Ocean GeoLoop: Results for the first half of 2024

05 Sep 2024 08:15 CEST

Ocean GeoLoop: Results for the first half of 2024

(Verdal, 5 September 2024) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) today
announces imminent international market scaling towards the European lime
industry, an addressable 25 million tonnes CO2 market.

“Before summer we presented preliminary results from the ongoing study with the
quicklime producer NorFraKalk AS, which confirmed carbon capture rates exceeding
90 percent and product gas purity of 95 percent. Calculations of energy
consumption 200 kWh per tonne demonstrates that our first-generation technology
has strong, competitive advantages in the lime and cement industries, which in
sum accounts for approximately 8 percent of global CO2 emissions and where CO2
capture is necessary to achieve climate goals. We have prioritized and
strengthened our attention to the European lime industry for our imminent
international market scaling to leverage on our clear competitive advantages in
this sector," says Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop.

Ocean GeoLoop reported revenues in the first half of 2024 of NOK 105.0 million,
up from NOK 83.2 million in the same period last year, with Energi Teknikk AS as
the main revenue contributor. The company continued the planned investments in
commercialization and technology development and reported a negative EBITDA of
NOK 14.6 million, a decrease from an EBITDA of NOK -6.4 million in the same
period last year. The company had a cash and cash equivalents of NOK 80.8
million at the end of the period.

Based on the thorough test program including flue gases with 25% CO2
concentration, the company late June 2024 reported an electricity consumption
for carbon capture in the size order of 200 kWh per tonne (approx. 0,7 GJ per
tonne). On the basis on the results, Ocean GeoLoop prioritizes the European lime
industry for international market scaling, which contributes significantly to
European emissions. Modern lime kilns, due to their energy efficiency, lack the
waste heat necessary for conventional temperature-swing carbon capture
processes, such as amine and hot potassium carbonate methods.

“Our innovative clean and green post-combustion carbon capture technology is not
dependent on access to waste heat. This reduces integration complexity and cost
for emitters, enhances robustness, minimizes HSE concerns, and represents a
highly disruptive innovation in the field,” Lademo says and continues:

“We are well prepared. We have a growing and highly competent engineering team
with continuous focus on technology and customer projects. We possess
world-class test facilities, allowing rapid and cost-efficient testing of
customer cases. We have chosen an agile organizational setup and co-location
with EPC and R&D companies with long and vast experience in the carbon capture
market. Our subsidiary Energi Teknikk AS provides us competence, capacity and
synergies to succeed,” Lademo concludes.

The Ocean GeoLoop report for the first half of 2024 is enclosed.

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

627051_Ocean_GeoLoop_half_year_report_2024.pdf