Update on carbon capture development program
(Verdal, 14 July 2023) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN), the green tech company developing multifunctional environmental technologies based on nature’s own processes, today provides an update from the comprehensive carbon capture development program, where the company reports solid progress towards the commercial market launch for carbon capture utilization and storage applications (CCUS) by providing clean, low-cost and robust CCUS solutions.
Published: 14. July 2023 - Last updated: 14. July 2023
“The development program yields solid results, and supports our expectations for industrial attractivity, scalability, process robustness and efficiency of the carbon capture technology. We look forward to intensify commercial activities with our industrial partners after summer,“ says Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop.
The pilot plant has now logged 2,000 hours of operating time. The long-term testing has provided further proof that the technology is most robust, also at industrial scale and conditions. The aim is further stable and autonomous operations during the summer, thus closing in on the planned milestone of 3000 hours of operation. The end reporting of the pilot project has been approved by Innovation Norway, in compliance with the project objectives and timeline. The company has a solid financial position to continue developing its technologies towards commercialization.
Ocean GeoLoop announced the technology roadmap as part of the listing on Euronext Growth in March 2022, with an updated timeline communicated as part of the business update in May 2023. The technology roadmap includes a first-generation carbon capture pilot plant at Norske Skog Skogn, a scaled test rig at SINTEF’s CO2 laboratory in Trondheim, and a digital process model that allows for rapid extrapolation for various customers and customer segments.
“After Hans Gude Gudesen provided the roadmap for the Ocean GeoLoop carbon capture technology, we have developed a comprehensive infrastructure to optimize the process and built an organizational set-up to commercialize the technology. With new data from our test platform, we look forward to accelerating commercial activities even further,” Lademo concludes.
The company will provide a further update on the technology and commercial developments in the half-year report 7 September 2023.
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 AS is a green-tech company using nature’s own way of solving the challenges of our time in a circular way. The company has introduced the GeoLoop CC technology that captures point source CO2 emissions, using natural and harmless processes. In 2023 the company will build a pilot to further develop the e-Loop, a novel technology for electricity production. The GeoLoop CC and the e-Loop will help companies and countries to reach their goals of reduced emissions and to get access to renewable electricity for the green transition. The company is listed on Oslo Børs Euronext Growth under the ticker OCEAN.
Visit Ocean GeoLoop on LinkedIn/OceanGeoLoop
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.
(Verdal, 7 September 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 the first half of 2023 of NOK 83.2 million (1H 2022:45.7). The company subsequently announced the successful 3000-hours milestone for the point-source carbon capture pilot at Norske Skog...
Ocean GeoLoop AS today announces the successful 3000-hours milestone for the point-source carbon capture pilot at Norske Skog Skogn, Norway, and is now ready to pursue commercial agreements.