Bergen Carbon Solutions AS

Environmental & Social Information • Aug 14, 2024

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

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.

“I am happy to share the news of this cooperation with BCS and I believe that high-quality raw material supply of tailor-made carbon products, produced with a CO2-consuming production process from BCS, could become a valued competitive advantage for us in the Norwegian battery industry", says Lars Christian Bacher, CEO of Morrow.

The purpose and objective of the cooperation between Morrow and BCS is to establish and commercialize a sustainable value chain in Norway for key battery materials. The two companies will explore the possibility of establishing a local value chain of green carbon from BCS for Morrow’s sustainable battery cell production in Norway. At the same, the parties will develop solutions for using BCS material to enhance the overall technical capabilities of Morrow’s batteries.

A local value chain for carbon material in Norway will give Morrow a secure and sustainable alternative to already established global supply chains for these materials, which traditionally have been dominated by actors outside of Europe. BCS products will also likely help reduce CO2 emissions.

“We believe that laws and regulations to be implemented in the future will make the use of sustainable carbon materials a prerequisite for future licenses to operate in the battery production segment. This is in line with EU’s tough sustainability criteria, stipulated in the EU Battery Regulation. Together with Morrow, we will work to significantly reduce the CO2 footprint in current battery material streams and at the same time de-risk battery supply chains and enhance European safety of supply by accessing and processing battery material available in Europe", says Odd Strømsnes, CEO of BCS.

"We hope – and expect – this to be the first stepping stone in a wider joint effort to build a sustainable battery value chain in Norway and Europe", says Lars Christian Bacher, CEO of Morrow.

About Bergen Carbon Solutions AS

Bergen Carbon Solutions (BCS) delivers both carbon capture and utilization technology and clean carbon raw materials, that adds value to existing and fast-growing industries. The company is making CO₂ a valuable resource, using renewable energy to turn the excessive greenhouse gas into solid carbon. With its groundbreaking, proven process for carbon capture and utilization (CCU), BCS is enabling clean carbon for green manufacturing. The CCU technology is ensuring stable delivery of carbon nanotubes and graphite, helping manufacturers to be less exposed to the raw material risks of geopolitical rivalry. Established in 2016, based in Norway, BCS is targeting the fast-growing battery industry globally, and other carbon intensive industries looking to replace conventional, fossil-based solutions to stay relevant in their markets. To learn more, visit bergencarbonsolutions.com

About Morrow Batteries ASA

Morrow Batteries (Morrow) is a battery technology and production company gearing to be the first European GWh manufacturer of prismatic LFP batteries later this year. These LFP batteries offer top-tier safety features, extended cycle life and a low carbon footprint. In tandem, Morrow runs Scandinavia's largest battery R&D centre, where world-class scientists are advancing next-gen LNMO batteries. This promising technology eliminates cobalt and reduces nickel and lithium while maximising clean and abundant manganese. Founded in 2020 and headquartered in Arendal, Norway, the Company now has 180 employees from 30+ nationalities. To learn more, visit morrowbatteries.com and engage with us on LinkedIn @MorrowBatteries.

Contact:

Karina Brudeseth, CFO, karbru@bergencarbonsolutions.com, +47 413 43 381

Naja Boone, EVP of Marketing & Communications, naja.boone@morrowbatteries.com