Ocean GeoLoop : Company Presentation May 2024

Company Presentation

May 2024

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Overview

Green, disruptive technologies with a global reach

Escalating emissions increase the	Man-made emissions causing
global temperature, resulting in a	ecosystem collapse and loss of
major climate crisis	biological diversity in the oceans

A growing world population

requires an increasing amount of sustainable, local resources (energy, food, materials)

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Selected partners - a strong network

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Highlights 2024

Increasing customer interest

• Strong increase in customer interest in 2024, from both existing and new industries. Based on current dialogues, we expect to increase the portfolio of contracted customer studies in 2024.

• Strong progress in the ongoing feasibility study for quicklime producer NorFraKalk, expected to be finalized in September.

• We are proud to see the strong preliminary results from the study at NorFraKalk, documenting the performance of the company´s carbon capture technology for the quicklime and cement industry.

• The company has identified significant improvements for the carbon capture solution, both related to energy consumption and capex.

• Continued high level of interest in our pilot and test facilities.

• OGL Oslo office has co-located with our partner Carbon Circle to strengthen the industrial partnership.

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Go-to-market strategy

Our first targeted projects

• Ocean GeoLoop emphasizes collaboration and strategic partnerships as means of rapid industrial scaling.
• OGL pursues a selected number of industrial targets, representing global industry segments with large market potential.
• Such a network model allows for rapid scaling in the global markets, both through the highly international corporate and ownership structure of the targeted customer cases, through Chevron New Energies as a global reach partner, and through our EPC and supplier partners.

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Go-to-market strategy

Pursuing selected targets representing global industry segments

Smelters

< 1%

Pulp and paper		Quicklime and cement

CO2 concentration in flue gas

~10%~20%

Other industrials

~65%

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Quicklime and cement

Quicklime - a significant opportunity where OGL carbon capture technology is world leading

USA

17

million tonnes

CO2

World quicklime production 2022*

EU

20

million tonnes

CO2

<1,000 310,000

• No available technologies for large- scale capture in this segment today.
• 1 ton of quicklime = ~1 ton of CO2
• World production is ~430 million tonnes.
• China is the largest player with ~310 million tonnes.
• 20 million tonnes in legacy production in the EU plus new projects in early stages.
• IRA combined with a strong partner In the US makes this a highly attractive market for OGL.

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*) Source: https://pubs.usgs.gov/periodicals/mcs2022/mcs2022-lime.pdf

Quicklime and cement

NorFraKalk preliminary results indicate a strong fit for quicklime and cement

• Initial capture rate exceeding 90% and product gas purity of 95% are strong parameters.
• The corresponding energy consumption will be communicated before summer.
• Franzefoss Minerals' subsidiary NorFraKalk and Ocean GeoLoop are currently executing a feasibility study for a 10,000 tonnes pilot, as a step towards full-scale carbon capture.
• Franzefoss Minerals operates one of Europe's largest sources of limestone, located in Mid-Norway.
• The source is large enough for several hundred years of production and CCUS is their license to operate.
• Ambitions to double today's production of ~250,000 tonnes of quicklime in the near future.

NorFraKalk quicklime kiln in Verdal Industry Park, Mid-Norway	Source: The Company

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Quicklime and cement

Clear goal

We want to contribute to developing the most energy- efficient and environmentally friendly technology possible, which is also suitable for capturing CO2 at our lime kilns. This is the background for our partnership with Ocean GeoLoop.

Hanne Markussen Eek

CEO of Franzefoss Minerals AS* and Chair of the Board of NorFraKalk AS.

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* 50% owner of NorFraKalk AS

Technology

Ocean GeoLoop´s technology strategy

Ocean GeoLoop´s overall technology strategy is to deliver disruptive technology to the market making carbon capture applicable in industries that today have demanding conditions for establishing this as a solution for decarbonization. In other words, we push for technologies that can be used with attractiveness everywhere.

Ocean GeoLoop´s baseline technology is an all-electric technology for CO2 separation. Such an approach poses numerous advantages, directly enabling CO2 capture for the many emission points without waste energy. The disruptive part is the planned embedded electricity generation technology, the e-Loop. Successful proof of this technology would support the capture process, thus making CO2 capture possible in areas and regions where there is currently lack of power. Further, access to electricity provides the basis for efficient utilization of CO2 through a variety of existing or emerging utilization technologies as illustrated to right.

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