Ocean GeoLoop, the green tech company developing multifunctional environmental technologies based on nature’s own processes, has provided an update from the comprehensive carbon capture development program, where the company reports solid progress towards the commercial market launch for carbon capture utilization and storage applications (CCUS) by providing clean, low-cost and robust CCUS solutions.
'The development program yields solid results, and supports our expectations for industrial attractivity, scalability, process robustness and efficiency of the carbon capture technology. We look forward to intensify commercial activities with our industrial partners after summer,' says Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop.
The pilot plant has now logged 2,000 hours of operating time. The long-term testing has provided further proof that the technology is most robust, also at industrial scale and conditions. The aim is further stable and autonomous operations during the summer, thus closing in on the planned milestone of 3,000 hours of operation. The end reporting of the pilot project has been approved by Innovation Norway, in compliance with the project objectives and timeline. The company has a solid financial position to continue developing its technologies towards commercialization.
Ocean GeoLoop announced the technology roadmap as part of the listing on Euronext Growth in March 2022, with an updated timeline communicated as part of the business update in May 2023. The technology roadmap includes a first-generation carbon capture pilot plant at Norske Skog Skogn, a scaled test rig at SINTEF’s CO2 laboratory in Trondheim, and a digital process model that allows for rapid extrapolation for various customers and customer segments.
'After Hans Gude Gudesen provided the roadmap for the Ocean GeoLoop carbon capture technology, we have developed a comprehensive infrastructure to optimize the process and built an organizational set-up to commercialize the technology. With new data from our test platform, we look forward to accelerating commercial activities even further,' Lademo concludes.
The company will provide a further update on the technology and commercial developments in the half-year report 7 September 2023.
Source: Ocean GeoLoop
