Ocean GeoLoop Enters into Carbon Capture Agreement with Nordural
(Verdal, 25. February 2022) Ocean GeoLoop AS (Ocean GeoLoop) today announces a Letter of Intent (LOI) with the leading Icelandic aluminum producer Nordural for carbon capture at the Grundartangi plant in Iceland. The project has an ambition to reduce Iceland’s carbon emission significantly by deploying Ocean GeoLoop’s carbon capture solution.
Picture from Nordurals factory in Grundartangi.
Published: 25. February 2022 - Last updated: 25. February 2022
“We are proud to announce this agreement with Nordural, aiming to reduce carbon emissions in Iceland significantly by deploying our disruptive carbon capture solution. The end-of-pipe technology is planned to be assisted by the e-Loop, a horizontal hydropower unit, enabling electricity production utilizing the CO2 from the aluminium process resulting in a self-energized carbon capture solution at Nordural,“ says Odd-Geir Lademo, CEO at Ocean GeoLoop.
Ocean GeoLoop has entered into a LOI with the leading Icelandic aluminum producer Nordural. Their Grundartangi facility is among the largest aluminum plants in Europe with an annual production of over 300.000 metric tons. Ocean GeoLoop develops, pilots, and commercializes multifunctional environmental technologies for carbon capture, utilization, and storage. The GeoLoop carbon capture solution is characterized by several unique capabilities, as the CO2 separation is 100% clean, can capture 100% of the CO2, and has no need for special adaptations based on the type of flue gas. The carbon capture process is expected to be assisted by the e-Loop, a proprietary, horizontal hydropower unit, enabling electricity production from low quality heat sources.
“We are excited at the prospect of being able to capture, use and store the CO2 that our plant emits now. We are already far ahead of the curve in terms of carbon footprint, as all our electricity is renewable, but a successful carbon capture scheme would bring us that much closer to true carbon neutrality,“ says Gunnar Guðlaugsson, CEO of Nordural.
Ocean GeoLoop AS is represented in Iceland by North Tech Energy ehf, with CEO Geir Hagalínsson.
For further information, please contact:
Odd-Geir Lademo, CEO, e-mail: [email protected],
cell: +47 92 05 29 01
Anders Onarheim, Chairman of the board, Ocean GeoLoop AS,
cell: +47 90 70 86 43
Sólveig Kr. Bergmann, Head of Communication, [email protected]
cell: +354 820 4004
About Ocean GeoLoop | www.oceangeoloop.com
Ocean GeoLoop is a green tech company aiming at using nature’s own way of solving the challenges of our time in a circular way. In 2022, the company introduces the GeoLoop CC technology that captures point source CO2 emissions, using natural and harmless processes, transforming the CO2 to a stable, liquid state. Ocean GeoLoop call this process “Carbon capture by nature.” The GeoLoop CC will help companies and countries around the globe to reach their goals of reduced emissions before 2030 and net zero by 2050. The company is in a process of being listed on Euronext Growth Oslo.
About Nordural | www.nordural.com
Founded in 1997, Nordural in Grundartangi is among the largest aluminum plants in Europe, with an operating licence for an annual output of 350,000 metric tons of premium quality, pure aluminum. Nordural emphasizes that its operations are conducted in harmony with the environment. We strive to minimize the environmental impact as well as promoting the responsible use of energy and raw materials. Nordural promotes increased environmental awareness and staff participation in reforms. Nordural produces Natur-Al™, which is aluminum with direct CO₂ levels below two tons CO₂ per ton of aluminum – one of the lowest CO₂ footprints in the world for aluminum. Taking the whole supply chain into account the total CO₂ footprint is four tons per ton of aluminum, less than one-quarter of the industry average.