Annual Report • Mar 16, 2022
Annual Report
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| Key figures Amounts in NOK thousands |
Full year 2021 |
Full year 2020 |
|---|---|---|
| Total revenue and other income | 874 | 1 |
| Total operating expenses | 30 860 | 4 617 |
| Operating profit (loss) | −29 986 | −4 615 |
| Net profit (loss) for the period before tax | −29 905 | −4 655 |
| Net change in cash and cash equivalents | 66 798 | −32 994 |
|---|---|---|
| Cash and cash equivalents, end of period | 107 295 | 40 497 |
| Equity | 118 835 | 43 491 |
| Total assets | 124 504 | 48 544 |
Bergen Carbon Solutions AS (BCS) is located in Bergen, Norway. Since 2016, the company has been developing technology related to producing carbon nanofiber based on CO2 as a raw material. Carbon nanofiber (CNF) is a material that is in an exciting growth phase regarding produced volume and application in various applications globally. The Annual report is for both the company Bergen Carbon Solutions AS and included its subsidiaries where it is defined as a group.
The Board of Directors has reviewed the Company and Group's ongoing operations, position, and performance development. The Board of Directors believe that the group is properly organized and that its operations and internal control are satisfactory. The Board of Directors believes that the basis for continued operations is present, and the financial statements for 2021 have been set up under this assumption.
In a new guidance in December 2021, the company made a strategic change, moving from modular production to a full-scale factory. The company is working on scaling and developing full-scale factory modules through 2022 that will produce CNF. The first unit is scheduled to be completed in 1H 2023 at the planned factory in Mosjøen in Vefsn Municipality. Furthermore, an increase in capacity will be carried out throughout the year 2023 - by the end of 2023 production is expected to be 160 tons CNF per year. Throughout 2022 and 2023, several people will be employed in different departments, including manufacturing, assembly, and engineering.
The Board emphasizes that forward looking statements contained in this report are based on various assumptions and forecasts that, by their nature, involve risk and uncertainty. Accordingly, actual development may deviate from planned.
There has been no activity in the subsidiaries except the actual establishment of the three companies, Bergen Carbon Solutions Opportunities AS, Bergen Carbon Solutions Productions AS, Bergen Carbon Solutions Properties AS. The numbers presented below are therefore equal for the Group and the parent company unless otherwise specified.
The financial statements show a loss of MNOK 29.9 in 2021 compared to a loss of MNOK 4.7 in 2020, and a positive equity of MNOK 118.8 as of 31.12.2021 against MNOK 43.5 as of 31.12.2020. The financial result in 2021 is due to the scale-up of business.
The Board believes that the accounts provide a true and fair view of the development and results of the company's operations and position.
Total investments in 2021 were MNOK 10.6 (of which MNOK 1.7 was self-development intangible assets. Of the investment amount, MNOK 2.6 was financed in the form of grants from Enova).
Overall objective and strategy: BCS will through 2022 work on the development and completion of production units to be installed in the planned factory in Mosjøen, Norway. The factory is estimated to start production in 1H 2023. Furthermore, the Company plans large scale production in additional locations out of which Høyanger, Norway, is one of the locations considered. Furthermore, the Company is also looking into potential locations outside of Norway.
The company's performance is affected by the global economic conditions in the market in which it operates. The global economy has experienced a period of uncertainty since the outbreak of coronavirus SARS-CoV-2 ("Covid 19"). The progression of the company's development was to some extent negatively impacted by Covid-19 in 2021 and the beginning of 2022 due to the extraordinary health measures and restrictions on a local and global basis imposed by governments around the world. There have been suppliers who have not been able to deliver within the time axis that was expected, which has caused some delays in the company's development plans. In addition, employees were periodically forced into home office, resulting in less efficiency than optimal for the company's projects.
Total investments in 2020 were MNOK 6.2 (of which MNOK 3.7 was self-development intangible assets. Of the investment amount, MNOK 3.9 was financed in the form of grants from Enova.
The liquidity situation in the group is assessed satisfactorily, with a liquidity of MNOK 107.3 as of 31.12.2021 compared to MNOK 40.5 as of 31.12.2020. Of the MNOK 107.3, MNOK 107.2 is in Bergen Carbon Solutions AS, while MNOK 0.1 is from the subsidiaries.
