What Capsol Technologies ASA does

Capsol Technologies ASA is a Norwegian public limited company headquartered in Oslo (with a US subsidiary in Houston, Texas) that develops and licenses post-combustion carbon capture technology based on Hot Potassium Carbonate (HPC) solvent. The company traces its R&D to 2003, was incorporated as CO2 Capsol AS in 2010, and listed on Euronext Oslo Børs (ticker: CAPSL) in May 2024. Its product platform comprises CapsolEoP®, a standalone end-of-pipe capture plant with inherent heat recovery that can run fully electric; CapsolGT®, a capture system tailored to aeroderivative and industrial gas turbines that generates surplus electricity while capturing 95%+ of CO2; and CapsolGo®, mobile demonstration units used to validate chemical performance and accelerate customer final investment decisions. Patents span 11 families and the technology has accumulated more than 20,000 operational hours.

Capsol targets hard-to-abate industrial emitters in four primary verticals: cement (Holcim, Dyckerhoff), biomass and BECCS (Stockholm Exergi's 800,000 tpa Värtaverket project, E.ON's Norrköping feasibility), energy-from-waste, and gas turbines for low-carbon power (a US utility exclusivity with FEED targeted Q4 2026). The business model combines project-based revenue from paid feasibility studies, pre-FEED, FEED, and CapsolGo demonstration campaigns with a longer-term licensing model generating upfront fees and per-tonne royalties, and a planned recurring services layer (targeting EUR 2+ per tonne CO2 captured). Reported LTM revenue at Q3 2025 was NOK 97 million, against a stated 22.6 mtpa mature pipeline valued at NOK ~3.3 billion in potential licensing revenue, with over half of pipeline volume eligible for FIDs in 2026-2028. The company is pre-profitability, with Q1 2026 EBITDA of NOK -18 million.

The GTM combines direct enterprise sales to industrial emitters with channel partnerships across the CCUS value chain, including EPC contractor Saipem, turbine OEMs Siemens Energy and GE Vernova, equipment vendors such as Munters, Sumitomo SHI FW and Everllence, and CO2 transport and storage providers Storegga, TerraStora and Carbon Circle. Capsol also pursues event-driven demand generation at conferences such as CERAWeek, ONS, and the Global CemCCUS Conference, and is supported by strategic equity from Holcim's MAQER Ventures platform.

Name

Capsol Technologies ASA

Legal name

Capsol Technologies ASA

Website

https://capsoltechnologies.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Capsol Technologies ASA is a Norwegian public company that licenses Hot Potassium Carbonate (HPC) post-combustion carbon capture technology, including the CapsolEoP®, CapsolGT®, and CapsolGo® platforms, to industrial emitters in cement, biomass, energy-from-waste, and gas turbine sectors.

Ownership category

akta.pro rank

Product category

Carbon Capture Technology

NAICS

Chemical Manufacturing (325)

SIC

Chemicals & Allied Products (2800)

akta.pro primary industry

Post-combustion Capture Systems (Solvent-based Amine & Advanced Solvents) (EUABAGAA)

akta.pro secondary industries

Capture Solvents, Sorbents & Catalysts Supply (Formulation, Manufacturing, Reclamation) (EUABAGAJ), Capture System Integration & Balance-of-Plant (Heat Integration, Compression, Dehydration) (EUABAGAI)

Keywords

• Post-combustion carbon capture
• HPC carbon capture technology
• Industrial emissions reduction
• BECCS carbon capture
• Flue gas treatment

