Signed letter of intent with the Government of Iceland

14.09.2021

North Tech Energy ehf., Ocean GeoLoop AS and the Government of Iceland have signed a letter of intent with the aim to explore a development project to significantly reduce the quantity of CO2 in the atmosphere and produce biomass on an industrial and environmentally sound and safe scale.

Ocean GeoLoop AS develops, pilots and commercialises multifunctional environmental technology for carbon capture, utilization and storage. The company’s solutions are based on more than 15 years of research and development in close collaboration with strong R&D-partners nationally and internationally.

- This is a new major milestone for Ocean GeoLoop. We now prepare to ramp up the company’s effort to achieve the mutual goals together with our Icelandic team and the working group established with the Icelandic Government, says Anders Onarheim, Chairman of the board in Ocean GeoLoop AS.

Upon execution of the LOI the Government of Iceland will form a working group, led by the Ministry for the Environment and Natural Resources, accompanied by a representative from the Ministry of Innovation, Ministry of Finance and a representative of the Prime Minister´s Office. The working group will meet and work with representatives of Ocean GeoLoop, North Tech Energy and relevant experts involved to achieve the common goals.

- We are looking forward to start the process with the key ministries and our working group in Iceland. We see our technologies as an important contribution to fight the combined global climate, environmental, and resource crises in an effective way, says Odd-Geir Lademo, CEO at Ocean GeoLoop AS.

The letter of intent is signed by the Government of Iceland represented by the Prime Minister of Iceland Katrín Jakobsdóttir, Minister for the Environment and Natural Resources Guðmundur Ingi Guðbrandsson and the Minister of Tourism, Industry and Innovation Thórdís Kolbrún Reykfjörð Gylfadóttir. Hans Gude Gudesen, founder and inventor and Anders Onarheim, Chairman of the Board of Directors, signed the letter of intent on behalf of Ocean GeoLoop AS. Ocean GeoLoop AS is represented in Iceland by North Tech Energy ehf, with Geir Hagalínsson as CEO, Fridrik Sophusson as strategic advisor and Atli Thorbjornsson as legal advisor.

Company contacts at Ocean GeoLoop AS:
Odd-Geir Lademo, CEO, e-mail: [email protected], cell: +47 92 05 29 01
Anders Onarheim, Chairman of the board, Ocean GeoLoop AS, cell: +47 90 70 86 43

Company contact at North Tech Energy ehf:
Geir Hagalínsson, CEO, North Tech Energy ehf, cell: +354-899 9780

Contact in Ministry for the Environment and Natural Resources
Helga Barðadóttir, Head of Division, Deputy Director, gsm: +354 8652952

About Ocean GeoLoop
• Ocean GeoLoop has been established as a spin-off of the research project Ocean, initiated by Hans Gude Gudesen in 2006.
• Ocean GeoLoop works «with nature» and uses nature's own cycles. Ocean GeoLoop is established to industrialize innovative environmental technology with global scaling potential. The company is based on long-term systematic research and method development, connected in a holistic concept with the aim of solving the greatest challenges of our time; a combined climate, environment and resource crisis.
• The company is led by Odd-Geir Lademo, joined by Lars Strøm, Viggo Iversen, Jan Arne Berg and Ove Lande in the management of the company. Anders Onarheim is the Chair of the Board.
• For more information: www.oceangeoloop.com


About North Tech Energy
• In Iceland, Ocean GeoLoop is represented by North Tech Energy wich is led by Geir Hagalínsson, joined by Runa Hagalínsdóttir in managing the company. Hagalín Gudmundsson is the Chairman of the Board.
• North Tech Energy is a company spesialising in amongst other low environmental impact geothermal energy exploration.