Good morning, and welcome to Capsol Technologies presentation, last quarter 2022. Together with me today, I have Ingar Bergh, our CFO, and myself, Jan Kielland, I'm the CEO of the company. We will take you through the presentation, dividing it between ourselves. Before we get started, we will have a Q&A session by the end of the presentation. As we go along, please send your questions. First of all, I'd like to say that 2022 has really been a great year for the company. We have achieved many of the things that we were aiming for, and we are now in a position to start building a leading global carbon capture technology provider. As you can see from this map where we have activities, last year, Europe was very important for us.
We have a number of clients and projects in Europe. We also have some projects in the U.S., but U.S. is becoming more and more important for us, primarily because there are so many plants in the U.S., but also now they have incentivized companies to start capturing CO2. Also very important and very encouraging, we see a lot of requests from the Far East and from the Middle East. This year it's going to be an exciting year. For us, last year it was very important to build experienced leadership team dedicated to create value, and you see some of the names on the slide here. Cato Christiansen, Chief Technology Officer, Johan Ljungholm, Chief Commercial Officer, Philip Staggat, Chief Product Officer. They are all experienced people that add value to the company. Equally important is also the team in addition to this.
We have now secured really stellar performance from great people with fantastic background. We are now becoming a center of excellence. We were growing the company in 2022. We will continue to grow the company in 2023, but not with the same speed. This is the market outlook. It's not our outlook. We see the growth going forward the next few years. The number of CO2 capturing plants will double every second year towards 2030. From 2030 to 2050, the number of plants will double every five to six years. This is going to be one of the biggest industries. To give you a number, in 2050, we will have to capture 6.5 billion tons of CO2 every year.
This is more than the global oil production today. This give you impression of the size of this industry, and we're in the middle of it. People may ask, "Will this happen?" We meet industrial leaders, we meet management from the plants where we're working on, and they're all deeply concerned about the climate change. This is also our opportunity, but will it happen? Will the incentives be in place there? Will there be financing? Look at that, those statements on the right side there. First there, "The next decade will see the greatest industrial transformation of our times." Think about it. Next, "Better put CO2 in the ground than up in the atmosphere." Well, obviously, but this is from a German ministry that has been negative to CO2 capture in the past. They have taken a different view during 2022.
Of course, from the biggest investment fund in the world, this is going to be the next big thing. This will happen, we're confident about it. I said, we are in the middle of it. What do we offer? We have now technology that support all industries with CO2 emission. In fact, every industry has now an component of carbon capture. We started the year with offering our traditional, well, traditional Capsol end-of-pipe solution. Fits almost all industries. We also saw the need for helping our clients, we designed and built the CapsolGo demonstration units. One is on contract, one will go on contract in a few weeks' time. This is really made to help our clients fast-track a decision to build a full-scale plant. We also see more opportunities in this space.
Capturing gas from gas turbine CO2 from gas turbines, that's very important, and it's a big volume. There are so many of those turbines around the world. We have designed something we call CapsolGT, and we are now being able to offer that to the industry in combination with partners. Little bit back, what are we offering? Well, we're offering a technical solution that will be licensed out to our clients. You see the, you see the drawing on the right there, very simplified, but we're taking the flue gas from the industrial plant or a power plant. We put it into our system where Hot Potassium Carbonate will capture the CO2. By decreasing the pressure again, release the CO2, it's captured.
The flue gas from the plant without any CO2, well, a small amount of CO2, will be let into the air. It's first of all, this is very energy efficient because we try to keep as much as we can of the energy in the system. That's really our patent. That's where we differentiate from other technologies. We have less energy consumption, and energy is the biggest component when it comes to the cost of capturing CO2. In addition to that, there's superior health and safety performance, and we produce clean CO2 for storage or for utilization. What we have now, and this can look simple, and it is in many ways. We have a system that reduce energy consumption and capture cost. It's low installation risk because it's end-of-pipe solution.
You build it while the mother plant is operating, and during maintenance period, we connect it to. This is capital-light model. We're not investing in steel. We don't take CapEx risk. We license out our technology. We can never be sold out. We offer our technology to every industry all around the world. Some of the highlights from fourth quarter. Successful CapsolGo demonstration unit campaign for Örnsköldsvik in Sweden. We're entering into the German market. We have signed two contracts, and we're opening an office in Berlin. We have increased our engineering capacity. We're never going to be a big engineering company, but we need to have enough capacity to give good answers to our clients, help them to get over the first hurdle. We have entered into agreement with U.S.-based Eickmeyer.