The short-term debt amounted to about 4.6% of total capital per 31.12.2021. The financial position is considered good, and the current assets as of 31.12.2021 exceed the company's short-term debt. Short-term debt at the end of the year mainly consists of ordinary accounts payable and outstanding public taxes.
Total assets in the company at the end of the year was MNOK 124.5 compared to MNOK 48.5 the year before. The company's equity as of 31.12.2021 was MNOK 118.8 compared to MNOK 43.5 MNOK the year before. The equity ratio as of 31.12.2021 was approx. 95.4%, compared to approx. 89.6% as of 31.12.2020.
In 2021, the company's revenues have been low and liquidity and cash flow have been secured through a share capital increase and received grants. In addition to current operating costs, investments related to technology development and production capacity have been the key factors on the expenditure side.
The operating profit in 2021 shows a loss of MNOK 29.9, while net negative cash flow from operating activities amounts to MNOK 29.0. As mentioned, the company's liquidity and cash holdings are considered satisfactory.
The Board of Directors is not aware of any factors of importance for assessing the company's position and results that are not stated in the financial statement in general. After the end of the financial year, there have been no circumstances that, in the board's view, are important when judging the accounts.
The company is in a development phase and the pandemic has caused some deviations from best practice on how to work. Despite these challenges the Board is pleased with the major technological development that has been achieved with only minor delays compared to the original plans. Travel restrictions also limited the ability to meet potential customers and partners, and the company was also forced to cancel some trade fairs and seminars that it was planning to attend. Still, the company has been very active with potential customers and have also entered into several letters of intent. Covid-19 also led to an extension of the Enova project.
The invasion of Ukraine and the sanctions imposed on Russia has caused high volatility in global markets. It is uncertain how this impact the market and the company in the future.
The company have budgeted for some revenues in 2022, but still limited before the first production factory is completed. It is the Board's assessment that credit risk related to sales is limited.
The company requires additional capital financing to finance future factories and growth in the long term. The company's ability to finance working capital and capital expenditures will depend on future operating profit, as well as the ability to generate sufficient cash and to achieve new market funding. This depends to some extent on general economic, financial, competitive, market, legislative, regulatory and other factors, many of which are beyond the company's control. That said, in February 2022 the company raised MNOK 250 in new equity through a private placement which gives the company enough liquidity to be able to carry out the first plans that have been put forward. The company will consider all financing options for future plans, including operating cash flow, loans, government grants and equity.
The Board considers the working environment of the company to be good. No special measures have been taken in this regard. Employees in the enterprise have not been exposed to accidents or injuries in connection with the performance of their work. Total sickness absence in the last year has been a total of 2.3% of the total working time in the financial year.
Bergen Carbon Solutions AS aims to be a workplace where full equality prevails between women and men and has incorporated a personnel policy that is considered gender neutral in all areas. At the end of the year, the company had 34 employees, 6 women and 28 men. The company's Board of directors consists of 6 people, 4 of whom are men and 2 are women. There was a change in board members in January 2022. In 2021, the Board of directors consisted of 5 people, where all members were men.
In addition to BCS's production method being CO2 negative, BCS otherwise have a strong focus on the environment and does its best to have as energy efficient production as possible. The most important resources used are energy, water, and CO2. Paper, cardboard, plastic, metal, wood and (small) quantities of hazardous waste are delivered to recycling stations. BCS do not have emissions to water, and to air there are only small amounts of CO2 from the purification process. We aim to have zero emissions at all levels at our test factory in Flesland, but also our large-scale production. Our climate strategy is closely linked to our business strategy.
Throughout the year 2021 BCS has had several research and development activities, including design and production of the upgraded crucible "crucible 2.0", design of filtration optimalisation, Regional Research Fund Vestland (RFF) project with Norce as well as development of the pilot supported by Enova to test flue gas at BIR as direct input into the production unit. In 2021, two development projects have been applied for and approved through SkatteFUNN: "Development of a process for purification of CNF from solid salt", and "Development of a production unit for production of CNF with pure CO2 as input factor". Both projects are approved for two years.
This year's loss of NOK 29 905 087 is proposed as follows: NOK 29 905 087 transferred from the share premium.
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 Bergen Carbon
Solutions AS subsidiary established in January 2022 (Bergen Carbon Solutions 2/3, 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.
