(Bergen, 7 May 2025): Bergen Carbon Solutions AS (BCS, OSE:BCS)
Bergen Carbon Solutions AS (BCS), the pure-play carbon capture and utilization (CCU) company, today provides an operational update and financial results for the first quarter of 2025.
“Our main focus remains the same: developing our core technology and building the knowledge needed to fully explore the potential in our electrolysis process. We are developing a new type of carbon material through a completely new technology, not done at this scale before, and this requires in-depth understanding and a structured approach to our work. We are accumulating new knowledge every day, and the results we are seeing now are more consistent and coming faster than before.” says Odd Strømsnes, CEO of Bergen Carbon Solutions.
BCS equity story is increasingly attractive as the geopolitical status in terms of securing critical raw material gets more uncertain.
During the first quarter, BCS completed substantially more test results than ever before, with zero equipment downtime throughout the quarter. The company now runs both the lab cell and the scale cell in parallel. This is a clear sign that the setup is now stable and reliable. The BCS team is working with high pace and precision, and the process is becoming more mature and well-defined.
“We have also continued to improve our internal capabilities. Today, we are less dependent on external partners when it comes to testing and characterizing of our raw material as well as test batteries. Our in-house facility is now fully equipped for material characterisation and battery performance testing, and this allows us to move much faster than before,” says Strømsnes.
One highlights this quarter is the good progress made in testing of both LFP and Li-Sulphur (Li-S) battery applications. The results are promising and confirms that the BCS carbon material has potential both in an existing widely used battery chemistry as well as for future chemistries. As a consequence, the company now has carbon material being tested for both applications with reference from LFP and Li-S battery manufacturers.
On the financial side the burn rate remains low, and the company continue to manage costs carefully. BCS are reporting a 53 percent reduction compared with first quarter last year. Going forward BCS expects the burn rate to continue at a lower level than last year. The burn rate will vary depending on activity level. The company is keeping a lean structure while still making solid progress on its development goals.
“Our technology and processes are still under development, but we are moving in the right direction. We are well equipped, we have a competent organization, we are learning faster and developing better systems and being more recognized by key players in the market. Our focus remains on confirming the potential in our technology by fully enable a consistent carbon powder production, and subsequently turning it into a reliable industrial process,” says Odd Strømsnes.
Presentation:
https://www.youtube.com/watch?v=Iu-fAZ8dKKg