Ocean GeoLoop: SINTEF verifies data of industry leading energy consumption for the lime and cement industries
Ocean GeoLoop: SINTEF verifies data of industry leading energy consumption for the lime and cement industries
(Verdal, 13 December 2024) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) today announces third party verification by SINTEF of the record low carbon capture electricity consumption data for the lime and cement industries.
Published: 13. December 2024 - Last updated: 13. December 2024
“The excellent collaboration with world-class experts at SINTEF has resulted in a predictive model and a third-party verification of our earlier communicated calculated energy numbers, including an estimated 200 kWh electric energy per tonne for flue gases with 25% CO2 concentration. The potential for further lowering the cost of capture is significant,” says Kim Kristiansen, Ph.D., Chemical Engineering Specialist in Ocean GeoLoop.
The results from this third-party report and predictive capability are efficient means to provide customer confidence and insight into the Ocean GeoLoop solution, enabling informed and stepwise engineering and financial derisking. The process is a fully electric, closed-loop liquid absorption method that does not rely on the use of harmful chemicals, nor waste heat from industrial emitters.
“Operational experience with Ocean GeoLoop’s capture process shows that it is robust, and theoretical calculations of energy consumption document it’s high level of energy efficiency. Thus, it should be attractive to numerous applications and customers. Their predictive tool, developed together with SINTEF experts, enables design of energy and cost effective carbon capture facilities. Ocean GeoLoop's recent advances represent promising innovations that allow industries to decarbonize their operations. We are proud to have contributed to this achievement,” says Jan Erik Olsen, Research Manager in SINTEF Industri.
The company has multiple go-to-market opportunities. Ocean GeoLoop has prioritized the European lime and cement industries for ongoing market scaling of the safe, proven, well documented, and highly robust solution for CO2 capture. The European lime- and cement industries represent a total addressable market size of 125 million tons per annum. For illustration, a licensing business model could yield a revenue potential, in these segments in Europe alone, of EUR 1250-1875 million assuming a license fee of 10-15 euro per ton.
“I am proud of our technical team and the collaborative achievements with SINTEF and a highly competent set of suppliers. This fruitful collaboration has leveraged our carbon capture solution, which position us as the technology leader within carbon capture for the lime-and cement industries and led to continuously increasing interest from domestic and international customers. Ocean GeoLoop continues to explore the most efficient delivery models that efficiently secures market pickup and rapid revenue growth,” Odd-Geir Lademo, Chief Executive Officer, concludes.
ENDS
For further information, please contact:
- Odd-Geir Lademo, CEO, e-mail: odd.geir.lademo@oceangeoloop.com,
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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