On the path towards full-scale carbon capture at NorFraKalk

Verdal, 27 February 2025) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN),
NorFraKalk (NFK) and Franzefoss Minerals FMI) today announces the plan for the
next phase towards full scale carbon capture at the NorFraKalk plant in
Mid-Norway within 2030. Next in line is the realization of a 10 000 tonnes
industrial scale CO2 capture demo plant.  
  
"Last year we conducted a feasibility study resulting in a modular concept for
an industrial scale demonstration plant according to NorFraKalkŽs requirements,
including estimates for CAPEX, OPEX, and energy consumption. Following this
successful study, we are excited about the initiation of the next step towards
climate natural production at NorFraKalk, the realization of a 10 000 tonnes
industrial scale CO2 capture demo plant at their lime kiln in Verdal Industrial
Park," says Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop.

Reference is made to the announcement January 25th 2024 and December 13th 2024
regarding the Enova supported project aimed to showcase a carbon capture
solution for the lime and cement industries. The SINTEF verified results
provided carbon capture rates exceeding 90%, a product gas purity of 95% and
record-low energy consumption in the range of 200 kWh/tonne.

In the coming months the partnership will work to secure financing for the demo
plant including liquefaction and intermediate storage. Enova has been an
important supporter in the phase that has now been completed, and the
partnership will apply for Enova grants as part of the funding package for the
construction of the demo plant. An investment decision is expected ultimo Q2
2025. 

"We look forward to continuing working with NorFraKalk and Franzefoss Minerals
to realize their high ambitions in an industry that is a cornerstone of our
commercial strategy. Through the study we have built an industrially experienced
and professional supply chain able to deliver modularised designs, with yard
capacity in Norway, Europe and Asia. 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 EU Fit for 55 climate goals," says
Anders Onarheim, Chairman of the board in Ocean GeoLoop.

The press releases from the companies are enclosed in English and Norwegian.


ENDS

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

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