Ocean GeoLoop: Annual report and 2024 financial results
Ocean GeoLoop: Annual report and 2024 financial results
(Verdal, 18 March 2025) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) today announces 2024 revenues of NOK 235.7 million, up from NOK 172.9 million in 2023. The company showcased record low carbon capture electricity consumption data for the lime and cement industries during the year and has a strong position for rapid commercial scaling.
Published: 18. March 2025 - Last updated: 18. March 2025
“Ocean GeoLoop made industry headlines in 2024 by reporting results from our study with quicklime producer NorFraKalk. The results are game-changing and reinforce our carbon capture technology as the preferred choice for the lime and cement industries with carbon capture rates exceeding 90%, a product gas purity of 95% and record-low energy consumption in the range of 200 kWh/tonne. The advancements made by our team have provided a giant leap forward in allowing industries to decarbonize their operations,“ says Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop.
Ocean GeoLoop reported revenues in 2024 of NOK 235.7 million, which marked an increase from NOK 172.9 million from 2023, with Energi Teknikk AS being the primary contributor. The company continued the planned investments in technology development and reports a negative operating profit (EBIT) of NOK 58.0 million, compared to a negative EBIT of NOK 47.4 million in 2023. The company had cash and cash equivalents of NOK 65.3 million at the end of the period.
“Turning cutting-edge science into commercial success is our priority as we navigate multiple go-to-market opportunities. We stand on solid ground for our market expansion. We have shaped and matured strategic partnerships that, in record time, have transformed our business from concepts, through industrial pilots, to commercial products. Our top modern, customer-oriented R&D center in Trondheim allows us to offer efficient customer introduction and testing of the technology, while the industrial pilot plant at Skogn continues to attract recognition for its professional industrial design,” Lademo adds.
The company continues its focused market entrance in two key domestic regions in partnership with lead customers; Norwegian lime producer NorFraKalk and the world-leading fertilizer company Yara. Additionally, strategic value-add investors, such as Chevron New Energies, and a set of highly recognized suppliers are actively involved in the technology, product and market development.
“Our compelling story is the saga of a fully electric, closed-loop liquid absorption method that neither relies on harmful chemicals nor waste heat from industrial emitters. This makes our solution attractive to numerous applications and customers. Powered by our predictive tools, developed together with SINTEF experts, we enable the design of energy- and cost-effective carbon capture facilities,” says the Ocean GeoLoop CEO.
Without excluding any other industry segments, the company sees the international lime and cement industries as a cornerstone for the short-term commercial strategy. Emissions from the European lime and cement industries equals 125 million tonnes annually, representing an opportunity for immediate commercial scaling.
“Thus, looking into 2025 our ambitions are clear. We will deliver on the domestic commercial CCUS projects with NorFraKalk and Yara, as the means to efficiently showcase commercial carbon capture plants at the highest technology level, TRL 9. We will expand our market presence and formalize cooperation across the sales cycle in the prioritized European lime and cement industries. In addition, Ocean GeoLoop will further evolve our delivery model to the global markets through our global network and partners and through a strengthening of our commercial capacity,” Lademo concludes.
The annual report 2024 for Ocean GeoLoop is enclosed.
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 90 70 86 43
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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