Ocean GeoLoop Announces 100 Mil Investment and MoU with Chevron

By Ocean GeoLoop | August 16, 2022

(Verdal, 12 August 2022) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN), the green tech company developing multifunctional environmental technologies based on nature’s own processes, today announced a NOK ∼100 million investment at NOK 37 per share by Chevron U.S.A. Inc. (Chevron), and a memorandum of understanding to identify areas of potential technical or commercial collaboration (MOU).

"Ocean GeoLoop is pleased to announce Chevron as an investor to further strengthen our financial position. We look forward to working with the Chevron team to identify potential areas of cooperation to industrialize the carbon capture technology of tomorrow,” says Anders Onarheim, Chairman of the Board of Directors of Ocean GeoLoop.

Ocean GeoLoop has entered into an investment agreement with Chevron to issue new shares in a private placement as well as an MOU to identify potential joint projects. See the attached corporate press release for further background on Ocean GeoLoop.

“We look forward to collaborating with Ocean GeoLoop on the MOU study as Chevron works to enable lower carbon solutions in the marketplace,” said Chris Powers, vice president of Carbon Capture, Utilization, and Storage with Chevron New Energies. “Chevron has a long history of supporting innovation, and we are pleased to make this investment and explore ways to potentially further develop and commercialize Ocean GeoLoop’s carbon capture and storage technology.”