Strategy update and annual report for 2022

Bergen Carbon Solutions AS has presented a strategy update for the pure-play carbon capture and utilization (CCU) material company, enabling clean carbon for green manufacturing. The company targets the fast-growing market for solid carbon to electric vehicles (EV) batteries, has a multifaceted go-to-market model, and a solid financial runway towards scaleup with approximately NOK 300 million in cash.

“Since joining the company earlier this year, I have worked closely with the Board of Directors and the dedicated Bergen Carbon Solutions team to leverage the opportunities provided by the company’s groundbreaking technology. We make clean carbon from harmful, excessive greenhouse gasses, and sees CCU as an alternative to carbon capture and storage, securing control of raw material delivery. In addition, 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 materials,” 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.

“There’s a need to decarbonize industry, and carbon capture utilization and storage needs to grow 120 times by 2050 for countries to achieve their net-zero commitments, reaching at least 4.2 gigatons of CO2 captured per year. With full acceleration, annual investments are expected to reach USD 120 – 150 billion by 2035. With our technology, we can both capture CO2 directly from flue gas and run on captured CO2. From CO2 we make high-quality carbon products, tailormade for the customer, ranging from small nano-particles to graphitic macro-structured carbons,” Strømsnes continues.

Bergen Carbon Solutions is targeting the fast-growing battery industry globally, as batteries for EVs are today the largest contributor to the increased demand for solid carbons in the form of anode graphite materials.

“We start with the industries with the highest demand and willingness to pay for solid carbon. We have decided on a flexible triple treat go-to-market strategy as we can serve as producer and supplier, as a technology provider and a collaborator in this market,” Strømsnes says.

“We are fully funded to deliver on our key priorities going forward and will focus on successfully executing our cost reduction program, optimizing and verifying our technology, and entering 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,” Odd Strømsnes concludes.

Please find attached strategy update presentation and annual report 2022.

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