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Technology Licensing: Capsol licenses its HPC carbon capture technology either directly to customers or through industrial partners globally. Licensing generates significant upfront fees and ongoing royalties based on captured CO2 volumes. Q2 2025 pipeline represents potential licensing revenues of NOK ~3.3 billion with pre-tax profit of NOK ~1.7 billion.
2. Engineering Studies and FEED: Paid engineering studies, pre-FEED, and FEED (Front End Engineering Design) work for project development. Q1 2025 revenue of NOK 25 million driven by increased paid engineering studies and demonstration campaigns. Four projects totaling 3 mtpa+ progressing towards FEED phase.
3. CapsolGo Demonstration Campaigns: Mobile test unit campaigns providing all-inclusive demonstration services including transport, installation, operation and reporting. Helps de-risk full-scale investment decisions and supports funding applications with third-party validation.
4. Recurring Services: Developing service platform to optimize operational performance. Potential for EUR 2+ recurring revenue per tonne CO2 captured. Pipeline projects expected to generate annual recurring revenue from services of NOK 0.5 billion.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Capsol Technologies develops and licenses Hot Potassium Carbonate (HPC) post-combustion carbon capture technology for industrial emitters. Its product portfolio includes CapsolEoP® (full-scale end-of-pipe capture plant), CapsolGT® (gas turbine capture system), and CapsolGo® (mobile demonstration units). The company provides paid feasibility studies, pre-FEED and FEED engineering work, demonstration campaigns, and technology licensing with upfront fees and royalties tied to captured CO2 volumes.

Product overview

Capsol Technologies ASA offers a portfolio of carbon capture technologies based on Hot Potassium Carbonate (HPC) solvent, comprising three distinct products: CapsolEoP® (full-scale end-of-pipe capture solution), CapsolGT® (specialized solution for gas turbines), and CapsolGo® (mobile demonstration units). The technology platform enables post-combustion CO2 capture across hard-to-abate industries including cement, biomass, energy-from-waste, and gas turbines, with inherent heat recovery and generation capabilities in standalone units.

Differentiator

Problem solved

Functional benefit

Brands

• CapsolEoP®: Full-scale post-combustion carbon capture technology designed for low capture costs with inherent heat recovery and generation. Standalone unit that can be operated fully-electric, engineered for easier permitting.
• CapsolGT®
• CapsolGo®

Products and services

• CapsolEoP® Full-scale, post-combustion carbon capture technology designed for low capture costs with minimal operational impact on the parent plant. Can be operated fully-electric with integrated heat recovery, requiring no external steam production. Standalone unit engineered for easier permitting and retrofitted to existing industrial facilities.
• CapsolGT® Carbon capture system specifically designed for aeroderivative and industrial gas turbines. Uses gas turbine exhaust energy to efficiently capture CO2 while generating surplus electricity, delivering lowest capture costs without requiring additional steam or combined-cycle equipment. Achieves 95%+ carbon capture rate.
• CapsolGo® Mobile carbon capture demonstration unit that connects to customer flue gas to prove chemical performance, reduce engineering risks, and train operation teams. Delivered as an all-inclusive package covering transport, installation, operation, and reporting to accelerate final investment decisions.

Quantifiable outcome

• 20-60% lower capture costs compared to amine-based solutions
• +5 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Ten partnerships are on record, tiered strategic, core and supporting.

