Ocean GeoLoop enters into a Letter of Intent for carbon capture and electricity
production with Yara Norge
Verdal, October 5th 2022) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN), the green
tech company developing multifunctional environmental technologies based on
nature's own processes, today announces a Letter of Intent (LOI) with the
world's leading fertilizer company Yara Norge AS for carbon capture and
electricity production for the planned expansion project at the Yara Calcium
Nitrate (CN) plant at Herøya in Norway.
"We are pleased to announce this LOI with Yara, and we look forward to joining
forces to explore potential carbon capture for the planned expansion project at
the Yara CN plant at Herøya. We are impressed and inspired by YaraŽs ambitions
and systematic measures to reduce climate emissions", says CEO at Ocean GeoLoop,
Odd-Geir Lademo.
Ocean GeoLoop has entered into an LOI with Yara Norge AS for carbon capture
related to their expansion of the Calcium Nitrate plant at Herøya. This project
will target hard to abate process emissions from the Calcium Nitrate production.
Early September Ocean GeoLoop announced that they will start their point-source
industrial carbon capture pilot plant at Norske Skog Skogn early October, and
that they expect the system to be stable within two weeks after startup. A
comprehensive test program will be carried out in cooperation with SINTEF
Industry in the months to come. The LOI with Yara Norge AS is an important step
towards the commercialization of this technology.
"Yara's mission is to feed the world and protect the planet. To succeed in this
mission, we need to look at our entire value chain and do our utmost to reduce
emissions. Ocean GeoLoop has an exciting, circular, approach that can really
help us in building a nature-positive future." says Ole-Jacob Siljan, Plant
Manager Yara Norge AS at Herøya.
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.