Ocean GeoLoop: Annual report and 2024 financial results

18 Mar 2025 08:15 CET

Ocean GeoLoop: Annual report and 2024 financial results

(Verdal, 18 March 2025) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) today
announces 2024 revenues of NOK 235.7 million, up from NOK 172.9 million in 2023.
The company showcased record low carbon capture electricity consumption data for
the lime and cement industries during the year and has a strong position for
rapid commercial scaling.

“Ocean GeoLoop made industry headlines in 2024 by reporting results from our
study with
quicklime producer NorFraKalk. The results are game-changing and reinforce our
carbon
capture technology as the preferred choice for the lime and cement industries
with carbon capture
rates exceeding 90%, a product gas purity of 95% and record-low energy
consumption in the range of
200 kWh/tonne. The advancements made by our team have provided a giant leap
forward in allowing industries to decarbonize their operations,“ says Odd-Geir
Lademo, Chief Executive Officer of Ocean GeoLoop.

Ocean GeoLoop reported revenues in 2024 of NOK 235.7 million, which marked an
increase from NOK 172.9 million from 2023, with Energi Teknikk AS being the
primary contributor. The company continued the planned investments in technology
development and reports a negative operating profit (EBIT) of NOK 58.0 million,
compared to a negative EBIT of NOK 47.4 million in 2023. The company had cash
and cash equivalents of NOK 65.3 million at the end of the period.

“Turning cutting-edge science into commercial success is our priority as we
navigate multiple go-to-
market opportunities. We stand on solid ground for our market expansion. We have
shaped and
matured strategic partnerships that, in record time, have transformed our
business from concepts,
through industrial pilots, to commercial products. Our top modern,
customer-oriented R&D center in
Trondheim allows us to offer efficient customer introduction and testing of the
technology, while the
industrial pilot plant at Skogn continues to attract recognition for its
professional industrial design,” Lademo adds.

The company continues its focused market entrance in two key domestic regions in
partnership with lead customers; Norwegian lime producer NorFraKalk and the
world-leading fertilizer company Yara. Additionally, strategic value-add
investors, such as Chevron New Energies, and a set of highly recognized
suppliers are actively involved in the technology, product and market
development.

“Our compelling story is the saga of a fully electric, closed-loop liquid
absorption method that neither
relies on harmful chemicals nor waste heat from industrial emitters. This makes
our solution
attractive to numerous applications and customers. Powered by our predictive
tools, developed together with SINTEF experts, we enable the design of energy-
and cost-effective carbon capture facilities,” says the Ocean GeoLoop CEO.

Without excluding any other industry segments, the company sees the
international lime and cement industries as a cornerstone for the short-term
commercial strategy. Emissions from the European lime and cement industries
equals 125 million tonnes annually, representing an opportunity for immediate
commercial scaling.

“Thus, looking into 2025 our ambitions are clear. We will deliver on the
domestic commercial
CCUS projects with NorFraKalk and Yara, as the means to efficiently showcase
commercial
carbon capture plants at the highest technology level, TRL 9. We will expand our
market presence and formalize cooperation across the sales cycle in the
prioritized European lime and cement industries. In addition, Ocean GeoLoop will
further evolve our delivery model to the global markets through our global
network and partners and through a strengthening of our commercial capacity,”
Lademo concludes.

The annual report 2024 for Ocean GeoLoop 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 90 70 86 43

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

641511_OceanGeoLoop_AnnualReport_2024_250317.pdf