Ocean GeoLoop sees revenue rise, continues investments in carbon capture

Ocean GeoLoop AS reported revenues of NOK 106.8 million for the first half of 2025, an increase from NOK 105.0 million in the same period in 2024, with Energi Teknikk AS being the primary revenue contributor. Despite this growth, the company saw a negative EBITDA of NOK 24.3 million, down from NOK 14.6 million in H1 2024, reflecting continued investments in commercialization and technology development. Cash and cash equivalents stood at NOK 34.9 million at period-end, with the board evaluating capital and project financing strategies.

The company's commercial strategy focuses on the European lime and cement industries, targeting over 100 million tonnes of annual CO2 emissions through paid studies, mobile units, and licensing fees for scalable projects. Ocean GeoLoop is also exploring the waste-to-energy sector, which generates 9 billion tonnes of annual waste, for its CO2 capture solutions. The GeoLoop CC technology is highlighted for its energy efficiency and low levelized cost of electricity, particularly with the c-Pump module.

Key domestic CCUS projects with NorFraKalk and Yara are progressing, showcasing the TRL 9 carbon capture plants. A feasibility study with NorFraKalk for a 10,000 tonnes pilot project demonstrated over 90% capture rate and greater than 95% CO2 gas purity. Partnerships are being strengthened to realize full-scale CCS projects in Mid-Norway and at Herøya, where a c-Pump pilot is planned for 2026, targeting 2 million tonnes of CO2 emissions in the Grenland region.