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Ocean GeoLoop AS Investor Presentation 2026
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Investor Presentation
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Ocean GeoLoop
Capital Markets Day 2026
Industrial Energy Platform
- mars 2026
CEO OVERVIEW
Taking stock – macro economic trends dictate a change
OGL Tailwinds 2020-25
Trending to global convergence on climate change
Cross-industry interest and incentive in carbon capture
Climate funding at all time high
Carbon capture projects initiated across Europe, globe
OGL Headwinds 2025-26
Climate policy limbo
Unprecedented market capital channeled to AI, Power
Trade channels upended - projects undecided
1.5 is moving out of sight
CEO OVERVIEW
OGL's strengths position us to respond to the market quickly
- Use our strengths
- e-Loop tech foundation provides dynamic IP
- Demonstrated success in tech acceleration
-
Capability, IP, revenue in hydroengineering
-
Respond to the market
- Follow capital flows and target customer challenges
- Use our existing capabilities to accelerate cooling tech
-
Design for product optionality across markets
-
Retain portfolio value
- Prioritize commercial activities
- Cash-flow positive projects
- Retain critical talent and partnerships
- Attract venture capital investment
CEO OVERVIEW
Focused Structure. Clear Accountability. Fit for purpose funding.
*Established by Gudesen 2021
**Established by Gudesen in 2026 – 30% owned
Capital allocated according to commercial readiness.
CEO OVERVIEW
Integrated portfolio creates synergies, optionality for OGL
Captured's accelerated technology journey lends adoptable tools, skills for COOL to progress through TRLs at speed
Delivery of COOL's reimagined cooling solution progresses e-Loop principles that enable competitive capture & utilization
Energi Teknikk lends manufacturing, project & service delivery experience to support COOL production
Exclusive access to e-Loop IP for cooling and carbon capture & utilization, positions OGL to differentiate itself across markets
CEO OVERVIEW
Cool leverages our existing assets and capabilities to respond to today's market trends
- Displaces an existing market across multiple sectors worth over USD $20B in 2025
-
Closed water loop, energy neutral, zero operating emission solution that targets 60%-80% reduction in operating costs
-
Unlocks AI data center license to operate – in a high growth (22% CAGR¹) market
- Underlying tech stems from same hydro-thermic principles used for OGL's capture tech
(1) McKinsey Direct – Beyond Compute; Infrastructure that powers and cools AI data centers October 2025.
CEO OVERVIEW
Defined Delivery Milestones
| Cool | Captured | Energi Teknikk |
|---|---|---|
| • Prototype operational | ||
| • Third-party cost and performance validation complete | ||
| • Industrial pilot design and 3000 hours deployment | ||
| • First commercial agreement | • Cash flow positive from 2027 | |
| • Sale of compact units for high-value CCU^{1} applications | ||
| • Joint study agreements for niche Oil & Gas applications | ||
| • Formalized CCS^{1} value chain alliances | • Margin stabilisation | |
| • Increase service revenue mix | ||
| • Balance growth with dividends |
(1) CCS vs CCU: Storage – meaning CO2 I stored after being captured. Utilisation – the CO2 is converted into commercial products
Ocean GeoLoop
Technology Overview
Hans Gude Gudesen
INTRODUCTION TO GUDE
Inventor-Led Platform: Track Record & Patent Portfolio
Gudesen has extensive patent portfolio filed across several technology domains.
These patents demonstrate the breadth and persistence of the inventor; from optoelectronics and polymer memory to energy systems, subsurface engineering and carbon capture.
~$300m
Sell of Fast web search division to Overture (2003) sold to Yahoo same year
~$1.3bn
FAST Acquisition by Microsoft (2008)
54
High-Tech Companies Founded / Co-Founded
800+
R&D Projects Across Career
83
University Collaborations
Company-stated statistics (54/800/83). FAST acquisition per Microsoft FY2008 annual report. | Ocean GeoLoop AS | Euronext Growth Oslo (OCEAN)
9
ELOOP ARCHITECTURE
e-Loop is COOL
Same loop hardware. Different work medium, size, process steps.
