Scientist at BCS

Q3 2023Financial Results

Bergen Carbon Solutions AS, the pure-play carbon capture and utilization (CCU) material company, today provides an operational update and financial results for the third quarter of 2023.

This period has been characterized by our relentless commitment to optimize our production process to fulfil the required (product) specifications from the market.

Adjusted operating loss in Q3 was NOK 17.1 million, showing a steady burn-rate according to the company’s planned optimization of the technology. Bergen Carbon Solutions is fully funded to deliver on key priorities with a solid cash balance of NOK 239 million and no interest-bearing debt.Bergen Carbon Solution’s strategic partnership with TKG Huchems has been extended by an additional year, demonstrating the continued interest in the company’s offering. The ongoing qualification process with TKG Huchems is progressing and our first samples have already been delivered for initial testing in South Korea.

“Client commitment remains our top priority. We are exploring a variety of partnership possibilities, also based on shared technology development programs, to increase our commercial momentum” says Odd Strømsnes, CEO of Bergen Carbon Solutions.

In recent months, one of our most notable achievements has been our successful demonstration of not only improving product quality but also consistently maintaining this elevated standard in our production. During Q3 we have further implemented our new test verification reactor and delivered on our CO2 separation and filtering projects. Both essential for the speed of operational development and the ongoing cost reduction initiatives.

“We now see the establishment of a 'green' battery industry in Europe. Our value proposition, centred on local production and negative emission technology, addresses this need and is as such responding to all the critical challenges from a geopolitical perspective. Our presence and increased participation in external events have garnered significant interest. Our Carbon Capture and Utilization (CCU) solutions are attracting attention, especially from companies with substantial CO2 emissions,” says Strømsnes.

In July, The EU Batteries and Waste Batteries Regulation was formally adopted and entered into force. One of the main requirements of the Regulation, is that every battery placed on the EU market should carry a battery passport from 2027. The battery passport will have information about material composition, carbon footprint, and other key information about the battery. This will promote the use of clean carbon materials in battery manufacturing.

BCS’ financial outlook remains robust, the company is maintaining a disciplined approach to the cost base, and the commitment to key priorities is backed by a solid financial footing. As BCS works to meet market needs, the company will continue scaling up sales and business development activities, actively engaging the global market and working towards securing partnerships, joint ventures, and off-take contracts as the next strategic milestones.

The company will host an operational update presentation today, 01. November 2023, at the premises of Norne Securities in Bergen, Norway.
The event can also be followed as a webcast. A recording of the presentation will be available on our website after the session.

Presentation details:
Date: Wednesday 1st of November
Time: 08:00 a.m. (CET)
Language: English
Address for attendance in person: Norne Securities, Jonsvollsgaten 2,

Link to webcast:

The presentation and financial report for Q3 are enclosed.

BCS Q3 2023 Operational update.pdfpdfBCS Q3 2023 financial report.pdfpdf