Chairman of the Board
Wenche Teigland
Member of the Board
Member of the Board
Member of the Board
Member of the Board
Member of the Board
Jan Børge Sagmo
CEO
7
| Name | Method | Signed at |
|---|---|---|
| Sagmo, Jan Børge | BANKID MOBILE | 2022-03-15 16:06 GMT+01 |
| Simonsen, Bjørn | BANKID MOBILE | 2022-03-15 16:06 GMT+01 |
| Dodoroon Atla Tuodt | DANILIN MODILE | $0.00000000000000000000000000000000000$ |
| Holst, Bodil | BANKID MOBILE | 2022-03-15 16:06 GMT+01 |
|---|---|---|
| Fatnes, Terje Christian | BANKID MOBILE | 2022-03-15 16:05 GMT+01 |
| Skansen, Dag Vikar | BANKID MOBILE | 2022-03-15 16:09 GMT+01 |
| Teigland, Wenche | BANKID MOBILE | 2022-03-15 16:07 GMT+01 |
| Note | 2021 | 2020 |
|---|---|---|
| Operating profit | $-299985916$ | $-4615465$ | |
|---|---|---|---|
| Financial income and expenses | |||
| Other interest income | 116 609 | 1 189 | |
| Other financial income | 12 211 | 9 2 0 2 | |
| Other interest expenses | 14 842 | 33 488 | |
| Other financial expenses | 33 149 | 16 293 | |
| Net financial items | 80 829 | $-39390$ | |
| Net profit before tax | 5 | $-29905087$ | -4 654 855 |
| Net profit after tax | -29 905 087 | -4 654 855 |
| Non-current assets | Note | 2021 | 2020 |
|---|---|---|---|
| Inventories | 372 173 | 74 128 | |
|---|---|---|---|
| Receivables | |||
| Accounts receivables | 52 143 | 0 | |
| Other short-term receivables | 10, 12 | 2 573 731 | 520 121 |
| Total receivables | 2 6 2 5 8 7 4 | 520 121 | |
| Cash and bank deposits | 107 294 671 | 40 496 789 | |
11
| Equity | Note | 2021 | 2020 |
|---|---|---|---|
| וטנמו ווטוו־טמווטווג ווטוטווונוט | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -- | -- | ---------------------------------- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Current assets | |
|---|---|
Chairman of the Board
Member of the Board
Member of the Board
Member of the Board
Member of the Board
Member of the Board
Bergen 15.03.2022 Board of Directors - Bergen Carbon Solutions AS
CEO
Note 2021 2020
| Cash flows from operating activities | ||
|---|---|---|
| Profit/loss before tax | $-29905087$ | $-4654855$ |
| Loss/gain on the sale of fixed assets | 7 3 1 6 | $\Omega$ |
| Depreciation, amortization and impairment | 1 1 1 4 9 6 8 | 402 400 |
| Change in inventory | $-298045$ | $-31304$ |
| Change in accounts receivable | $-52$ 143 | $\bf{0}$ |
| Change in accounts payable | $-90592$ | $-670649$ |
| Change in other accrual items | 153 377 | 176 687 |
| Net cash flows from operating activities | -29 070 205 | -4 777 721 |
Current assets
| Cash and cash equivalents at the start of the period | |
|---|---|
| Cash and cash equivalents at the end of the period |
| 40 496 789 | 7 502 622 |
|---|---|
| 107 294 671 | 40 496 789 |
| Subsidiaries | Owner interest |
|---|---|
| Bergen Carbon Solutions Productions AS | 100% |
| Bergen Carbon Solutions Opportunities AS | 100% |
| Bergen Carbon Solutions Properties AS | 100% |
The three subsidiaries were established on 11 November 2021.
The financial statements includes both the separate financial statements for the parent company and the consolidated financial statements for the BCS group. The financial statements comprise income statement, balance sheet, cash flow statement and notes to the financial statements. The financial statements have been prepared in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, with the exceptions that are generally accepted for small enterprises in Norway (NRS 8). The notes
The consolidated financial statements include Bergen Carbon Solutions AS (BCS) and its subsidiaries, which are entities in which BCS has control. Control is normally achieved through ownership, directly or indirectly, of more than 50 % of the voting power. Currently, BCS has 100 % of the voting power in the subsidiaries. Subsidiaries are included in the consolidated financial statements from the date control commences until the date control ceases. There have been no transactions in the subsidiaries in 2021 except from payment of share capital from the parent company.
