Ocean GeoLoop: Ocean GeoLoop and Yara Norge accelerate the work towards a feasibility study for carbon capture at Herøya

11 Jun 2024 08:00 CEST

Ocean GeoLoop: Ocean GeoLoop and Yara Norge accelerate the work towards a
feasibility study for carbon capture at Herøya

(Verdal, 11 June 2024) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) today
announces plans for a feasibility study with the intention to support a pilot on
carbon capture. First in line is a feasibility study of carbon capture from the
planned expansion project at the Calcium Nitrate (CN) plant at Yara Porsgrunn
(Herøya, Norway).

”Our carbon capture technology has broad applications, also in industries with
high CO2 concentration flue gases. Recent experimental tests carried out at our
test facility in Trondheim on flue gases with CO2 concentrations relevant for
the CN plant confirmed carbon capture rates of 98% and product gas purity of
98%,” says Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop.

In October 2022 Ocean GeoLoop announced a Letter of Intent with the
world-leading fertilizer company Yara International ASA to study the potential
for carbon capture and electricity production for the planned expansion project
at the Calcium Nitrate (CN) plant of Yara Porsgrunn at Herøya in Norway. Since
then, Ocean GeoLoop and Yara have intensified the collaboration to develop CCUS
solutions with the goal of generating profitable value chains for CO2 based on
Ocean GeoLoop´s safe, non-toxic, and industrially robust technology.

“The recent results from Ocean GeoLoop´s test program are energizing, and we
look forward to accelerate the work towards a feasibility study for carbon
capture at the planned expansion of the CN plant at Herøya. Yara has high
climate ambitions and has reduced its greenhouse gas emissions by more than 50%
since 2005 from the Porsgrunn plant, says Ole-Jacob Siljan, Plant Manager Yara
Porsgrunn.

The International Fertilizer Association (IFA) estimate that 1.3% of global CO2
emissions come from the production of mineral fertilizers.

ENDS

For further information, please contact:

Odd-Geir Lademo, CEO, e-mail: odd.geir.lademo@oceangeoloop.com, cell: +47 92 05
29 01

Anders Onarheim, Chairman of the board, Ocean GeoLoop AS, cell: +47 97 40 15 11



About Ocean GeoLoop | www.oceangeoloop.com

Ocean GeoLoop AS uses nature’s own way to solve the challenges of our time in a
circular way. The company has introduced the GeoLoop CC technology that captures
CO2 from point source emissions using natural and harmless processes. Ocean
GeoLoop will help companies and countries achieve their goals of reduced
emissions and access to renewable electricity for the green transition. The
company is listed on the Oslo Stock Exchange Euronext Growth under the ticker
OCEAN.

Visit Ocean GeoLoop on LinkedIn/OceanGeoLoop

More information:
Access the news on Oslo Bors NewsWeb site

621135_Press Release Ocean GeoLoop - Ocean GeoLoop and Yara Norge accelerate the work towards a feasibility study for carbon capture at Herøya.pdf