an important milestone when it secured its first US based project.
They were awarded a FEED contract by the partner CO280 for a large scale carbon capture plant at the pulp and paper facility on the US Gulf Coast. This project is large and aims to remove a full 800,000 tons of CO2 annually.
And
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