Ocean GeoLoop enters into a Letter of Intent for carbon capture and electricity production with Yara Norge

Ocean GeoLoop enters into a Letter of Intent for carbon capture and electricity production with Yara Norge

(Verdal, October 5th 2022) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN), the green tech company developing multifunctional environmental technologies based on nature’s own processes, today announces a Letter of Intent (LOI) with the world's leading fertilizer company Yara Norge AS for carbon capture and electricity production for the planned expansion project at the Yara Calcium Nitrate (CN) plant at Herøya in Norway.

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Published: 05. October 2022 - Last updated: 25. October 2022

Yara International

Photo: Yara International

“We are pleased to announce this LOI with Yara, and we look forward to joining forces to explore potential carbon capture for the

planned expansion project at the Yara CN plant at Herøya. We are impressed and inspired by Yara´s ambitions and systematic measures to reduce climate emissions”, says CEO at Ocean GeoLoop, Odd-Geir Lademo.

Ocean GeoLoop has entered into an LOI with Yara Norge AS for carbon capture related to their expansion of the Calcium Nitrate plant at Herøya. This project will target hard to abate process emissions from the Calcium Nitrate production. Early September Ocean GeoLoop announced that they will start their point-source industrial carbon capture pilot plant at Norske Skog Skogn early October, and that they expect the system to be stable within two weeks after startup. A comprehensive test program will be carried out in cooperation with SINTEF Industry in the months to come. The LOI with Yara Norge AS is an important step towards the commercialization of this technology.

“Yara's mission is to feed the world and protect the planet. To succeed in this mission, we need to look at our entire value chain and do our utmost to reduce emissions. Ocean GeoLoop has an exciting, circular, approach that can really help us in building a nature-positive future.“ says Ole-Jacob Siljan, Plant Manager Yara Norge AS at Herøya.

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.oceangeolo2stg.wpengine.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 technology 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.

 

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