Update on carbon capture development program
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.
![wave-with-logo Ocean GeoLoop logo on top of wave](https://oceangeoloop.com/wp-content/uploads/2022/10/wave-with-logo.jpg)
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.
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 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
Related news
![](https://oceangeoloop.com/wp-content/uploads/2024/05/default-900x600-1.jpg)
Ocean GeoLoop: 200 kWh per tonne carbon capture for the quicklime and cement industries
Ocean GeoLoop AS today announces energy data based on flue gas conditions for the quicklime and cement industries. The strong results reaffirm Ocean GeoLoop´s target to provide world class carbon capture solutions. Based on a thorough test program including flue gases with 25% CO2 concentration, recent calculations conclude an electricity consumption for carbon capture in...
![Yara International](https://oceangeoloop.com/wp-content/uploads/2022/10/npk4_ikke_crop-1-900x600.jpg)
Ocean GeoLoop: Ocean GeoLoop and Yara Norge accelerate the work towards a feasibility study for carbon capture at Herøya
Ocean GeoLoop AS today announces plans for a feasibility study with the intention to support a pilot on carbon capture. First in line is a feasibility study of carbon capture from the planned expansion project at the Calcium Nitrate (CN) plant at Yara Porsgrunn (Herøya, Norway).
![](https://oceangeoloop.com/wp-content/uploads/2024/05/default-900x600-1.jpg)
Ocean GeoLoop: Quarterly business update 30 May 2024
Ocean GeoLoop AS today announces revenues in the first quarter of 2024 of NOK 38.3 million (Q1 2023:46.0) and positive carbon capture technology developments. After the closing of the quarter, the company announced strong preliminary results from the ongoing NorFraKalk feasibility study. The results confirm the attractiveness of the company's carbon capture offering to the...