Investments in subsidiaries is accounted for using the cost method in the separate financial statement for the parent company (company accounts).
Income from the sale of nanofiber is recognised on the date of delivery. Rendering of services related to development and testing of products are recognized as income asthey are delivered.
The tax charge in the profit and loss account consists of tax payable for the period and the change in deferred tax. Deferred tax is calculated at the tax rate at 22 % on the basis of tax-reducing and tax-increasing temporary differences that exist between accounting and tax values, and the tax loss carried forward at the end of the accounting year. Taxincreasing and tax-reducing temporary differences that reverse or may reverse in the same period are set off and entered net. In accordance with good accounting practice for small enterprises (NRS 8) the management has chosen not to capitalize deferred tax assets.
Fixed assets include assets intended for permanent ownership and use. Fixed assets are valued at acquisition cost. Fixed assets are capitalized and depreciated over the asset's economic life. Fixed assets are written down to the recoverable amount in the event of a fall in value that is not expected to be temporary. The recoverable amount is the higher of net sales value and value in use. Value in use is the present value of future cash flows associated with the asset. The write-down is reversed when the basis for the write-down is no longer present.
Current assets and short-term liabilities normally include items that fall due for payment within one year of the balance sheet date, as well as items that relate to the stock cycle. Current assets are valued at the lower of acquisition cost and fair value.
The raw materials are valued at acquisition cost and finished goods are valued at net sales value.
Receivables from customers and other receivables are entered at par value after deducting a provision for expected losses. The provision for losses is made on the basis of an individual assessment of the respective receivables.
The intangible asset is as of 31.12.21 in the final phase of the development stage. A proportion is expected to represent a fully developed physical asset upon expected completion in mid-2022, cf. note 1.
Variable development costs are capitalized to the extent that a future economic benefit related to the development of an identifiable intangible asset can be identified and the expenses can be measured reliably. Otherwise, such expenses are expensed on an ongoing basis. Capitalized development is depreciated on a straight-line basis over its economic life. The year's change in the carrying amount is shown on a separate line in note 2.
Fixed manufacturing costs are expensed as incurred.
Preparation of the financial statement in accordance with the Accounting Act requires the use of estimates. Furthermore, the application of the company's accounting principles requires management to exercise judgement. Recognition of expenses for own development of intangible assets is an area that to a large extent requires use of judgement, contains a high degree of complexity and is an area where assumptions and estimates are significant for the annual accounts.
The cash flow statement, which the company has voluntarily chosen to prepare, is set up according to the indirect method. Cash and cash equivalents include bank deposits.
Received grants from Enova includes investment and operating grants, with an allocation in accordance with the allocation of the expenses related to the project on capitalized investment and recognized costs, respectively. Other grants recieved in 2021 are recognized as operating grants. Investment grants are entered as a reduction in the asset's acquisition cost (net recognition). The investment grant is recognized in the income statement through reduced depreciation in line with the depreciation plan. Grants that are recognized in the income statement or net against the investment, but which have not yet been received, are presented as other current receivables. Investment grants are netted to bring the asset's acquisition cost and the asset's fair value as closely as possible.
The functional currency is NOK and the financial statements are presented in NOK. Monetary items denominated in foreign currency are valued at the exchange rate as per the end of the financial year. Sales and purchases in foreign currencies are recognized to the currency at the date of the transaction. Exchange gains and losses relations to sales and purchases in foreign currencies are recognized as finance.
In the period 2019 until 2021, the company has worked on a development project related to the development of an upscale production unit, which will produce nanofiber based on CO2 as an input factor. Carbon nanofiber is carbon fiber at the nanometer scale, consisting of several graphene flakes. Lighter than plastic and stronger than steel, with exceptional thermal and electrical conductivity. Carbon nanofiber has superior mechanical and electrical properties that can be transferred to the main material at relatively low admixture as a composite. This can be both of a structural and electrical nature. The unit being developed will carry out tests to use CO2 from flue gas directly from incineration plants. The costs capitalized to the project is related to development of the method used in production and capturing CO2 from flue gas. Hereby, the project is defined as development as mentioned in NRS 19, chapter 2.1.3.
