“As we look back at the third quarter of 2024, I am pleased to share the key developments and achievements at Bergen Carbon Solutions (BCS). This has been another quarter of continued technology development focus in terms of equipment readiness and process optimization. We have also been expanding our partnership portfolio. Our focus on strengthening the organization and driving forward our strategy is also paying off as we are making progress in several key areas,” says Odd Strømsnes, CEO of Bergen Carbon Solutions.
During Q3, BCS has concentrated its efforts on verifying the company’s technology and improving its process and products. This has involved ongoing activities in refining and testing the technology to ensure the company is delivering the best results towards market expectations. One of the recent highlights has been the improvements and extensions made to the technology development facility, including the battery lab. These upgrades are supporting BCS to speed up and improve the quality of its overall technical progress. By making the processes more efficient, the company is moving closer to its goal of providing local, high-quality, sustainable and cost-effective carbon materials for the battery industry.
“In terms of market activity, this has been a positive quarter. We have signed several important intentional agreements that will support our long-term growth and help us build strong partnerships in the battery value chain. The importance of a local and sustainable battery value chain is certainly obtaining more and more traction,” says Mr Strømsnes.
In August, BCS signed a letter of intent (LOI) with Morrow Batteries. This was followed by a similar LOI in September with Beyonder. Both of these partnerships address the criticality of a local and sustainable value chain with an aim to further strengthen the Norwegian battery industry. Additionally, BCS extended the memorandum of understanding (MOU) with TKG Huchems in September. This extension will enable BCS to continue exploring joint opportunities and further improve the company’s position in the battery materials market in Asia. BCS is also in ongoing discussions with other potential partners.
As part of BCS’ continued efforts to align the company with its strategy, the company has been reshaping the organization to ensure it has the right skills and technology leadership in place. This quarter, the company has welcomed new competence onboard, bringing in the specialized expertise needed to push the BCS technology development forward.
“One significant change this quarter has been the appointment of board member Rita Glenne as acting CTO. With her leadership, we are well-positioned to drive the next phase of our product development and process innovation,” says Odd Strømsnes, CEO of Bergen Carbon Solutions.
BCS has successfully been reducing its cost burn rate. By optimizing the operating spend and implementing strong cost-control strategies, the company has managed to reduce costs, stay on track financially while continuing to maintain high standards for product development. This discipline in managing the finances is crucial as the company move forward with its technology and market expansion plans. The company also remains well-financed, with sufficient resources to continue its development work and pursue new opportunities.
“As we head into the final quarter of 2024, I am confident that Bergen Carbon Solutions is on the right path. We are making strong progress in our technological development, expanding our partnerships, and positioning ourselves as a local and sustainable CCU player in the European battery value chain. Our focus remains on improving our processes, managing costs, and securing more strategic agreements that will help us grow and succeed in the long term,” says Odd Strømsnes.
Presentation:
The company will host an operational update presentation today at 08:00 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.
Link to webcast:
https://www.youtube.com/watch?v=iFl83BueQSQ
BCS Operational Update Q3 2024.pdfpdfBCS Financial Report Q3 2024.pdfpdf