OCEAN GEOLOOP Ocean GeoLoop: Annual report and 2022 financial results (Verdal,16 March 2023 )Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN), the green tech company developing multifunctional environmental technologies based on nature's own processes, today announces revenues in 2022 ofNOK 128.1 million (0.3) and the continued comprehensive test program of the autonomous carbon capture pilot plant at Norske Skog Skogn,Norway . The company has entered into several commercially oriented collaborative activities during 2022, with amongst others Chevron, Yara,Norske Skog and Franzefoss Minerals. "2022 was a busy and eventful period for Ocean GeoLoop, with a successful listing, the acquisition of Energi Teknikk, the further expansion of our team, and the construction, installation and start of the test program for our carbon capture pilot at Norske Skog Skogn. PrimoMarch 2023 , we have further matured the pilot into an autonomous industrial plant, currently exceeding 1200 consecutive hours of operations. Such autonomity is a critical requirement for our industrial customers. In accordance with our technology roadmap, we have also built a down-scaled carbon capture unit at SINTEF s premises to gain even more speed in further optimization of the technology. We are further building and verifying a digital process model that allows for rapid extrapolation for various customers and customer segments. We uphold our expectations that the GeoLoop carbon capture process will prove successful and we look forward to report on the promising developments before summer," says Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop. Ocean GeoLoop reported revenues in 2022 ofNOK 128.1 million , up fromNOK 0.3 million the previous year, mainly following the acquisition of Energi Teknikk. The company continued the planned investments in technology development and in the carbon capture pilot plant, resulting in a negative operating profit ofNOK 52.5 million (-39.9). The company had a cash position ofNOK 179.8 million at the end of 2022. Following the capital raise towards Chevron, the company strengthened its financial position to develop and commercialize its technologies. The collaboration aims to provide Ocean GeoLoop with global reach, in addition to Chevron strengthening Ocean GeoLoop's offering and capabilities towards the company's existing projects, partners and network. "Chevron is a true added-value partner that brings much more to the table than financial strength. We feel strong support and engagement fromChevron's people and a true passion for our future success. With this backing, Ocean GeoLoop´s key priority is now to secure succesfull commercial market launch in CCUS applications in Mid-Norway and with Yara at Herøya, on the basis of our focused technology piloting and optimization plan," Lademo concludes. The Ocean GeoLoop 2022 Annual Report is enclosed. ENDS For further information, please contact: Odd-Geir Lademo, CEO, e-mail: odd.geir.lademo@oceangeoloop.com, cell: +47 92 05 29 01Anders Onarheim , Chairman of the board,Ocean GeoLoop AS , cell: +47 90 70 86 43 About Ocean GeoLoop | www.oceangeoloop.comOcean 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
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