Bergen Carbon Solutions AS

Annual Report • Mar 16, 2022

Financial results for 2021 and outlook

Financial results for 2021 and outlook

Bergen, 16 March 2022: Bergen Carbon Solutions AS (BCS, OSE:BCS)

today published the annual report for financial year 2021 and also provided an outlook statement.

The final results for 2021 are in line with the preliminary figures presented on 15 February 2022 and please find the annual report for 2021 attached.

Jan Børge Sagmo, CEO commented:” The results for 2021 are in line with our plans and reflect our focus on developing the technology, building organisation and preparing the company for anticipated strong growth ahead. We made tremendous progress during 2021, proving the scalability of our unique technology and laying out plans for full-scale production factories, which will accelerate our ability to deliver large volumes of carbon nanofibers (CNF) to clients”.

In connection with the annual report the Board of Directors also provided the following outlook statement:

The market for carbon nanofibers is growing rapidly and new areas and applications for use are constantly discovered. Through its innovative technology, Bergen Carbon Solutions can deliver the most environmentally friendly CNF in the market, and the Board also believe that the company’s products will expand the market further. The company has gained a lot of attention from both domestic and international clients and the Board is confident that some of the many letters of intent and ongoing projects will be converted into firm purchase contracts during 2022. Some of the major clients the company aim to serve in the future, in particular within the battery and industrial segments, will require reliable supply and large volumes of CNF. Discussions with such potential clients have intensified after the company’s announcement of building full-scale CNF production factories.

The development of the first full-scale production factory in Mosjøen is progressing according to plan. The company aims for construction start at the end of Q2 2022 with production start in 1H 2023. Ramp-up of the production capacity will occur through 2023 and the company aims to reach full capacity of 160tons CNF by year-end 2023. The Mosjøen area offers reliable access to renewable energy through hydropower, lower payroll tax rate and will serve as a hub for future material technology research in co-operation with the CNF Arena project that has now been developed in the year 2021. The project will continue, but now trough the company Carbon Development Solutions AS (a subsidiary owned two-thirds by Bergen Carbon Solutions AS and one-third by Mosjøen og Omegn Næringsselskap KF 1/3).

2022 will be an exciting year for the company and it is the Board’s assessment that Bergen Carbon Solutions is well positioned and prepared to realize the current plans and its market potential.

Event: Presentation of full year 2021 financial results Time and date: Wednesday 16 March, at 08:00 CET Venue: Grand hotel, room: Julius Fritzner, Oslo, Norway Link to webcast: https://vimeo.com/687059678/9145051bea

The event is open to the public, no sign up is needed to attend the webcast. For physical attendance, please give us your name and email at https://forms.gle/Vd2yZoraDsScgYcs5.

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For further information, please contact:

Jan B. Sagmo, CEO, janbsagmo@bergencarbonsolutions.com, +47 473 72 701

Dag V. Skansen, Chairman, dag.skansen@skansenholding.no, +47 909 57 585

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

About Bergen Carbon Solutions | www.bergencarbonsolutions.no Bergen Carbon Solutions uses innovative technology to produce carbon nanofibers, 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.