Introducing OGL's COOL technology
- Does not use electricity or fossil fuel
- Can be operated by waste heat alone
- Cooling is up to 40% of datacenter energy cost
- COOL reduces it to near zero; equal to 24 – 192 TWh, (2025)
Waste Heat
(1) Dependent on incumbent cooling technology
e-Loop at scale has significant energy potential
- Converts potential energy into usable, kinetic energy
- 100% reuse of liquid, weather independent, 24/7 production
- 20 MW module capacity
- Module size: 576m2 x 100mh, 1.730 modules/km2
- Production potential per year/module: 175 GWh
Ocean-based: Bigger head = bigger capacity
Captured AS Odd-Geir Lademo
14
Technology Acceleration
The technology innovation ecosystem delivers results¹
Illustrative Levelized Cost of Carbon Capture (per tonne)
Energy consumption results vs baseline competition²
(1) MIT-Innovation Ecosystem Stakeholder Model
(2) SINTEF
Ocean GeoLoop
14
CARBON CAPTURE TECHNOLOGY OVERVIEW
Captured technology milestones, delivered rapidly and efficiently
| 2021–2022
CONCEPT
into TECHNOLOGY | | 2023–2024
TECHNOLOGY
into PRODUCTS | | 2025–2027
SCALING in
PRIORITY VERTICALS | |
| --- | --- | --- | --- | --- | --- |
| 2021: | Scientific uncertainty
addressed | 2023: | Operational complexity
removed (3,000+ hours) | 2025: | Financial validation –
First commercial agreement |
| 2022: | Industrial process design
demonstrated | 2024: | Engineering design of first
industrial product unit | 2026: | First FID and
construction |
| | | | | 2027: | Standardisation
and scale-up |
Risk Progression: Scientific & Engineering → Operational & Integration → Commercial & Financial
LEVERAGING OUR TECHNICAL STRENGTHS
Using proven methodology, we delivered from TRL 3-6 at speed
Dedicated Lab and Test Rig
- EUR 3m in dedicated facility inside SINTEF’s CO₂ laboratory, Trondheim
- Open to industrial partners for pre-investment testing
- Reduce customer risk and accelerate sales cycle
Digital Platform
- Focused investment now well integrated into customer offerings.
- Enabling remote control, automatic security systems, autonomous operations and cloud-based services including secure storage, visualization and analysis of real-time data
- Strong support to testing on rig before industrial application
Autonomous Commercial Pilot Plant
- Minimal operator presence required; real-world value
- Stable performance under industrial flue gas fluctuations
- Direct integration with industrial process
- TRL 6 achieved “entering commercial deployment”
OUR KEY ASSETS
Capitalize on existing assets to progress the portfolio
Key asset No. 1 — Commercial test platform
100 tpa R&D Center — SINTEF Tiller
An agile test and optimization tool, with access to SINTEF's expertise within carbon capture. The installation offers a high degree of flexibility to evaluate a range of parameters and operating conditions.
Investment: EUR 3m in dedicated facility
Location: Inside SINTEF's CO₂ laboratory, Trondheim
Capability: Real flue gas testing with independent validation
Access: Open to industrial
Purpose: Reduce customer
Key asset No. 2 — Proven industrial pilot unit
1,000 tpa Compact Capture Unit
Through rigorous experimentation and piloting, and further adaptation of modern digital solutions, a robust and fully autonomous facility has been achieved and demonstrated through 3,000 hours of autonomous operation:
- Minimal operator presence required
- Stable performance under real life flue gas fluctuations
- Direct integration with industrial process
- TRL 6 achieved — entering commercial deployment
Letter of intent under discussion for potential sale of unit for alternative industrial application
Key asset No. 3 — Digital infrastructure
Digital Platform and Autonomous Control
Focused investment now well integrated into customer offerings, enabling remote control, automatic security systems, autonomous operations and cloud-based services allows secure storage, visualization and analysis of real-time data
Autonomous operation and AI enabled: The integration of existing and new digital solutions will transform OGLs carbon capture offerings into an intelligent, secure, and connected product offering.
Operational leverage: Software reduces per-unit O&M cost without proportional headcount
- reporting and revenue streams: Digital services such contracts create recurring income
- Service: Enables performance-based commercial
- eHwpy: Digital layer is the scalable asset in a capital
CAPTURED CAPABILITY
Technology features position Captured for emerging carbon markets
- < 20% energy consumption relative to conventional systems
- Fully electric operation - low complexity
- Demonstrated, autonomous operation
- No hard-to-handle chemicals nor secondary emissions
- Off the shelf components are proven and commercially available
SINTEF
GRADUATE - BENEFIT
Report
Energy consumption in the Ocean GeoLoop CO₂ capture process
Model development and energy calculation
Author(s)
John Monod
Kim Kristiansen
COMMERCIAL READINESS
0
Entering the Commercial Phase
NorFraKalk 10k Reference Project
90% capture rate | 95% CO2 purity | ~200 kWh/t
- FID subject to finalization of commercial terms and appropriate financing
- Part of SigmaRoc plc, a European consolidator in the lime industry with multiple sites and a clear Net Zero roadmap. The collaboration enables joint evaluation of full-scale CCS opportunities and scalable replication models.
- Active discussions with various actors in the value chain (supply chain, EPC, transport, storage actors). Positioned to attract venture capital.
