Ocean GeoLoop announces Enova funded carbon capture project with NorFraKalk

(Verdal, Norway, 25 January 2024) NorFraKalk and Ocean GeoLoop (OSE:OGL) today
announces the initiation of a potential large-scale CO2 capture project with the
ambition to make NorFraKalk climate neutral. The lime and cement industry
accounts for approximately a tenth of the world's CO2 emissions and is one of
the industries where CO2 capture is necessary to achieve the climate goals. The
Enova supported carbon capture project aims to showcase the solution.

"Our technology has broad applications, also in industries that cannot use
existing capture technologies. In collaboration with NorFraKalk and Franzefoss
Minerals, we will showcase how the innovative technology from our founder Hans
Gude Gudesen can make carbon capture effective, clean and energy efficient. With
the support from Enova, we can commercialize the technology even faster," says
Odd-Geir Lademo, CEO of Ocean GeoLoop.

The first phase of the collaboration is to assess a pilot plant for carbon
capture at NorFraKalk's lime kiln in Verdal Industrial Park. The plant currently
emits around 200,000 tonnes of CO2 per year. The pilot project, which will now
be assessed, will capture 10,000 tonnes of CO2, to prove that the solution works
in quicklime production. 

In recent years, NorFraKalk has, through participation in several different
SINTEF-led studies, investigated the possible use of different technologies for
CO2 capture from lime kilns. One of the main obstacles to many capture
technologies is the lack of excess heat to power the process. Ocean GeoLoop uses
an all-electric pressure swing process for CO2 capture, which is not dependent
on excess heat. Throughout 2022 and 2023, the technology has undergone
successful testing at the industrial pilot plant at Norske Skog Skogn, in
parallel with an extensive test and documentation programme at SINTEF's carbon
capture lab in Trondheim.

See the enclosed press releases in English and Norwegian for additional
information.

For further information, please contact:
-	Odd-Geir Lademo, CEO Ocean GeoLoop, phone: +47 92 05 29 01 
-	Anders Onarheim, Chairman of the Board Ocean GeoLoop, phone: +47 97 40 15 11
ENDS

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 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.