Ocean GeoLoop acquires a majority strategic position in Energi Teknikk

“We’re pleased to announce the acquisition of Energi Teknikk, which is an important step in the development of the next generation carbon capture solutions with integrated electricity generation. The Energi Teknikk team holds decades of leading industry expertise within hydropower and electricity technologies, and the business combination is built on a strong strategic, technological and cultural fit,” says Anders Onarheim, Chairman of the Board of Directors of Ocean GeoLoop.

Ocean GeoLoop has entered into an agreement to acquire 67% of Energi Teknikk. The company is a leading supplier of technology and services for the development and operation of small hydropower plants. With the acquisition of Energi Teknikk, Ocean GeoLoop takes an important step towards a self-energized carbon capture solution: a carbon capture plant with integrated power production. Energi Teknikk reported revenues of NOK 149 million in 2021 and has a strong market position with a solid business outlook.

“Ocean GeoLoop develops, pilots, and commercializes environmental technologies, including carbon capture. The GeoLoop carbon capture solution is characterized by several unique capabilities, as the CO₂ separation is 100% clean, can capture 100% of the CO₂, and has no need for special adaptations based on the type of flue gas. The first pilot for the carbon capture solution will be installed at Norske Skog’s facility at Skogn before the summer of 2022. In the future the carbon capture process is planned to be assisted by the e-Loop, a proprietary horizontal hydropower unit, enabling electricity production from low quality heat sources,“ says  Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop. 

Ocean GeoLoop has an ambition to verify the e-Loop technology with a pilot during 2023.

“Energi Teknikk brings competence and capacity in design, construction and operations, and the team will be key in the development of the e-Loop, in addition to leveraging on their strong position within the hydro powerplant market,“ Onarheim concludes.