Bergen Carbon Solutions AS

Investor Presentation • Oct 31, 2024

Q3 2024

Odd Strømsnes, CEO 31 October 2024

Agenda

• 1. Introduction
• 1. Q3'24 highlights
• 1. Status and outlook
• 1. Technology development
• 1. Summary
• 1. Q&A

Bergen Carbon Solutions

The green supermaterial of the future

Bergen Carbon Solutions is a technology and material company, working to develop solutions to add value both upstream and downstream.

With our CCU technology, we can capture CO² directly from flue gas or run on captured CO² .

Our innovative process turn CO² into carbon material through electrolysis.

From CO2 we can make high quality carbon material, tailormade for the battery industry, ranging from small nano-particles to graphitic macro-structured carbons.

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We turn CO² into carbon products through electrolysis

We can produce carbon with close-to-zero emissions of greenhouse gasses

Our green carbon material can be a vital part of creating a sustainable battery value chain

We are developing the process to enable local production of competitive, highquality carbon material

Bergen Carbon Solutions can solve the key issues for the battery industry

Our technology offers a sustainable, competitive, innovative and local solution for the battery industry's demand for highperformance carbon materials. Geo-policy

What is driving change in the battery industry

Sustainability

• Carbon footprint
• Energy use
• Transportation

Competitiveness

• Quality
• Accessibility
• Cost

Innovation

• Energy density
• Performance

• New chemistries

• Regulations

• Supply chain security
• Access to locally produces material

Q3 2024 highlights

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Key events Q3 2024

Technology development

Activities for verifying our technology and process development are key focus

Improvements and extensions of

our equipment facility, speeding up our technology development

Commercial

Positive market activity in the quarter, with several partnership agreements signed

• LOI with Morrow signed in August
• LOI with Beyonder signed in September
• Extension of MOU with TKG Huchems signed in September
• Ongoing discussions with other potential partners

Organisation

Reshaping organisation to fit with the strategy and status of the company. New competence onboarded.

Board member Rita Glenne acting as CTO, adding industrial experience to drive forward with our product development and process innovation

Financial highlights Q3 2024

NOK million	Q3 2024	Q3 2023	YTD 2024	YTD 2023	FY 2023
Total revenue and other income	0.1	0.1	0.1	0.3	0.3
Total operating expenses	18.6	20.3	61.3	57.2	75.1
Operating profit (loss)	-18.5	-20.1	-61.1	-56.9	-74.8
Net profit (loss) for the period before tax	-16.4	-20.3	-54.2	-57.6	-66.0
Net change in cash and cash equivalents	-17.9	-20.5	-59.5	-53.9	-59.9
Cash and cash equivalents, end of period	173.5	239.1	173.5	239.1	233.0
Equity	195.8	251.4	195.8	195.8	246.3
Total assets	217.7	279.3	217.7	217.7	273.1

Adjusted net loss for the quarter was NOK 12.0 million due to NOK 4.4 million in oneoffs, where 4.0 million is non-cash cost.

• Reduced burn rate, due to organisational restructuring and technology development focus
• Well financed to continue the technology development and maturation
• Minimal additional CAPEX required to execute on current strategy
• Leveraging additional funding sources, including Skattefunn and Innovation Norway

Status and outlook

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Status and outlook

Partnerships

Finding the right partners for technology development.

Commercial agreements:

• LOI with Morrow Batteries signed in August
• LOI with Beyonder signed in September
• Extension of the MOU with TKG Huchems signed in September
• Working on securing additional technology development agreements with industrial player

Ongoing projects:

• Broadbit: Strategic collaboration to advance CNT additives for LFP batteries
• University of Bergen: Strengthened CNT analysis with access to UiB's cutting-edge facilities and expertise
• FME Battery: Contributing to technological development in Norway's battery industry, focusing on circular value chains
• Horizontal Na Energy Technology: Joint research project funded by Innovation Norway

Status and outlook

Organisation

Reshaping organisation to fit with the strategy and status of the company. New competence onboarded

• BCS is a material and technology company
• Reshaping organisational competence to fit with the battery technology strategy
• Recruiting top talent, ensuring we have 'the best people' in place
• Board member Rita Glenne acting as CTO, ensuring that we have the industry experience to drive forward with our product development and process innovation

