Ocean GeoLoop: Joining forces with Herøya Industripark to realize worldŽs first
climate positive industry region
(Verdal, 11 March 2025) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) and Herøya
Industripark AS (HIP) today announce a cooperation agreement that targets the
ambition of the Grenland region in Norway to become the world's first climate
positive industry region by 2040.
"We are strongly motivated to join forces with HIP and committed industrial
emitters in the Grenland region to realize the ambition of a climate positive
industry region within 2040. The industry cluster at Herøya leads the green
transition for Norwegian industry, and we will jointly develop the
infrastructure strategy for CO2 management and profitable value chains in the
industry park and in Grenland. By leveraging our technologies and network, we
will operationalize this strategy through a set of targeted carbon capture,
utilization, storage (CCUS) and electricity generation projects," says Odd-Geir
Lademo, Chief Executive Officer of Ocean GeoLoop.
Reference is made to the announcement 11 June 2024 regarding the planned carbon
capture feasibility study at the CN plant of Yara at Herøya, Norway. Followed by
this event, a strengthened collaboration between Ocean GeoLoop, HIP and other
industrial companies has emerged. The parties aim to accelerate the work to
develop Grenland into the first climate positive industry region in the world by
2040, an ambition developed and anchored in the regional industry by the
technology cluster Powered by Telemark. To succeed with such an ambition, it is
essential to collaborate with a broad set of stakeholders to establish crucial
infrastructure for carbon capture, CO2 handling for further distribution,
transport, use or storage.
Herøya Industripark AS is the operating and host organization for the industrial
park at Herøya, Norway. Herøya is one of Norway' s largest industrial parks,
hosting about 80 businesses with approximately 3.400 employees. Currently, the
annual CO2 emissions from the park are about 1 million tonnes, while the larger
Grenland region has emissions exceeding 2 million tonnes.
"The recent years we have participated in studies of existing amine-based
capture technologies. We have identified several barriers to implement such for
the emission sizes in our park. A major chaIlenge lies in the extensive use of
potentially hazardous chemicals. Ocean GeoLoop's innovative solutions represent
intriguing possibilities to bypass such challenges and other identified barriers
with existing technology. We strongly believe that Ocean GeoLoop's
groundbreaking capture technology has significant deployment potential in our
industrial park. We are enthusiastic to develop the infrastructure strategy and
to actively co-create the set of projects to secure large reductions in CO2
emissions and achieving higher speed in reaching our climate goal, thus to
create a climate positive industry region in Grenland," says Herøya Industripark
AS CEO, Sverre Gotaas.
The press releases from the companies are enclosed in English and Norwegian.
ENDS
For further information, please contact:
Herøya Industripark AS:
Sverre Gotaas, CEO, e-mail: sverre.gotaas@hipark.no, cell:+47 90 24 97 34
Ocean GeoLoop AS:
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 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
About Herøya Industripark | https://www.heroya-industripark.no/en
Herøya Industripark AS's job is to manage and run Oslo Pensjonsforsikring's
assets at the park, accommodate existing tenants and develop the park still
further, making it an attractive place for new industrial establishments. Herøya
Industripark AS supplies a range of products to tenants at the park: land,
buildings and infrastructure such as roads, water, sewerage, quays, pipe
networks, tanker terminals, etc..