Ocean GeoLoop: Business update Q1

(Verdal, 25 May 2023) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN), the green
tech company developing multifunctional environmental technologies based on
nature's own processes, today announces revenues in the first quarter of 2023 of
NOK 46.0 million (8.5) and the continued comprehensive carbon capture
development program to offer commercial solutions to customers across segments. 

"The first quarter was a busy period for Ocean GeoLoop, where the team continued
to mature the carbon capture technology into commercial solutions for clean,
robust and low-cost carbon capture. We uphold our expectations that the GeoLoop
carbon capture process will prove successful, and look forward to report on the
developments, " says Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop. 

Ocean GeoLoop reported revenues in the first quarter 2023 of NOK 46.0 million,
up from NOK 8.5 million in the corresponding period last year, where Energi
Teknikk is the main contributor. The company continued the technology
development, resulting in an operating profit of NOK 0.5 million (-9.3). The
company had a cash and equivalents position of NOK 153.2 million at the end of
the first quarter of 2023. 

"We have a solid financial position to continue to develop our technologies
towards commercialization, where the cash burn during the first quarter were in
line with our business development targets," Lademo continues. 

Ocean GeoLoopŽs short term focus is the finalization of the current
comprehensive test program at the autonomous plant at Norske Skog Skogn and at
SINTEF CO2 lab, with the aim to document operational industrial scalability,
process robustness and efficiency.  

"The development program yields solid results. We are maturing the technology
into commercial solutions based on the data from the autonomous pilot plant at
Skogn, the down-scaled unit at SINTEFŽs CO2 lab and our digital process model,
in collaboration with industrial partners. Ocean GeoLoopŽs key priority is to
secure successful commercial market launch in Carbon Capture Utilization and
Storage applications in Mid-Norway and with Yara at Herøya," Lademo concludes. 

A company presentation for Ocean GeoLoop with updated timelines 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 is a green-tech company using nature's own way of solving the
challenges of our time in a circular way. The company has introduced the GeoLoop
CC technology that captures point source CO2 emissions, using natural and
harmless processes. In 2023 the company will build a pilot to further develop
the e-Loop, a novel technology for electricity production. The GeoLoop CC and
the e-Loop will help companies and countries to reach their goals of reduced
emissions and to get access to renewable electricity for the green transition.
The company is listed on Oslo Børs Euronext Growth under the ticker OCEAN. 

Visit Ocean GeoLoop on LinkedIn/OceanGeoLoop