Ocean GeoLoop: Annual report and 2022 financial results
(Verdal, 16 March 2023) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN), the green tech company developing multifunctional environmental technologies based on nature’s own processes, today announces revenues in 2022 of NOK 128.1 million (0.3) and the continued comprehensive test program of the autonomous carbon capture pilot plant at Norske Skog Skogn, Norway. The company has entered into several commercially oriented collaborative activities during 2022, with amongst others Chevron, Yara, Norske Skog and Franzefoss Minerals.
Published: 16. March 2023 - Last updated: 25. May 2023
“2022 was a busy and eventful period for Ocean GeoLoop, with a successful listing, the acquisition of Energi Teknikk, the further expansion of our team, and the construction, installation and start of the test program for our carbon capture pilot at Norske Skog Skogn. Primo March 2023, we have further matured the pilot into an autonomous industrial plant, currently exceeding 1200 consecutive hours of operations. Such autonomity is a critical requirement for our industrial customers. In accordance with our technology roadmap, we have also built a down-scaled carbon capture unit at SINTEF ́s premises to gain even more speed in further optimization of the technology. We are further building and verifying a digital process model that allows for rapid extrapolation for various customers and customer segments. We uphold our expectations that the GeoLoop carbon capture process will prove successful and we look forward to report on the promising developments before summer,“ says Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop.
Ocean GeoLoop reported revenues in 2022 of NOK 128.1 million, up from NOK 0.3 million the previous year, mainly following the acquisition of Energi Teknikk. The company continued the planned investments in technology development and in the carbon capture pilot plant, resulting in a negative operating profit of NOK 52.5 million (-39.9). The company had a cash position of NOK 179.8 million at the end of 2022.
Following the capital raise towards Chevron, the company strengthened its financial position to develop and commercialize its technologies. The collaboration aims to provide Ocean GeoLoop with global reach, in addition to Chevron strengthening Ocean GeoLoop’s offering and capabilities towards the company’s existing projects, partners and network.
“Chevron is a true added-value partner that brings much more to the table than financial strength. We feel strong support and engagement from Chevron’s people and a true passion for our future success. With this backing, Ocean GeoLoop´s key priority is now to secure succesfull commercial market launch in CCUS applications in Mid-Norway and with Yara at Herøya, on the basis of our focused technology piloting and optimization plan,” Lademo concludes.
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
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At OGL, we are genuinely interested in getting young people's perspectives and input on what OGL is working on. Therefore, from the first year of operation, we have engaged students to “Join the Loop” and contribute to various activities and tasks.