EU policy Status and outlook

The Draghi Report on European Competitiveness and Critical Raw Materials published in September

• EU strategy on critical raw materials: Urgent need for a coordinated approach across the entire supply chain, from mining to recycling
• Focus on battery materials: Increased attention on lithium, nickel, and graphite - aligns with BCS's unique business opportunity
• New funding opportunities: EU initiatives may unlock access to funding through the European Investment Bank and other mechanisms
• Strategic partnerships: The report encourages partnerships, opening doors for BCS to collaborate and strengthen its role in the European battery value chain

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Technology development

Continue to work on process optimization and product specifications

1. Electrolysis: Turning CO² into solid carbon

• 2. Material processing: Turning the carbon into useful material
• 3. Applications:

Testing our product in real-life applications

Electrolysis in our production electrolysis cell

The separation unit separates the carbon from electrolyte

Battery lab for testing in real-life applications

1: Electrolysis

We have electrolysis cells in different sizes for different stages of technology development. The primary target is to make the process of turning CO² into solid carbon as efficient as possible.

Fundamental studies

Technology development

Pilot testing development

2: Material processing

Optimising the process for separating carbon material from the electrolyte

• The separation unit separates carbon material from the electrolyte, and rinse and recycle the electrolyte
• BCS has developed a method for >95% electrolyte recycling - cutting costs and boosting competitiveness.
• PCT application in place

3: Applications

Completed construction of our new Battery Lab, a state-ofthe-art coin cell testing center.

• The Lab have equipment for testing our product in different battery chemistries.
• The Lab will allow us to conduct in-house coin cell manufacturing and performance testing, significantly reducing development time and time-to-market
• Material testing and production of battery cells has started, we have successfully fabricated our first reference test cells.

Technology development in our entire process

• We continuously develop our technology in all aspects of our process
• Testing shows steady improvements, but our process still require optimization to meet the quality requirements from the industry
• While the process is complex and has taken longer time to develop than expected, we are making progress by exploring optimized routes to achieve the specifications
• Our focus remains on developing high-quality products and advancements in equipment that speeds up our progress

Summary Q3

• Activities for technology development is key focus. Improvements and extensions of our production facility, speeding up our technology development
• Several new partnership agreements signed. Ongoing discussions with other potential partners
• Reshaping organization to fit with the strategy and status of the company
• Burn rate reduced and well financed
• Our focus and strategy remains on process optimization, product customization and on securing technology development agreements with major industrial players

Disclaimer

This Company Presentation (the "Presentation") has been produced by Bergen Carbon Solutions AS (the "Company" or "BCS"). The Presentation has been prepared for information purposes only, and does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity.

All of the information herein has been prepared by the Company solely for use in this presentation. The information contained herein does not purport to contain all information concerning the Company. No party has made any kind of independent verification of any of the information set forth herein if not specifically expressed in the Presentation, including any statements with respect to projections or prospects of the business or the assumptions on which such statements are based. The Company does not make any representations or warranty, express or implied, as to the fairness, accuracy, reliability, completeness or correctness of this presentation or of the information contained herein and shall have no liability for the information contained in, or any omissions from, this presentation. The information contained in this presentation should be considered in the context of the circumstances prevailing at that time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. Neither the Company and subsidiaries nor any of its directors, officers, employees, advisors or representatives (collectively the "Representatives") shall have any liability whatsoever arising directly or indirectly from the use of this Presentation.

Included in this presentation are various "forward-looking statements", including statements regarding the intent, opinion, belief or current expectations of the Company or its management. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that

may cause the actual results, performance and outcomes to be materially different from any future results, performance or outcomes expressed or implied by such forwardlooking statements, including, among others, risks or uncertainties associated with the Company's business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this document.

An investment in the Company involves risks, and several factors could cause the actual results, performance or achievements of the Company as described herein to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Presentation. Should one or more of underlying risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Presentation.

Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

No information contained herein constitutes, or shall be relied upon as constituting, any advice relating to the future performance of the Company. The Company undertakes no obligation to publicly update or revise any forward-looking statements included in this Presentation.

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The green supermaterial of the future ²³