Photo: Sigmund Sagberg Andersen
Oslo, 8 March 2022) Ocean GeoLoop AS ("Ocean GeoLoop" or the "Company) with ticker code: "OCEAN", a green tech company developing multifunctional environmental technologies based on nature’s own processes, today announces the public trading on Euronext Growth Oslo (the "Listing"), following the successful private placement and share issue with total gross proceeds of NOK 55 million.
Published: 08. March 2022 - Last updated: 08. March 2022
Ocean GeoLoop is a green tech company aiming at using nature’s own solutions of solving challenges in a circular way. The Company develops, pilots, and commercializes multifunctional environmental technologies, including point source carbon capture.
"The private placement attracted solid interest from Norwegian and international quality investors and was over-subscribed despite the market unrest. We highly appreciate the support from our investors and look forward to realizing our vision of solving the combined climate, environment and resource crisis. The first pilot for the carbon capture solution is planned installed at Norske Skog’s facility at Skogn before the summer of 2022, and is an important step towards realizing safe and efficient carbon capture by using nature’s own methods to transform CO2 to a stable, liquid state, and to commercialize carbon capture at highly competitive cost levels," says Anders Onarheim, Chairman of the Board of Ocean GeoLoop.
Prior to the Listing, Ocean GeoLoop completed a private placement by issuing 894,593 new shares at a subscription price of NOK 37.00 per share, raising gross cash proceeds of approximately NOK 33 million. The Company has also issued 591,895 new shares at the same subscription price as part of consideration for the acquisition of shares in Energi Teknikk AS. Total gross proceeds from the private placement thus amounts to approximately NOK 55 million in value.
Ocean GeoLoop’s point source 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. In the future, the carbon capture process is planned to be assisted by the e-Loop, a proprietary horizontal hydropower unit, enabling electricity production from low quality heat sources.
The Company aims to develop new technology and implement it at large, industrial scale. The carbon capture technology is the primary market candidate, and the Company also has a strong pipeline of products currently in the R&D-phase. The GeoLoop Column filters pollution threatening life in the oceans and transforms it into edible proteins for fish and animals, while re-injecting oxygen into the sea to make the oceans healthier. In addition, the Company is also working on developing a technology for electricity production from the carbon capture process to make it self-energized.
“In all our technologies and projects, we look for solutions that are circular, and the potential of our technologies on a global scale is huge. Solving the problem of carbon capture in an efficient and circular way will help companies and countries around the globe to reach their goals of reduced emissions before 2030 and net zero by 2050,” Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop adds.
On 8 March 2022, the shares of Ocean GeoLoop commence trading on Euronext Growth under the ticker code OCEAN. A separate announcement was published earlier today concerning an information document published in relation to the Listing on the Company's website https://oceangeoloop.com/.
Clarksons Platou Securities AS acted as manager in the private placement and Euronext Growth Advisor in relation to the admission to trading. Advokatfirmaet Schjødt AS acted as the Company's legal advisor in relation to the private placement and admission to trading.
For more information, please contact:
Odd-Geir Lademo, CEO of the Company, tel. +47 920 52 901
Anders Onarheim, Chairman of the Board of the Company, tel. +47 907 08 643