They have been involved with gas sweetening for 60, 70 years, so they have all the experience in the world when it comes to handling HPC as a solvent. They have many hours of operating experience. They will give you comfort and trust when we talk to clients. We are working on standardizing a capture plant for waste-to-energy in close cooperation with Foster Wheeler Sumitomo. We are very well-funded. We can deliver on our core business plan without the additional funding. We have secured green financing from DNB for our first two CapsolGo unit. This is important for us. We see revenues coming now. We have an optimistic view of the future. To the operational review. Why do we do this Sumitomo partnership?
Of course, for us, it's to have a global reach out to more clients. For Sumitomo, for them, it's important that they can offer a very efficient carbon capture plant to their current customers and clients, and also new clients. It's a good process and a project to have with Sumitomo. First now, we are looking into developing and build a 10,000-20,000 carbon capture plant. Then next, to modularize plants for delivery, shorten down the delivery time, and reducing the cost. As said, this company has built more than 500 plants to waste-to-energy. Stockholm Exergi, it is a very important project for many reasons, for us particularly, because that's where we signed our first license agreement.
It has kind of opened up the market in Scandinavia and other places in Europe, because this is a way of capturing CO2 from biomass plants. When you do that, you capture biogenic CO2. This will be accounted as negative emissions. By doing this, Stockholm have a fair chance of becoming the first carbon-neutral capital in the world. Important, all the rest of the industry in Sweden are now motivated to move on. We are talking to so many industries in Sweden that want to get on with carbon capture. They have really been able to move this. The project progress is good. They are super well-managed, and the it's really probably one of the most highest priority projects in our part of the world right now.
They will take a final investment decision when they have received approval for the environmental permit. We expect that to be early 2024, for first quarter 2024. A little bit on demonstration unit in Sweden. You can look at the, the photo to the right here. That's our unit. It was installed there in September and has been running for five months very successfully, capturing more than 90% of the CO2 in the flue gas. This is important. It will hopefully help our client to get the decision to start building a full-scale plant. There are more plants in this area, so they should be all be motivated by this can be done.
While we were preparing this presentation yesterday, we got this very nice email from the project manager in Øresundskraft. By the end there were some encouraging words that saying that we are impressed with Capsol's fast delivery and smooth execution of the campaign. Well, that's how we wanna be seen. Very, very positive. Unit number two is just finished at the yard, is on its way to Germany for two campaigns. Then few words of Germany. Here is where you find the largest CCS potential in the EU. This is because Germany has the biggest industry in the EU. Up till now they have been reluctant for carbon capture and storage. We saw a shift in that over the past year.
Now they seems to be motivated to move along with the carbon capture projects. We have two campaigns there this year and next year. We see a lot of requests from German industrial players. We're opening an office in Berlin this quarter. Again, this is a market we like to be involved and we are involved, and we're going to put resources to make that happen. Now we're entering into first something with what we call the CapsolGT. Very fascinating new development in our portfolio. Ingar Bergh has been deeply involved in this, but he's also our CFO, so he will take us through the rest of the presentation. Ingar.
Thank you, Jan. As Jan touched upon, we are now expanding our portfolio of offerings to our clients by taking our excellent technology and creating solutions tailored to different industries to better suit their needs. The first one of these is the CapsolGT. GT stands for gas turbine, and that's exactly what we're going to capture CO2 from with this solution. Gas turbines are a bit tricky. The CO2 concentration coming out of the chimney is very low, which means it's expensive and hard to remove it from the exhaust gas. This is what we have come up with a solution for. The market for gas turbines is huge. In the U.S. and Europe alone, you have over 3,000 gas turbine power plants, in addition to thousands of other applications for gas turbines. Seeing here are drawings on the slide here.
This is one example of an application of the CapsolGT, maybe the most interesting one. You have a gas turbine. It burns natural gas to produce electricity. It emits an exhaust gas full of CO2 and provides electricity to local communities. What we do with the CapsolGT, we take that exhaust gas into the CapsolGT plant. We remove the CO2, we put it in the ground or put it to good use. Importantly, we also take the remaining heat in the exhaust gas, and we turn that heat into electricity, letting the gas turbine plant producing actually more electricity than without the CapsolGT unit. Understandably, this is very attractive. It's a very good solution, and we are gaining a lot of interest on it. Still work remaining.
