Ocean GeoLoop: Annual report and 2023 financial results
Ocean GeoLoop: Annual report and 2023 financial results
(Verdal, 14 March 2024) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) today announces 2023 revenues of NOK 172.9 million, up from NOK 128.1 in 2022. The company entered the commercial stage during the year, and has in 2024 announced an Enova funded carbon capture project with NorFraKalk to make the company climate neutral.
Published: 14. March 2024 - Last updated: 14. March 2024
“In 2023, we successfully passed the 3,000-hour milestone for safe operations of our industrial point source carbon capture pilot at Norske Skog Skogn in Norway. Having an autonomous carbon capture plant with no harmful chemicals or need for residual heat are features that are highly appreciated by our industrial partners. The pilot shows solid performance related to industrial robustness, including when run autonomously over longer periods,” says Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop.
Ocean GeoLoop reported revenues in 2023 of NOK 172.9 million, which marked an increase from NOK 128.1 million from 2022, with Energi Teknikk AS being the primary contributor. The company continued the planned investments in technology development and reports a negative EBITDA of NOK 27.9 million, an improvement from a negative EBITDA of NOK 32.3 million in 2022. The company had a cash and cash equivalents of NOK 114.3 million at the end of the period.
During 2023, Ocean GeoLoop built an agile test facility within SINTEF's CO2 lab in Trondheim, Norway. This test facility is a flexible test and optimization tool that improves the core technology, in close collaboration with world-class experts from SINTEF. Ocean GeoLoop´s two test facilities allow rapid experimental simulation of customer´s flue gas composition and operating conditions and represents a powerful means for industrial customers to save both time and cost in evaluation and testing of the technology.
“In our annual report we´re presenting the most prominent industry partners with whom we work; Yara Norge AS, NorFraKalk AS, a joint venture of Franzefoss Minerals AS and Nordkalk Oy, Norske Skog ASA and Nordural EHF, Iceland. These major companies have ambitious plans and represent global industry segments with large potential and need for carbon capture. As part of the work, we actively engage our shareholder and added-value partner Chevron New Energies, and a set of EPC companies, thus providing a solid base for successful CCUS projects,” Lademo adds, and continues:
“Our strategy is to stack a set of commercial projects with the mentioned partners that allows, firstly, to define modularized products and product families, and secondly, to verify and showcase the generic applicability of the underlying basic technology.”
So far in 2024, Ocean GeoLoop has announced the agreement with NorFraKalk for a potential large-scale CO2 capture project with the ambition to make NorFraKalk climate neutral. The lime and cement industry accounts for approximately 8 % of the world's CO2 emissions and is one of the industries where CO2 capture is necessary to achieve the climate goals. The first phase of the collaboration is to assess an industrial demo plant for carbon capture at NorFraKalk’s lime kiln in Verdal Industrial Park. The ongoing study will pave the way for the capture of 10,000 tonnes of CO2 per year to prove that our solution works in quicklime production.
“Beyond delivering our first commercial units, we continue to engage partners to close the gaps in efficient CCUS pathways, while we in parallel continue to foster disruptive technology. Ocean GeoLoop is well positioned and aims to become an internationally leading CCUS company in a rapidly expanding carbon market. Our technological basis, world-class test facilities, organizational set-up, and our strategic and targeted market entrance is the beginning. Success in the planned stacked commercial projects provides an efficient platform for the subsequent stage of international scaling. We look forward to bringing commercial solutions to the market based on our one-of-a-kind technology,” Lademo concludes.
The annual report 2023 for OceanGeoLoop is enclosed.
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 97 40 15 11
About Ocean GeoLoop | www.oceangeoloop.com
Ocean GeoLoop AS uses nature’s own way to solve the challenges of our time in a circular way. The company has introduced the GeoLoop CC technology that captures CO2 from point source emissions using natural and harmless processes. Ocean GeoLoop will help companies and countries achieve their goals of reduced emissions and access to renewable electricity for the green transition. The company is listed on the Oslo Stock Exchange Euronext Growth under the ticker OCEAN.
Visit Ocean GeoLoop on LinkedIn/OceanGeoLoop
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