Ocean GeoLoop: Strong preliminary results from the NorFraKalk study

(Verdal, 24 May 2024) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) today
announces strong preliminary results from the ongoing NorFraKalk feasibility
study. The results confirm the attractiveness of the company's carbon capture
offering to the quicklime and cement industry and provide significant commercial
opportunities.

"We are pleased to report strong preliminary results from the ongoing
feasibility study with quicklime producer NorFraKalk, documenting the
performance of Ocean GeoLoopŽs carbon capture technology for the quicklime and
cement industry. The results demonstrate that we are on track to deliver
world-class carbon capture," says Odd-Geir Lademo, Chief Executive Officer of
Ocean GeoLoop.

The test program at 25% flue gas CO2 concentration confirmed carbon capture
rates exceeding 90% and product gas purity of 95%, enabling delivery of
liquified CO2 above 99% purity. Ocean GeoLoop targets to provide corresponding
data for energy consumption before summer.

"These preliminary results from our ongoing study with Ocean GeoLoop results are
good news. This reinforces our faith in the collaboration with Ocean GeoLoop and
our commitment to become carbon neutral before 2050", says Hanne Markussen Eek,
Chairman of the Board in NorFraKalk.

The quicklime and cement industry accounts for more than 8% of the worldŽs CO2
emissions and CO2 capture is necessary to achieve the industry's climate goals. 

"The company is currently working on optimizing the technology for the lowest
possible energy use towards the ultimate technical capacity of 100% capture and
separation rate when optimally implemented," Lademo ends.

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