- Strong political message: Take action to decarbonize vital, hard-to-abate land-based industries at low cost.
Milestones
- FID on 10,000 tpa unit with industrial/grant funding
- Announcement of partnerships in the CCS value chain
- Sale of compact units
- Launching study agreements for niche Oil & Gas applications
20
Photo: Tom Riis/Herøya Industripark AS
Cooperation Agreement
Herøya Industrial park – Show casing Ocean GeoLoop technology.
- Signed CA that targets the ambition of the Grenland region in Norway to become the world’s first climate positive industry region by 2040
- OGL has a commercial agreement with HIP providing strategic and advisory services to realize infrastructure for carbon capture, CO₂-handling, transport, use or storage. This includes establishing HIP as a regional CO₂-hub.
- An ambition to commercially exploit the large amount of waste heat at Herøya by building a first-of-a-kind c-Pump pilot
- Together seeking to secure large-scale funding for projects in line with the Norwegian Government’s official climate goals
Ocean GeoLoop
Cooling
KC Littlefield
COOL PRODUCT DEVELOPMENT
Introducing COOL – reimagining an existing market
OGL positions COOL...
- Dynamic foundational IP
- Technology acceleration
- Synergistic portfolio
- Capital-light solution
- Market disruption
...to displace cooling across existing demand
- COOL reimagines cooling and solves critical gaps
- Technology development is in flight from lab to pilot
- Natural beachheads in data centers and existing markets
- Diverse use cases drive cross-sector growth
- Technology development progress OGL portfolio goals
22
COOLING TODAY
COOL reimagines cooling and solves critical gaps in cooling tech
"Cooling is no longer a utility—it's becoming one of the most strategic decisions in the design of AI infrastructure... - $220B is expected to be spent on data center cooling by 2030."
— McKinsey & Company October, 2025)
| cooling today | data center impact |
|---|---|
| Consumes valuable water and energy, perpetuating gaps in sustainability | Socio-economic and regulatory risk impact brand reputation, ideal siting |
| Drives opportunity cost for operations via power, footprint, etc. | Risks loss of output (compute), margin, etc. impacting competitiveness |
| Technologies are reaching technical limits; leaning on external levers | Open to novel solutions & technology adoption improving compute capacity |
COOLING REIMAGINED, COOLING DISPLACED
COOL's technology targets at least a 60-80% drop operating cost
Our modular, container-sized system provides just-in-time cooling
- Finite water-use through a closed-loop system helps license to operate
- Unprecedented power reduction, with zero operating emissions
- Location-agnostic - effective in arid and moist climates
- Low capex - designed using off-the-shelf parts and delivered in container
- Estimated > 60-80% opex reduction²
| COOL (potential) | evaporative (wet) | dry cooling (air) | hybrid cooling | direct liquid chip¹ | |
|---|---|---|---|---|---|
| power usage and emissions | ↓ | ↔ | ↑ | ↔ | ↓ |
| water usage | ↓ | ↑ | ↓ | ↔ | ↓ |
| energy/water nexus | ↓ | ↑ | ↑ | ↔ | ↓ |
| technical limitations | ↓ | ↑ | ↑ | ↓ | ↓ |
| capital costs | ↓ | ↓ | ↑ | ↔ | ↑ |
| operating & maint. costs | ↓ | ↔ | ↑ | ↔ | ↔ |
(1) Specific to hyperscale data centers – on rack cooling; opportunity to complement and/or integrate
(2) When compared to conventional technology costs in water, energy, and maintenance
COOLING REIMAGINED, COOLING DISPLACED
Industrial cooling is an existing market awaiting displacement
~$24bn
Global Market (2025)
22%
CAGR in datacenters (2025)
10-40%
of total power used for cooling In various industry cases
2025 $24MM by Application
| Industrial Manufacturing, 6,599 | Petrochemical Processing, 2,707 | Others, 2,433 |
|---|---|---|
| Power Generation, 2,393 | Food Processing & Storage, 2,315 | |
| Data Center, 3,494 | Oil & Gas Refining, 2,000 | Pharmaceuticals, 1,796 |
Segment Distribution
| ~40% | Water Cooling |
|---|---|
| ~22% | Air |
| ~22% | Evaporative |
| ~15% | Hybrid |
Value Test Case - 50 MW Data Center Cooling
COOL – 4 Large Projects ≈ USD 48m EBITDA
7 50 MW DC Assumptions
Annual consumption 438 GWh
Electricity price USD 0.05/kWh
Total annual cost USD 21.9m
Cooling share (25%) USD 5.5m
Energy reduction (80%) USD 4.4m/yr
10 Business Model
CAPEX MODEL
Customer funds 100% of CAPEX
REVENUE
One-time license fee
Based on 3-year payback period
UPFRONT LICENSE
~USD 13m
per project
Financial Impact
EBITDA MARGIN
90%
EBITDA PER PROJECT
