Ocean GeoLoop: Results for the first half of 2024
Ocean GeoLoop: Results for the first half of 2024
(Verdal, 5 September 2024) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) today announces imminent international market scaling towards the European lime industry, an addressable 25 million tonnes CO2 market.
Published: 05. September 2024 - Last updated: 05. September 2024
“Before summer we presented preliminary results from the ongoing study with the quicklime producer NorFraKalk AS, which confirmed carbon capture rates exceeding 90 percent and product gas purity of 95 percent. Calculations of energy consumption 200 kWh per tonne demonstrates that our first-generation technology has strong, competitive advantages in the lime and cement industries, which in sum accounts for approximately 8 percent of global CO2 emissions and where CO2 capture is necessary to achieve climate goals. We have prioritized and strengthened our attention to the European lime industry for our imminent international market scaling to leverage on our clear competitive advantages in this sector," says Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop.
Ocean GeoLoop reported revenues in the first half of 2024 of NOK 105.0 million, up from NOK 83.2 million in the same period last year, with Energi Teknikk AS as the main revenue contributor. The company continued the planned investments in commercialization and technology development and reported a negative EBITDA of NOK 14.6 million, a decrease from an EBITDA of NOK -6.4 million in the same period last year. The company had a cash and cash equivalents of NOK 80.8 million at the end of the period.
Based on the thorough test program including flue gases with 25% CO2 concentration, the company late June 2024 reported an electricity consumption for carbon capture in the size order of 200 kWh per tonne (approx. 0,7 GJ per tonne). On the basis on the results, Ocean GeoLoop prioritizes the European lime industry for international market scaling, which contributes significantly to European emissions. Modern lime kilns, due to their energy efficiency, lack the waste heat necessary for conventional temperature-swing carbon capture processes, such as amine and hot potassium carbonate methods.
“Our innovative clean and green post-combustion carbon capture technology is not dependent on access to waste heat. This reduces integration complexity and cost for emitters, enhances robustness, minimizes HSE concerns, and represents a highly disruptive innovation in the field,” Lademo says and continues:
“We are well prepared. We have a growing and highly competent engineering team with continuous focus on technology and customer projects. We possess world-class test facilities, allowing rapid and cost-efficient testing of customer cases. We have chosen an agile organizational setup and co-location with EPC and R&D companies with long and vast experience in the carbon capture market. Our subsidiary Energi Teknikk AS provides us competence, capacity and synergies to succeed,” Lademo concludes.
The Ocean GeoLoop report for the first half of 2024 is enclosed.
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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