Ocean GeoLoop becomes majority shareholder in Ocean Tunicell

Ocean GeoLoop becomes majority shareholder in Ocean Tunicell

(Verdal, 15 November 2022) Ocean GeoLoop AS (OGL, OSE: OCEAN) today announces an agreement with OGL´s founder and largest shareholder, Hans Gude Gudesen, to transfer his majority position in Ocean Tunicell to Ocean GeoLoop.

Published: 15. November 2022 - Last updated: 15. November 2022

“I am excited to see Ocean GeoLoop and Ocean Tunicell closer together, as there are vast synergies between the companies. The competent and dedicated people gathered in Ocean GeoLoop and Ocean Tunicell, and the broad cooperation that has been developed between the companies over the last two years, I believe will flourish even better under the same umbrella. This is an important step in realizing Ocean GeoLoop´s visions,“ says Hans Gude Gudesen, inventor and founder of Ocean GeoLoop.

Ocean GeoLoop has entered into an agreement with Hans Gude Gudesen to transfer his holding of approximately 55% of Ocean Tunicell, including his shares in Ocean M AB. The shares in Ocean Tunicell and Ocean M AB will be transferred and assigned to Ocean GeoLoop against no consideration.

Ocean Tunicell possesses highly skilled personnel within marine biology and low-trophic ecosystems, and relevant experience within production and processing of the sea animal tunicates. Of particular importance for Ocean Geoloop is the nanofibrillated cellulose that OTC extracts from the tunic of this animal.

“By executing this agreement, we are now pooling technology and expertise while at the same time it affirms Gudesen´s commitment to enable Ocean GeoLoop reaching its ambitions. The board of Ocean GeoLoop is pleased to see that this strengthens both companies' technological development and commercial opportunities. Ocean Tunicell also represents an exciting commercial pillar within the regenerative medicine markets," says Anders Onarheim, the chairman of the board of directors of Ocean GeoLoop.

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 of Directors, 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 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 Euronext Growth Oslo under the ticker OCEAN.

This announcement was published by Maria Hosen at the date and time set out above.

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