Ocean GeoLoop: Business update Q3 2024

07 Nov 2024 08:15 CET

Ocean GeoLoop: Business update Q3 2024

(Verdal, 7 November 2024) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) today
announces revenues per the third quarter of 2024 of NOK 151.3 million, up from
NOK 118.3 million in the corresponding period last year. The international
market scaling strategy towards the European lime industry, an addressable 25
million tonnes CO2 market, continues to attract significant commercial interest.

“The communicated results from the recently conducted feasibility study with
lime producer NorFraKalk continue to generate high interest from the lime and
cement industries. This verifies that our first-generation technology has strong
competitive advantages in these markets. The partnership is currently planning
the next stage in the collaboration", says Odd-Geir Lademo, Chief Executive
Officer of Ocean GeoLoop.

Ocean GeoLoop reported revenues in the first nine months of 2024 of NOK 151.3
million, up from NOK 118.3 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 28.2 million, an increase from a negative EBITDA of NOK
13.9 million in the same period last year. The company had cash and cash
equivalents of NOK 70.1 million at the end of the period.

Based on the previously reported electricity consumption for carbon capture in
the size order of 200 kWh per tonne (approx. 0.7 GJ per tonne), 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 100% clean capture technology is not dependent on access to residual heat.
This reduces integration complexity and cost for emitters, enhances robustness,
minimizes HSE concerns, and is a highly disruptive innovation in the field.
Early October we presented our carbon capture offerings at the International
Lime Association’s annual symposium. This has led to yet increased interest from
the international lime industry, showing recognition of our technology and our
collaborative approach to decarbonize their operations," Lademo concludes.

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

631518_Press release Ocean GeoLoop Business update Q3 2024.pdf