q4 2023
Investor relations news - 8. February 2024

Q4 2023 Financial 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 fourth quarter of 2023.

2023 has been a year that has been marked by significant efforts towards strategic advancements that positions the company for the expected growth. In addition to strengthening of the organization, the focus in 2023 has been technical with emphasize on process optimization, cost reductions and product quality in order to meet client requirements. This work continued also into the fourth quarter with increasing interest also from new potential clients both in Asia as well as in Europe.

The process of validating and verifying the company’s Multi-Walled Carbon Nano Tubes (MWCNT) for different battery applications and chemistries, with different partners, is technically complex and time consuming. The BCS technology, and it’s CCU equity story, attracts a lot of interest also among large, global industrial players. Several of these players wants to test BCS’ carbon products into their different battery applications. This iterative testing and verification process can potentially go several rounds and in some instances be a fairly time-consuming process.

“In order to gain competence internally of the performance of our carbon product to different battery chemistries we are now in the process of building a new Battery Lab at our HQ in Bergen. The Battery Lab will have equipment for testing our product in different battery chemistries and will significantly increase the speed of product development towards the battery industry. This will build confidence and give us more control of the test results as well as give us valuable insights for further material development,” says Odd Strømsnes, CEO of Bergen Carbon Solutions.

During the year BCS has implemented new process steps and installed new process- and testing equipment in the testing facility in Bergen. The result is significant progress in the cost reduction program as well as giving a quicker feedback loop during the product qualification process. The company’s strategic partnership with TKG Huchems was extended during the year and the qualification process continues with positive developments.

The company’s sales and Business Development efforts have been strengthened during Q4 in order to further penetrate it’s attractive CCU equity story. The company’s proactiveness and announcements of product quality improvements have resulted in more interests and raise of client meetings. The sanctioning of new EU regulations applicable for certain strategic raw-materials, among them Syntetic Graphite, is also placing BCS within an improved geopolitical context. The importance of making green carbon locally is essentially attracting more interest.

BCS’ financial outlook remains robust. With an adjusted net loss at NOK 5.6 million for the quarter, the company is maintaining a disciplined approach to its cost base. Importantly, the company’s commitment to key priorities is backed by a solid financial footing, evident through its cash balance of NOK 233 million.

“Our key priorities remain clear. Our focus is on delivering on MWCNT specification and progressing commercial discussions with potential partners. With the new Battery Lab in construction, we will increase the speed of this process and open the door for similar discussions with more potential partners,” says Strømsnes.


The company will host an operational update presentation today, 08. February 2024, 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: Thursday 8th of February 2024

Time: 08:00 a.m. (CET)

Language: English

Address for attendance in person: Norne Securities, Jonsvollsgaten 2, Bergen

Link to webcast

The presentation and financial report for Q4 2023 are enclosed.

BCS Financial Report Q4 2023.pdfpdfBCS Operational Update Q4 2023.pdfpdf