Investor relations news - 11. May 2023

Operational updateand first quarter 2023financial results

Bergen Carbon Solutions AS, the pure-play carbon capture and utilization (CCU) material company, today provides an operational update with a focus on the customer ecosystem, in addition to the financial results for the first quarter of 2023.

The company targets the fast-growing market for solid carbon to electric vehicles (EV) batteries, and has a solid financial runway towards scaleup with approximately NOK 280 million in cash.

“Since joining the company in January, I have worked with the Bergen Carbon Solutions team to leverage the opportunities provided by the company’s groundbreaking technology. As outlined in our recent strategy update, we make clean carbon from excessive greenhouse gasses, and sees CCU as an alternative to carbon capture and storage, securing control of raw material delivery. We have strong competitive advantages to serve the EV battery producers as we rapidly move down the cost curve and can replace conventional, fossil based carbon,“ says Odd Strømsnes, Chief Executive Officer of Bergen Carbon Solutions.

Bergen Carbon Solutions is the world’s clean carbon technology and materials company. With a proven process for carbon capture and utilization, Bergen Carbon Solutions is enabling clean carbon for green manufacturing. The technology ensures stable delivery of carbon nanotubes and graphite, helping manufacturers to be less exposed to the raw material risks of geopolitical rivalry.

The company today provides a business update with a focus on the EV customer ecosystem, in addition to announcing the financial results for the first quarter of 2023 with an adjusted operating loss of NOK 17.9 million, compared to a loss of NOK 12.5 million in the same quarter in 2022. The company had a cash position of NOK 277 million at the end of the period.

“We are fully funded to deliver on our key priorities and our burn rate in the first quarter of 2023 is in line with our business development plans,” says Strømsnes.

Bergen Carbon Solutions targets the fast-growing battery industry globally, as batteries for EV’s are today the largest contributor for the increased demand of solid carbons in the form of anode graphite materials. In today’s presentation, the company outlines additional information on the technology, market and customer ecosystem.

“The EV battery market is characterized by a focus on performance and stable manufacturing capacity. We believe in being a trustworthy supplier to the players in the battery value chain willing to pay a premium for locally produced raw materials. We are fully funded to deliver on our key priorities going forward. BCS will focus on successfully executing our cost reduction program, optimize and verify the technology, and enter into long-term commercial industrial partnerships, both up and downstream, with focus on the battery vertical. Fundamentally, we will continue our strong capital discipline to preserve our runway towards and beyond commercial scaleup,“ Strømsnes concludes.

Please find attached operational update presentation and financial report Q1 2023.