Ocean GeoLoop: Business update Q1 2025

(Verdal, 22 May 2025) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) today
announces revenues in the first quarter of 2025 of NOK 55.3 million (Q1
2024:38.3). The company continues to execute the business development program,
leveraging the record low carbon capture electricity consumption data for the
lime and cement industries, which provides a strong position for rapid
commercial scaling. 

"Ocean GeoLoop continues to leverage the solid results from our study with
quicklime producer NorFraKalk. The results are game-changing and reinforce our
100% clean 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 the first quarter of 2025 of NOK 55.3
million, up from NOK 38.3 million in same period last year with Energi Teknikk
AS as the main revenue contributor. The company continued the planned
investments in technology- and business development and reports a negative
EBITDA of NOK 9.4 million, an improvement from a negative EBITDA of NOK 11.6
million in the same period last year. The company had cash and cash equivalents
of NOK 36.4 million at the end of the period.  

The company sees the international lime and cement industries as a cornerstone
for the short-term commercial strategy, while also pursuing other interesting
industry segments. Emissions from the European lime and cement industries equals
125 million tonnes annually, representing an opportunity for immediate
commercial scaling. The board is evaluating the capital strategy going forward
and will consider project financing and separate funding of ambitious plans
related to electricity activities, as well as overall funding in the parent
company.

"Our 2025 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
international network and partners and through a strengthening of our commercial
capacity," Lademo 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