~USD 12m
NUMBER OF PROJECTS
4
TOTAL EBITDA
≈ USD 48m
438 GWh × $0.05 → $21.9m total → 25% cooling = $5.5m → 80% savings = $4.4m/yr → × 3yr = ~$13m license → 90% margin = ~$12m
Our commercial approach:
Progressing technology to commercial reality
Focused system de-risking at lab scale is underway; data drives next steps
| 2Q 2026
SINTEF Prototype | 3Q 2026
Pilot design | 1Q 2027
Piloting complete | 1Q 2027
Design complete | 2Q 2027
Construction start | 4Q 2027
First Delivery |
| --- | --- | --- | --- | --- | --- |
| System derisked
Techno-economic
analysis
Third party validation | Partner with customer
for sector-specific
design & construct pilot | 3000 operating hours
Data analysis &
Performance optimization | COOL BRIX mobile,
modular unit design
complete
First commercial contract | COOL BRIX
Construction begins | First commercial unit
delivered |
TRL 4-5
TRL 5-6
TRL 6-7
TRL 6-7
TRL 7-9
data collection and continuous improvement
*performance milestone
ENERGI TEKNIKK
KAPITALMARKEDSDAG OCEAN GEOLOOP
1999
EnergiTeknikk
ENERGI TEKNIKK
Established Hydropower Platform
- 70+ years of turbine design and manufacturing heritage
- Installed base: 260+ hydropower plants across Nordics and select international markets
- 2025 revenue: NOK 203m
- Order backlog ~NOK 150m providing near-term visibility
- Full in-house capability: engineering, fabrication, installation, and service
ENERGI TEKNIKK
Service Margin Expansion Opportunity
- Service gross margins approximately 2x new turbine sales; structurally accretive to group
- Installed base largely under-serviced — significant addressable opportunity in existing accounts
- Regulatory environment supportive: Nordic and EU energy frameworks favour refurbishment and upgrades
- Shift toward framework service agreements to improve revenue predictability
- Gradual increase in service mix over medium term, supported by installed base penetration
Note: Regulatory frameworks subject to national policy shifts. Service mix trajectory subject to market conditions.
ENERGI TEKNIKK
Proprietary Turbine Technology
- Patented turbine runner designs optimised for variable-flow, low-head conditions
- Measurable efficiency gains vs. legacy turbines in independent third-party testing
- Technology platform extensible to group integration (turbine + cooling + capture)
- Proprietary IP provides lifecycle cost advantage across 50-year asset horizon
31
ENERGI TEKNIKK
OGL's industrial backbone – supporting an efficient pathway to market
Industrial design, manufacturing, and projects capability for OGL
- Industrial hydro-engineering platform provides portfolio synergies
- In-house turbine design, engineering and fabrication
- Strong project delivery, installation, and aftermarket service
- Shared resources lower group costs, accelerate product development
- XXX YW kW install at ABC, Factory with ZZZ capacity at DEF location
CFO MILESTONES TO SHAREHOLDER VALUE
0
Each milestone reduces risk and unlocks valuation
Cool
- Prototype operational
- Third-party cost and performance validation complete
- Industrial pilot design and 3000 hours deployment
- First commercial agreement
Captured
- Cash flow positive from 2027
- Sale of compact units for high-value CCU* applications
- Joint study agreements for niche Oil & Gas applications
- Formalized CCS* value chain alliances
Energi Teknikk
- Margin stabilisation
- Increase service revenue mix
- Balance growth with dividends
*CCS vs CCU: Storage – meaning CO2 is stored after being captured. Utilisation – the CO2 is converted into commercial products
CFO
Capital Allocation Principles
- Growth capital directed to COOL — highest near-term commercial readiness
- Bridge-to-profitability funding for Captured — milestone-gated only
- Margin and cash generation focus in Energi Teknikk
- Reduced group-level cash burn through operational discipline
- Development expenditure tied primarily to externally funded projects and defined milestones
35
Example of an application
that can become a major one
e-loop/COOL, ultra-clean CO₂, green H₂
= 100% renewable fuel
e-loop/COOL, ultra-clean CO₂, green H₂
= 100% renewable fuel
- Carbon negative: More CO₂ removed from air than emitted
- Same energy density as fossil fuel
- Can be used anywhere applicable, without modifications
- Waste heat from the production process can operate the e-loop
- Use of this renewable fuel may reduce the atmospheric CO₂ content by 2.5 kg per liter
Ocean GeoLoop is transitioning from a carbon capture developer
to a disciplined industrial energy company.