The majority of the expenses relating to the project are capitalized own development expenses, an intangible asset in the balance sheet. As of 31.12.2021, capitalized development expenses related to the project are NOK 19 383 295.
The project is supported by ENOVA, and extends according to the current plan until June 2022. Including support for November paid in January 2022, the company has been paid a total of NOK 10 288 586 since its inception in 2019. The company receives 45% of reported project costs until they have reached 80% of the granted amount, which was
achieved in November 2021. Any final amount is paid after final reporting on the project.
Expected commissioning is estimated for April 2022, after which test production will be run towards the summer and concluded. The assessment will then be based on the suitability of the flue gas as a raw material for the BCS process and on which process parameters are optimal for utilizing it.
From the middle of 2022, it is expected that we will start to get some revenue from the project. The first income will be linked directly to the project either as a product alone or together with production made elsewhere. Later, the income will be more indirectly based on the experiences from this project when it is passed on to other incomegenerating
projects.
From mid-22, a proportion of the unit is expected to represent a fully developed physical asset that is depreciable. Another portion will be kept as an intangible asset. Depreciation is incorporated from the date of when it is expected to generate income. A depreciation plan of 3 years is assumed.
| 2021 | 2020 | |
|---|---|---|
| Reduction in capitalized amount | 2 615 394 | 3 988 109 |
| Reduction in cost, operating subsidy | 656 421 | 431 171 |
| Total | 3 2 7 1 8 1 5 | 4 419 280 |
Note 2 Fixed assets
| Research | Plant and | Equipment | |
|---|---|---|---|
| and | machinery | and other | |
| development | movables | ||
| Acquisition cost as of 01.01.21 | 5 080 996 | 2 5 2 3 9 3 3 | 299 467 |
| + Additions purchased fixed | 6 3 6 2 0 9 7 | 1 394 788 | 829 117 |
| assets/external procurement | |||
| + Additions self-development | 1 727 248 | ||
| intangible assets | |||
| - Disposals this year | -131 316 | ||
| - Grant Enova | $-2615394$ | ||
| $=$ Acquisition cost 31.12.21 | 10 554 947 | 3 787 405 | 1 1 28 5 84 |
| Accumulated depreciation 31.12.21 | 1 236 392 | 380 061 | |
| $=$ Book value 31.12.21 | 10 554 947 | 2 5 5 1 0 1 3 | 748 524 |
| This year's ordinary depreciations | 788 874 | 261 094 | |
| Economic life | Under | 5-10 years | 3-10 years |
| development | |||
| Patents, | Total | ||
| licences and | |||
| trademarks | |||
| Purchase cost as of 01.01.21 | 129 949 | 8 0 3 4 3 4 5 | |
| + Inflow purchased fixed | 306 770 | 8 8 9 2 7 7 2 | |
| assets/external procurement | |||
| + Inflow self-development intangible | 1 727 248 | ||
| assets | |||
| - Outflow this year | $-131316$ | ||
| - Grant Enova | - 2 615 394 | ||
| $=$ Acquisition cost 31.12.21 | 436 719 | 15 907 655 | |
| Accumulated depreciation 31.12.21 | 80 249 | 1 696 702 | |
| $=$ Book value 31.12.21 | 356 470 | 14 210 954 | |
| This year's ordinary depreciations | 65 000 | 1 1 1 4 9 6 7 | |
| $E_{\rm conomio}$ lifo | $5.15$ $1000$ |
Note 3 Salary costs and benefits, remuneration to the CEO, Board and auditor
| Salary costs | 2021 | 2020 |
|---|---|---|
| Salaries | 14 702 338 | 4 549 484 |
| Payroll tax | 2 0 3 1 2 2 8 | 561 506 |
| Pension costs | 524 234 | 85 951 |
| Other benefits | 321 201 | 17 246 |