• MuntersstrategicStrategic or Co-development Partner · 7 March 2026Expanded partnership with Munters including new capital investment. Munters provides humidity control and energy efficiency solutions that complement carbon capture technology. Partnership aims to make carbon capture more accessible and efficient for industrial applications.
• SaipemcoreStrategic or Co-development Partner · 4 March 2026Non-exclusive cooperation agreement for joint development of carbon capture projects in the Hot Potassium Carbonate (HPC) segment. Combines Capsol's cost-competitive CO2 capture technology with Saipem's expertise in delivering complex energy projects. Enables coordinated participation in bids and tenders offering integrated technology, design, and execution capabilities. Builds on existing collaboration where Saipem serves as EPC contractor for Stockholm Exergi's BECCS plant.
• Siemens EnergystrategicTechnology or IntegrationCollaboration agreement to offer low-carbon gas power by deploying Siemens Energy's aeroderivative gas turbines in combination with CapsolGT carbon capture plants. Companies performed non-exclusive pre-FEED study to evaluate CapsolGT solution with simple cycle gas turbines. Strengthened partnership for US gas project with broader opportunity set.
• GE VernovastrategicTechnology or IntegrationCollaboration on deploying GE aeroderivative gas turbines with CapsolGT carbon capture plants for low-carbon power generation.
• Sumitomo SHI FWstrategicTechnology or IntegrationPartnership for HPCPlus technology deployment, combining Sumitomo's capabilities with Capsol's carbon capture solutions.
• EverllencesupportingTechnology or IntegrationCollaboration on compressor/expander systems for carbon capture applications, expanding Capsol's technology ecosystem.
• TerraStorasupportingTechnology or IntegrationPartnership with CO2 storage developer to provide integrated carbon capture and storage solutions for project developers.
• Carbon CirclesupportingTechnology or IntegrationStrategic partnership for CO2 handling and circular economy solutions in carbon capture projects.
• Stockholm ExergicoreTechnology or IntegrationBECCS plant project at Värtaverket CHP plant in Stockholm using Capsol's HPC technology. One of world's largest carbon capture facilities with 800,000 tonnes/year capacity. FID secured March 2025, operations scheduled 2028. Stockholm Exergi awarded EUR 180 million by EU and has signed carbon removal agreements with Microsoft and Frontier fund.
• StoreggasupportingTechnology or IntegrationPartnership for CO2 transport and storage solutions supporting the CCUS value chain.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Aker Carbon Capture (now SLB Capturi): Norwegian competitor providing post-combustion carbon capture technology primarily using amine-based solvents. Now part of SLB (Schlumberger), it competes directly with Capsol in cement, biomass, and waste-to-energy sectors, including serving Stockholm Exergi alternatives. Most directly comparable peer given similar customer segments and Norwegian heritage.
• Svante: Canadian developer of solid sorbent post-combustion carbon capture technology using rapid-cycle adsorption. Competes directly with Capsol in hard-to-abate industrial sectors including cement and energy. Notably, Capsol board member Wayne Thomson was former chair of Svante, indicating industry recognition of both technologies as competing approaches.
• ION Clean Energy: Colorado-based post-combustion carbon capture technology provider using advanced solvent systems for industrial emitters. Targets similar hard-to-abate sectors (cement, power, waste-to-energy) with comparable project-stage commercialization, making it a relevant scale and stage peer.

Emerging players

• Climeworks: Swiss leader in direct air capture (DAC) technology. While Capsol targets point-source emissions and Climeworks targets atmospheric CO2, both compete for carbon removal project funding (Microsoft, Frontier buyers) and serve overlapping voluntary carbon markets. Relevant as adjacent technology in carbon capture space.
• CarbonOrO: Emerging point-source CO2 capture technology provider targeting industrial emitters. Earlier-stage competitor with partial overlap to Capsol in industrial decarbonization applications. Relevant as emerging competitive threat in the same end markets.

Broad incumbents

• Mitsubishi Heavy Industries: Japanese industrial conglomerate offering amine-based post-combustion CO2 capture (KM CDR process) and broader CCUS engineering services through Mitsubishi Power. Competes with Capsol in power and industrial sectors as an established incumbent with much greater scale, balance sheet, and installed base.
• Linde plc: Global industrial gases giant offering CO2 capture, processing, and transport solutions. While not exclusively focused on capture technology, Linde's scale, gas processing expertise, and customer relationships make it a broad incumbent competitor across industrial CO2 handling projects.
• Heidelberg Materials: Major global cement producer with internal CCUS development initiatives (e.g., Brevik CCS project in Norway). While primarily a customer/operator rather than technology vendor, Heidelberg is a key cement sector player that may deploy proprietary or competing capture solutions alongside external suppliers like Capsol.

Others

• Storegga: UK-based CO2 storage developer and project developer (e.g., Acorn CCS in Scotland). Strategic partner to Capsol for transport and storage, but also a project developer that could integrate competing capture technologies in storage-led projects. Ecosystem participant rather than direct competitor.
• Equinor: Norwegian integrated energy company with significant CCS investments (Northern Lights, Sleipner, Snøhvit). While primarily an operator with internal capture technology stack, Equinor represents both a potential customer/partner and an adjacent ecosystem player in the CCUS value chain.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/capsol-technologies
• YouTubeyoutube.com/c/CapsolTechnologies

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capsol Technologies ASA