Investor Presentation • Feb 8, 2024
Investor Presentation
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Odd Strømsnes, CEO 8th February 2024
Q4 2023 highlights
| NOK thousand | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Total revenue and other income | 0 | 1 144 | 296 | 1 486 |
| Total operating expenses | 18 034 | 18 783 | 75 104 | 57 441 |
| Operating profit (loss) | (18 034) | (17 639) | (74 808) | (55 955) |
| Net profit (loss) for the period before tax | (8 557) | (14 984) | (66 049) | (54 001) |
| Net change in cash and cash equivalents | (6 016) | (10 733) | (59 945) | 185 694 |
| Cash and cash equivalents, end of period | 233 044 | 292 989 | 233 044 | 292 989 |
| Equity | 246 265 | 308 730 | 246 265 | 308 730 |
| Total assets | 273 118 | 336 670 | 273 118 | 336 670 |
Adjusted net loss Q4: NOK 5.6 million: NOK 2.1 million in non-cash cost and NOK 0.9 million in non-recurring cost. 5
BCS in brief
The green supermaterial of the future
Our technology adds value both upstream and downstream
With our technology, we can both capture CO2 directly from flue gas or run on captured CO2
Our innovative process turn CO2 into carbon products through electrolysis
From CO2 we make high quality carbon products, tailormade for the customer, ranging from small nano-particles to graphitic macrostructured carbons
Market opportunities
MWCNT is used as conductive agent to increase conductivity in the cathode material
MWCNT as a potential reinforcement and conductive agent for next generation anodes (durability/strength)
MWCNT is relevant on both sides of the battery
MWCNT avoid the contact loss between the particles providing a capacity retention up to 75% after 250 cycles at 2C.
MWCNT acts as a conductive agent, properly mixed, makes a conductive network that increases the conductivity between the particles:
10 largest battery cell producers (2022)
Multi-walled Carbon Nano Tube (MWCNT) market Traditional fossil based CNT production is energy intensive with very high CO2 emissions
*ACS Sustainable Chem. Eng. 2020, 8, 1730−1740
The green transition, electrification and expected battery growth results in global CNT demand is predicted to reach 70.000 tonnes in 2030
To achieve reduced emissions from electrification, we need to reduce emissions from supply chain and raw materials for battery production
By converting from fossil to green carbon in batteries, CO2 emissions would be significantly reduced
Technology & business development
New test verification reactor in operation
Through our cost reduction initiatives, we expect the overall cost of converting CO2 to solid carbon to be significantly reduced
Complex and time-consuming process for product verification of our Multi-Walled Carbon Nano Tubes (MWCNT)
This back-and-forth process can go several rounds and speed of process is mostly outside our control
Summary & outlook
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.
This Presentation is governed by Norwegian law and any disputes related to it are subject to the ordinary courts of Norway.
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