Ocean GeoLoop AS: Quarterly business update 24 May 2022

Ocean GeoLoop AS: Quarterly business update 24 May 2022

(Verdal, 24 May 2022) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN), the green tech company developing multifunctional environmental technologies based on nature’s own processes, reiterates the target of pilot plant commencement at the Norske Skog Skogn facility during the summer of 2022.

Published: 24. May 2022 - Last updated: 24. May 2022

"Ocean GeoLoop continues to deliver on the technology- and business development roadmap, with a strong and developing base of commercial projects across industries and regions. Our main priority today is to commence operations of the first carbon capture plant at the Norske Skog Skogn facility. We expect the plant to be a gamechanger within carbon capture, and reiterate the target of pilot plant commencement during the summer of 2022, “ says Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop.

Ocean Geoloop today provides a quarterly business update following the on-time successful installation of the carbon capture modules at Norske Skog Skogn. Attached is an updated company presentation containing some of the latest key highlights. The selected financial information is per the end of the first quarter of 2022, while other highlights also include subsequent events:

  • Installation of carbon capture and separation modules as planned on 21 April at Norske Skog Skogn. The remaining modules are expected to be installed early June and commissioning started by the end the second quarter.  
  • Reiterating all important timelines for carbon capture and e-Loop developments.
  • Solid progression in the domestic market development, especially in Mid-Norway, the Grenland/Herøya region and towards utilities on the Norwegian continental shelf.
  • Receiving high incoming commercial interests from potential clients, both domestic and international.
  • High-level meetings in Iceland and Greece with government officials and industrial players to discuss carbon capture and energy production.
  • Meetings with the Norwegian Minister of Climate and Environment, Espen Barth Eide and the Minister of Trade and Industry, Jan Christian Vestre.
  • Awarded SIVA´s X-factor prize. 
  • Erling Ronglan appointed business developer to implement the company’s technologies in the oil and gas sector. During the second quarter, the company will expand with several positions within various engineering disciplines, product development and within communications.
  • Subsidiary Energi Teknikk AS enabling access to core elements for the e-Loop rollout and EPC competences enabling industrial growth. The company had revenues of NOK 20.8 million in the first quarter with a positive EBITDA and an order backlog of NOK 110 million.
  • Accrued costs for the parent company in the first quarter was NOK 26.6 million. Of these, NOK 5.8 million constituted fixed costs, while the remaining NOK 20.8 million were activity-based costs.

Following the commencement of operations at the industrial pilot plant at Norske Skog, Ocean GeoLoop will develop commercial large-scale units as part of the process towards self-financed carbon capture.

“A successful industrial pilot is expected to accelerate the commercial activity further, and we remain firm on our target of 25 million tons of CO2 contracted by 2025,” Lademo concludes.

Ocean GeoLoop will present the financial results for the first half of 2022 25 August 2022.

ENDS

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

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 listed on Oslo Børs Euronext Growth under the ticker OCEAN.

This stock exchange announcement was published by Maria Hosen, CFO, on 24 May 2022

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