Ocean GeoLoop: Update on carbon capture development program

(Verdal, 14 July 2023) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN), the green
tech company developing multifunctional environmental technologies based on
nature's own processes, today provides an update from the comprehensive carbon
capture development program, where the company reports solid progress towards
the commercial market launch for carbon capture utilization and storage
applications (CCUS) by providing clean, low-cost and robust CCUS solutions.

"The development program yields solid results, and supports our expectations for
industrial attractivity, scalability, process robustness and efficiency of the
carbon capture technology. We look forward to intensify commercial activities
with our industrial partners after summer," says Odd-Geir Lademo, Chief
Executive Officer of Ocean GeoLoop.

The pilot plant has now logged 2,000 hours of operating time. The long-term
testing has provided further proof that the technology is most robust, also at
industrial scale and conditions. The aim is further stable and autonomous
operations during the summer, thus closing in on the planned milestone of 3000
hours of operation. The end reporting of the pilot project has been approved by
Innovation Norway, in compliance with the project objectives and timeline. The
company has a solid financial position to continue developing its technologies
towards commercialization.

Ocean GeoLoop announced the technology roadmap as part of the listing on
Euronext Growth in March 2022, with an updated timeline communicated as part of
the business update in May 2023. The technology roadmap includes a
first-generation carbon capture pilot plant at Norske Skog Skogn, a scaled test
rig at SINTEF's CO2 laboratory in Trondheim, and a digital process model that
allows for rapid extrapolation for various customers and customer segments.

"After Hans Gude Gudesen provided the roadmap for the Ocean GeoLoop carbon
capture technology, we have developed a comprehensive infrastructure to optimize
the process and built an organizational set-up to commercialize the technology.
With new data from our test platform, we look forward to accelerating commercial
activities even further," Lademo concludes.

The company will provide a further update on the technology and commercial
developments in the half-year report 7 September 2023.

                                        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