(Verdal, 25 March 2026) Ocean GeoLoop AS (Ocean GeoLoop, OSE: OCEAN) and
NorFraKalk AS announce that they have concluded the current phase of development
related to a future full-scale carbon capture project and will not proceed with
the planned 10,000 tonnes CO2 capture plant at NorFraKalk. The decision follows
a strategic review and reflects a disciplined approach to capital allocation and
project timing in a changing market environment.

In November 2025, Ocean GeoLoop and NorFraKalk announced that the partnership
had agreed on a path for the next phase to realize a 10,000 tonnes per annum
industrial-scale CO2 capture plant at NorFraKalk in Norway. The collaboration
has since 2022 evaluated the relevance of Ocean GeoLoop's technology for
NorFraKalk and the lime industry. The joint feasibility study demonstrated
carbon capture rates exceeding 90%, CO2 purity of 95%, and record-low energy
consumption in the range of 200 kWh per tonne. The study also confirmed that the
technology is resilient to process disruptions and can eliminate other local
environmental emissions to air.

At Ocean GeoLoop's Capital Markets Day 3rd March the company presented the new
company structure and the company's subsidiaries COOL AS and CAPTURED AS.

"Ocean GeoLoop is now taking steps to streamline the CAPTURED organization and
reduce its cost base, while focusing on commercial opportunities with stronger
funding structures and industrial fit. The speed and discipline in advancing the
carbon capture technology have created a strong, adoptable platform for COOL to
build on. This gives us a clear pathway to accelerate through the TRLs and
positions us well for commercial scaling in global cooling and carbon markets."
says Anders Onarheim, Chairman of the Board of Ocean GeoLoop.

The company is accelerating the commercialization of its cooling technology,
targeting the rapidly growing data center market. The underlying technology also
strengthens the CAPTURED offerings, with the potential to reduce net electricity
demand in carbon capture from approximately 200 kWh per tonne to around 50 kWh
per tonne - a reduction of approximately 75%. This step-change significantly
improves the economics of carbon capture and reinforces Ocean GeoLoop's
positioning as a low-energy capture provider.

 "Ocean GeoLoop is increasing capital discipline within the CAPTURED business
while maturing OGL founder Hans Gude Gudesen's e-Loop technology through the
COOL platform-enabling significantly improved energy efficiency, further
strengthening the cost advantage of its carbon capture solution, and positioning
COOL with a shorter lead time to revenue generation and profitability. This is
more important than ever as energy security is being challenged like never
before," Onarheim continues.

The collaboration between OGL and NorFraKalk has been constructive and
forward-looking, and the companies will remain in dialogue regarding potential
future opportunities.

"NorFraKalk remains committed to reducing our CO2 emissions in line with our
long-term targets. We see Ocean GeoLoop's technology as a relevant and promising
solution for the lime industry. At this stage, however, a 10,000 tonnes plant is
not required to demonstrate this, and we will continue to evaluate the right
timing and scale for future deployment," says Hanne Markussen Eek, Chairman of
the Board in NorFraKalk.


ENDS

For further information, please contact:
Anders Onarheim, Chairman of the board, Ocean GeoLoop AS, cell: +47 97 40 15 11
Odd-Geir Lademo, CEO, Ocean GeoLoop, cell: +47 92 05 29 01


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.