Bergen Carbon Solutions AS

Investor Presentation • Aug 21, 2024

Q2 2024

Odd Strømsnes, CEO Vestland på børs - 21st August 2024

Agenda

• 1. Introduction
• 1. Q2'24 highlights
• 1. Status and outlook
• 1. Summary
• 1. Q&A

Bergen Carbon Solutions

The green supermaterial of the future

Bergen Carbon Solutions is a material and technology 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 products through electrolysis.

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

3

Electrification drives a significant growth in batteries

• Electrification is driven by new regulations, technological advancements, and demand from consumers.
• Growth in batteries due to increase in electric vehicles.
• Demand for carbon material for batteries will increase significantly.

Carbon materials for batteries are at the center of the global geo-political discussions

• Today, battery production is mainly located in China, but EU and USA has ambitions to build their own battery industry.
• China has introduced export controls on graphite and EU considers natural and synthetic graphite strategic raw materials.
• Upcoming new EU battery regulations:
  • By 2025, carbon footprint must be third-party verified and publicly accessible online.
  • By 2027, all EV and industrial batteries require an unique battery passport.

Converting to green carbon will have significant positive environmental impact.

Carbon emissions - Graphite

kg CO2/kg graphite

• Batteries account for up to 60% of EV production emissions
• Significant emissions from production of carbon materials through high energy consumption in chemical processes.
• Green carbon may solve one of the key challenges for the EV industry.

Carbon Nano Tubes (CNT) production

Bergen Carbon Solutions is a material and technology company with a unique process for making carbon material with close-to-zero emissions

Solving two key challenges for the battery industry:

Sustainable raw materials

Supply chain security

Q2 2024 highlights

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Key events in Q2 2024

• Activities for verifying our technology and products towards customers are key focus.
• LOI with Morrow signed in August.
• Extensive market activity in the quarter, with several ongoing partnership discussions – our goal is to confirm additional technology development partners.
• Completed construction of the Battey Lab at HQ in Bergen, with successful fabrication of our first reference test cells.

Financial highlights Q2 2024

NOK thousand	Q2 2024	Q1 2023	H1 2024	H1 2023	FY 2023
Total revenue and other income	34	176	44	181	296
Total operating expenses	19,927	18,333	42,694	36,902	75 104
Operating profit (loss)	(19,893)	(18,157)	(42,650)	(36,721)	(74 808)
Net profit (loss) for the period before tax	(17,807)	(18,423)	(37,844)	(37,237)	(66 049)
Net change in cash and cash equivalents	(21,038)	(17,259)	(41,575)	(33,471)	(59 945)
Cash and cash equivalents, end of period	191,469	259,518	191,469	259,518	233 044
Equity	211,315	271,496	211,315	271,496	246 265
Total assets	237,511	301,018	237,511	301,018	273 118

Adjusted net loss for the quarter was NOK 14.6 million due to NOK 3.2 million in one-offs, where 3.1 million is non-cash cost. Adjusted net loss for first half of 2024 is NOK 32.9 million.

Status and outlook

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Status and outlook

Technology development

BCS continue to work on process optimization, product specifications and iterative testing regime with partners.

• Testing show improvements in the most important specifications regarding our CNT product, but still not in line with market quality demands for certain battery chemistries.
• Different battery chemistries have different parameters on material specifications, some are better suited for the BCS process than others.
• The process is complex, and the development work is more time consuming than anticipated, we are exploring optimized process routes to reach the required specifications.
• We have an increased understanding of market expectations in a complex value chain.
• We continue our sole focus on quality, -not volume.

In dialogue with Korean chemical company TKG Huchems regarding an extension of the MOU.

New battery lab

Completed construction of our new Battery Lab at our HQ in Bergen, a stateof-the-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 enabling faster, more precise improvements.
• Material testing and production of battery cells has started, we have successfully fabricated our first reference test cells.

Organization

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

• BCS is a material and technology company.
• We are not a production company today. To support our continuous development work we are reshaping organizational competence to fit with the battery technology strategy.
• Recruiting top talent, ensuring we have the right people in place.

Status and outlook

Commercial

Working on finding the right partners for technology development.

• BCS is a material and technology company focusing on quality carbon products for the growing battery industry.
• Our strategy is to document best-in-class process control for a CO2 consuming carbon production aimed towards the battery industry.
• We do not expect confirmed off-take contracts before further steps in technology development are concluded.
• We are working on securing product- and technology development agreements with major industrial players.
• The interest in our technology and our products continues to be high. The relevance to our equity story is increasing.
• LOI with Morrow Batteries signed in August.

Morrow and Bergen Carbon Solutions partner to build a European based sustainable battery value chain

(Bergen, 14 August 2024): Bergen Carbon Solutions AS (BCS, OSE:BCS)

Morrow Batteries ("Morrow") and Bergen Carbon Solutions ("BCS") have signed a letter of intent (LOI) to establish a collaboration to build a local sustainable value chain for select battery materials. The goal is to build a strong European value chain of critical carbon materials, to support the ramp-up of Morrow's sustainable battery cell production.

Summary Q2

• Activities for verifying our technology and products towards customers are key focus, we are exploring optimized process routes to progress on the required specifications for different battery chemistries.
• LOI with Morrow signed in August.
• Completed construction of the Battey Lab at HQ in Bergen, with successful fabrication of our first reference test cells.
• Reshaping organization to fit with the strategy and status of the company. New competence onboarded.
• Burn rate under control and well financed.
• Our focus and strategy remains on process optimization, product customization and on securing technology development agreements with major industrial players.

The green supermaterial of the future ¹⁹

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.

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