Ocean GeoLoop: Business update Q1 2026
(Verdal, 21 May 2026) Ocean GeoLoop AS (Ocean GeoLoop, OSE: OCEAN) today announces revenues in the first quarter of 2026 of NOK 53.2 million (Q1 2025: NOK 55.3 million). The quarter included strategic and structural initiatives, including the launch of COOL AS as a new business line, a new group structure, the appointment of financial advisors to explore strategic options, and bridge financing from the company’s main shareholder and chairman. Subsequent to the quarter, the company completed a CEO transition, initiated a scale-down of CAPTURED AS, and secured new equity funding through a private placement.
Ocean GeoLoop reported revenues of NOK 53.2 million in the first quarter of 2026, compared with NOK 55.3 million in the same period last year, with Energi Teknikk AS as the main revenue contributor. EBITDA was negative NOK 11.4 million, compared with negative NOK 9.4 million in the same period last year. Cash and cash equivalents amounted to NOK 13.2 million at the end of the period.
Key events in Q1 2026 22 January: The Board appointed Clarksons Securities AS and Fearnley Securities AS as financial advisors to explore strategic options, including a potential equity raise directed towards industrial and financial investors. In parallel, the company secured short-term bridge financing from its main shareholder and chairman, and appointed Iver Baatvik as interim CFO.
16 February: Ocean GeoLoop announced a new group structure and launched COOL as a new business line focused on standalone, energy-efficient industrial cooling. Based on inventions by founder and inventor Hans Gude Gudesen, COOL targets AI data centers, where cooling can account for a significant share of total electricity use, as well as broader industrial cooling applications.
3 March: The company hosted its Capital Markets Day in Oslo, presenting the updated strategy, group structure and commercial roadmap for COOL, CAPTURED and Energi Teknikk AS. Energi Teknikk AS remained the main revenue contributor in the quarter. Market uncertainty following the government’s proposed changes to the hydropower resource rent tax regime has affected new project activity and contributed to a challenging liquidity situation. Energi Teknikk is working with customers, suppliers and other stakeholders to manage the situation, including agreed payment deferrals with certain suppliers, while assessing measures to improve its financial position.
Subsequent events 28 April: Odd-Geir Lademo resigned as CEO of CAPTURED. Lars Strøm was appointed acting CEO of CAPTURED.
30. April: The board of Ocean Tunicell decided to lay off the workforce due to insufficient funding. The company's board is working on alternatives to preserve value for shareholders.
6 May: The board of CAPTURED initiated a formal process to scale down its operating activities. Ocean GeoLoop will prioritize COOL going forward, while seeking to preserve and capitalize on CAPTURED’s intellectual property, the industrial pilot and the pilot installation at SINTEF. Viggo Iversen, former Chief Operating Officer of Ocean GeoLoop, was appointed as CEO of Ocean GeoLoop and interim CEO of COOL.
12 May: Ocean GeoLoop completed a private placement of 72,000,000 new shares at a subscription price of NOK 0.50 per share, raising gross proceeds of approximately NOK 36 million. The board also resolved to carry out a potential subsequent repair offering of up to 4,800,000 new shares at the same subscription price. The proceeds will be used to fund the commercialization of COOL, the orderly wind-down of CAPTURED and general corporate purposes.
ENDS
For further information, please contact: Anders Onarheim, Chairman of the Board, Ocean GeoLoop AS – phone: +47 97 40 15 11 Viggo Iversen, CEO, Ocean GeoLoop AS, phone +47 47 45 66 01 Iver Baatvik, interim CFO, Ocean GeoLoop AS – phone: +971 58 532 33 17
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. Following the strategic update in Q1 2026, the group is organized around COOL, which develops standalone, energy-efficient cooling solutions for AI data centers and industrial applications, and Energi Teknikk AS, a full-service provider of equipment and services for small hydropower plants. CAPTURED, which developed the GeoLoop CC carbon capture technology, is being wound down in an orderly process. Ocean GeoLoop is listed on Euronext Growth Oslo under the ticker OCEAN.
This information is considered to include inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Viggo Iversen, CEO, at 21 May 2026, 08:20.