We have filed our patents. We are now developing partnerships to bring this to the market. We are experiencing tremendous demand for our technology and services. This what you see here on this slide, it's a sort of traditional sales pipeline that we're going to use going forward to illustrate the commercial activity going on within the company. We have split it up into different sections, with the first sections being what we call sales engineering. This is typically where we have signed the non-disclosure agreement with a client. We have received the data for the specific project. We do initial engineering to figure out, okay, how well does our technology fit with this? What type of performance can the client expect? We're getting more and more leads in this stage every week.
We move on to paid engineering studies. This is typically then more extensive studies. It can range from a relatively easy feasibility study to a more complex pre-FEED study, which then again brings you into engineering to build what is often also called the FEED study. This is where you do all the engineering being ready to build your plant and to make a final investment decision on the investment, which is the next phase. At final investment decision, this is where we typically start generating revenue from our licenses. In sales engineering, we have about 90 projects today, again, with new ones coming in every week. In paid engineering, we have executed and have secured three studies.
This has not previously been communicated to the market. In engineering to build or a FEED phase, we have one project. This is at the Stockholm Exergi. It's actually completed FEED, and we are awaiting final investment decision on this. This is where we have signed our first license contract. In addition, we have our CapsolGo. As Jan mentioned, this is really engineered to drive project development on a fast track. Hence, we call it the CapsolGo Fast Track in this regard. Here we have three projects. We have the one in Öresund operating, and we have the two secured in Germany that is starting up soon. Now I'm going to do a bit on our financial numbers.
Sorry, what we are focusing on now is continuing to build our revenue, more importantly, to build our pipeline of projects and to build our partnerships. We had a revenue of NOK 6.9 million in Q4. This is up 80% on the previous quarter. We had a pre-tax profit of NOK -9.3 million as we continue to build our organization and project pipeline. We secured green loan financing for our CapsolGo units, which is important, showing that we're able to access traditional bank financing, especially for these very profitable units that we have in operation, also, of course, that we are eligible for the so-called green financing, actually also cutting the cost of our debt there. Some more details on the number.
The revenue of NOK 6.9 million was mainly driven by CapsolGo. The pre-tax profit of minus NOK 9.3 million was mainly dependent on organization, people and technical services. Now these are not very significant numbers. It's important that we're able to generate revenue to fuel our organization until we get to the real revenue here, which is from our licensing business, of course. We expect revenue to grow in 2023. As we get more CapsolGo units into operation, we get more revenue from engineering, and as we go forward, of course, revenue from our core business model, which is licensing. We are in a comfortable cash position. At the start of this year, we have NOK 61 million in cash.
We have a current burn rate if we continue that, for the next five quarters, so until the end of Q1 2024, at about NOK 50 million. We have secured net revenues of about NOK 35 million, and that leaves us with a buffer of about NOK 30 million at the end of Q1 next year. This does not include any additional revenue from that has not been signed and contracted. We expect the revenue side of this to go up, but we could also expect that the burn rate will go up. The burn rate is very flexible. We have the ability to steer this as we see how the year progresses. We expect to break even on our core business model, which is licensing, in 2024. Some concluding remarks.
We are building a global leader in the CO2 capture space. To do this, we are following a very clear roadmap. The past year and years have been about building the organization, building the tools and services, proving our technology, and starting to build a project pipeline. It's going to all about building a project pipeline, winning projects, generating revenue. Also, as we progress, to use our excellent technology platform to build complementary revenues in addition to the licensing revenues, high profit margin type revenues. Why should you invest in CO2 Capsol? We are in a market that is and must experience tremendous growth. We have a very competitive solution, and we have a business model which is very scalable and capital light. We are building a global carbon capture provider. We are investing today to make that possible.
We are doing the right investments today to make sure we have a good market position, going forward. Behind all of this, you have an excellent management team able to execute and with the right incentives. That's it from me. I'll ask Jan to join me again in case there are questions from the Q&A. Actually, no questions. You've been very clear, Jan.
Well, that's good to hear. Of course, we always talk to our shareholders. They are free to send us questions if they have any at any time. We try to answer them as good as we can.
There has actually been one question coming in just now. It says: "Could you elaborate a little on the composition of the pipeline in terms of geographical split and CO2 source?
Certainly. Geographical split, we are seeing it very much in line with the map that Jan showed up front. Most of it is coming in from Europe, and we are starting to see the U.S. As I said, we have a lot of incoming also from the rest of the world. I would say, hazard to guess, 60%, 70% Europe.
Yes.
Mm-hmm. Yeah. With regards to the industries or the sources, we are doing the most business in waste-to-energy, biomass, and cement, We're seeing really all sorts, right? Yeah. That's it.
Okay. Thank you very much for attending. Thank you for listening. Thank you for supporting our company. Have a nice day. Thank you.