Bergen Carbon Solutions AS

Related Party Transaction • Sep 29, 2022

BCS – Signs Memorandum of Understanding with major Japanese corporation

BCS – Signs Memorandum of Understanding with major Japanese corporation

(Bergen, 29 September 2022): Bergen Carbon Solutions AS (BCS, OSE:BCS)

Reference is made to the stock exchange announcements 28 October 2021, 9 December 2021 and 2 May 2022 where Bergen Carbon Solutions announced a letter of intent with major Japanese corporation to develop an additive solution that can be used in the anode-graphite for lithium-ion based batteries globally, as well as positive test results. Bergen Carbon Solutions and the Japanese corporation have today, 29 September 2022, signed a Memorandum of Understanding (MoU) with the aim of establishing a joint venture to become a provider of critical materials to the European battery industry. Due to confidentiality and commercial reasons more details on the MoU and partner will be provided in due course.

The solution aims to increase conductivity and reduce resistance in battery anode materials, and as announced previously, promising half-cell tests results have been achieved. In addition to the work on anodes, we will investigate cathodes as a market for our joint products.

The battery industry is growing rapidly in Northern Europe and several investment decisions have been made for huge battery factories as well as for key materials for batteries, for example anode-graphite. Bergen Carbon Solutions aims to become an integrated part of this industry and through the plans set out in the MoU the company is one step closer to realising this. There is a discrepancy in the supply and demand expected for the battery industry in Europe, where European countries will account for 25% of demand, yet currently only represent 4% of global supply.

Finn Blydt-Svendsen, interim CEO commented: ”We have worked systematically with our Japanese partner over a long period of time and are honoured that our co-operation now becomes more formal with the signing of the MoU. Together with the deep industrial knowledge and experience of our partner, we have reached another milestone in realising our industrial ambitions for BCS.”

For further information, please contact:

Finn Blydt-Svendsen, Interim CEO, fbs@bergencarbonsolutions.com, +47 930 40 797

Fredrik Øksnes, CCO, fredrik.oksnes@bergencarbonsolutions.com, +47 975 67 318

ENDS

About Bergen Carbon Solutions | www.bergencarbonsolutions.no

Bergen Carbon Solutions uses innovative technology to produce carbon-nanomaterials,

using CO₂ and Norwegian hydropower. This makes the production unique and

environmentally friendly. Bergen Carbon Solutions is listed on Euronext Growth

under the ticker BCS.