Ocean GeoLoop: Update on carbon capture industrial pilot at Norske Skog Skogn

(Verdal, 2 September 2022) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN), the
green tech company developing multifunctional environmental technologies based
on nature's own processes, today announces the official subcontractor handover
of the carbon capture pilot plant at Norske Skog Skogn, Norway, and has entered
into the stabilization and optimization phase.

"The pilot has so far in the stabilization phase been operated for several
consecutive hours and has captured CO2 continuously during these periods. The
first indications are positive, and we look forward to further verifications.
Planned adjustments of the pilot plant are in progress, and these are expected
to be finalized by the end of September. Then we expect to spend approximately
two weeks to further stabilize the process, and about six weeks for initial
process optimization," says Odd-Geir Lademo, Chief Executive Officer of Ocean
GeoLoop.

Ocean GeoLoop has entered the stabilization and optimization phase for the
point-source industrial carbon capture pilot plant at Norske Skog, Skogn, and
the formal handover from the subcontractor has been finalized. The companyŽs
proprietary and versatile control system has been verified. A comprehensive test
program will be carried out in cooperation with SINTEF Industry.

The main objectives of the pilot plant installation and test phases are to
document that the technology is industrially scalable and in line with process
calculations, to document that the process handles a range of operational
conditions and performs in a robust and predictable manner, and to optimize the
process.

                                     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 is a green tech company aiming at using nature's own way of
solving the challenges of our time in a circular way. In 2022, the company
introduces the GeoLoop CC technology that captures point source CO2 emissions,
using natural and harmless processes, transforming the CO2 to a stable, liquid
state. Ocean GeoLoop call this process "Carbon capture by nature." The GeoLoop
CC technology will help companies and countries around the globe to reach their
goals of reduced emissions before 2030 and net zero by 2050. The company is
listed on Oslo Børs Euronext Growth under the ticker OCEAN.