Ocean GeoLoop. Financial results for the first half of 2023
(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 Skogn, Norway, and is now ready to pursue commercial agreements.
Published: 07. September 2023 - Last updated: 07. September 2023
“The entire team at Ocean GeoLoop and our partners are excited that we have passed the 3,000-hour milestone of safe operations of our industrial carbon capture pilot at Norske Skog Skogn. Having an autonomous carbon capture plant with no harmful chemicals or need for residual heat are features that are highly appreciated by our current and future industrial partners. Following this successful milestone, we are excited to use these results in a commercial setting,“ says Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop.
Ocean GeoLoop reported revenues in the first half of 2023 of NOK 83.2 million, up from NOK 45.7 million in the same period last year. The company continued the planned investments in technology development and in the carbon capture pilot plant, resulting in a negative operating profit of NOK 17.2 million, an improvement from negative NOK 26.0 million in the same period last year. The company had a cash position of NOK 133.8 million at the end of the period.
In the first half of 2023, the main focus was the long-term testing of the industrial carbon capture plant, which provided further proof that the carbon capture technology is highly robust at industrial scale and conditions. The pilot has shown solid performance related to industrial robustness, including when run autonomously over longer periods.
Ocean GeoLoop also continued to implement the technology roadmap by the planning, engineering, procurement, construction and commissioning of a down-scaled test-rig for Ocean GeoLoop´s carbon capture technology at SINTEF´s CO2 lab in Trondheim. With the complementary process simulator, the company holds an effective infrastructure for optimizing carbon capture solutions for customers. This comprehensive test- infrastructure, the organizational set-up with internal resources and external R&D partners and suppliers is a solid platform to launch the GeoLoop Carbon Capture solution commercially.
“We have complemented our technological toolbox for experimental testing and extrapolation to industrial customer and customer segments, and started the process to hire new and highly competent colleagues,“ Lademo continues, and concludes:
“Our partners Yara, Franzefoss Minerals, Norske Skog and Norðurál have ambitious plans and represent global industry segments with a large market potential. With our complete toolbox for testing, piloting and customization, our highly motivated and competent staff, collaborative partners and a broad network on board, we are now ready to offer customized solutions for carbon capture in the market.”
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.
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