| Cost reduction due to SkatteFUNN | -556 482 | $\bf{0}$ |
| Total | 17 022 519 | 5 2 1 4 1 8 7 |
| 2021 | 2020 | |
| Man years: | 19 | 7.5 |
| Benefits | CEO |
| 2021 |
|---|
| 324 000 |
| 51 500 |
| 103 000 |
| 414 400 |
Note 4 Other expenses
| 2021 | 2020 | |
|---|---|---|
| Electricity, energy and fuel | 258 419 | 132 757 |
| Rent facilities | 1 7 7 9 5 6 0 | 595 458 |
| Rent machines, fixtures and equipment | 759 620 | 142 578 |
| Tools, fixtures, etc. | 3 0 5 6 9 4 3 | 678 752 |
| Repair and maintenance | 80 383 | 41 477 |
| Other third party services | 5 7 1 1 3 3 3 | 800 421 |
| Office costs | 278 801 | 139 580 |
| Expenditure on transport | 18 072 | 25 506 |
| Travel expenses | 699 286 | 140 820 |
| Sales, advertising and entertainment costs | 437 082 | 101 635 |
| Contingents | 58 554 | 49 336 |
| Insurance premium | 8 0 4 2 | 8 100 |
| Other cost | 347 509 | 128 469 |
| Reduction of costs due to operating funds Enova | $-656$ 421 | -431 171 |
| Total | 12 837 185 | 2 553 718 |
| Share capital Share premium Unregistered | Total equity | |||
|---|---|---|---|---|
| capital increase | ||||
| As of 01.01.2021 | 54 759 | 5 5 1 7 8 4 0 | 37 918 361 | 43 490 960 |
| Result for the year | $-29905087$ | $-29905087$ | ||
| Capital increase 12.01.21 | 21 903 | 39 980 276 | $-37918361$ | 2 083 818 |
| Capital increase 09.04.21 | 20 4 26 | 79 979 579 | 80 000 005 |
| Capital increase 30.08.21 | 14 934 | 29 982 494 | 29 997 428 |
|---|---|---|---|
| Cost capital increase | -6 832 537 | -6 832 537 | |
| As of 31.12.2021 | 112 022 | 118 722 565 | 118 834 587 |
Equity in the group
| Share capital Share premium Unregistered | Total equity | |||
|---|---|---|---|---|
| capital increase | ||||
| As of 01.01.2021 | 54 759 | 5 5 1 7 8 4 0 | 37 918 361 | 43 490 960 |
| Result for the year | $-29905087$ | $-29905087$ | ||
| Capital increase 12.01.21 | 21 903 | 39 980 276 | $-37918361$ | 2 083 818 |
| Capital increase 09.04.21 | 20 4 26 | 79 979 579 | 80 000 005 | |
| Capital increase 30.08.21 | 14 934 | 29 982 494 | 29 997 428 | |
| Cost capital increase | $-6832537$ | $-6832537$ | ||
| As of 31.12.2021 | 112 022 | 118 722 565 | 118 834 587 |
| Ownership | Share | Result | Equity | |
|---|---|---|---|---|
| share | Capital | |||
| Bergen Carbon Solutions Opportunities AS | 100,0% | 30 000 | 30 000 | |
| Bergen Carbon Solutions Productions AS | 100,0% | 30 000 | 30 000 | |
| Bergen Carbon Solutions Properties AS | 100,0% | 30 000 | 30 000 | |
| aa aaa | $\sim$ | $\mathbf{A} \mathbf{A} \mathbf{A} \mathbf{A} \mathbf{A}$ |
| Total | Face value | Entered | |
|---|---|---|---|
| Ordinary shares | 37 340 511 | 0,003 | 112 022 |
| Total | 37 340 511 | 112 022 |
| Ordinary shares | Owner interest | |
|---|---|---|
| Saga Pure ASA | 8954000 | 23,98 |
| Awilco AS | 4 183 650 | 11,20 |
| Finn Blydt-Svendsen | 3 306 000 | 8,85 |
| Jan Børge Sagmo | 2 2 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 | 6,11 |
| Bir AS | 1827000 | 4,89 |
| Silvercoin Industries AS | 1 103 730 | 2,95 |
| Citibank Europe PLC | 1 100 000 | 2,95 |
| Sande Holding AS | 850 000 | 2,28 |
| Verdipapirfondet Nordea Avkastning | 815 492 | 2,18 |
| Nordnet Livsforsikring AS | 728 328 | 2,07 |
| Total >2% ownership share | 25 148 200 | 67,46 |
| Total other | 12 192 311 | 32,54 |
| Total number of shares | 37 340 511 | 100,0 |
| Name | Position | Ordinary shares |
|---|---|---|
| Jan Børge Sagmo | CEO | 2 280 000 |
| Finn Blydt-Svendsen | COO | 3 306 000 |
| Total number of shares | 5 586 000 |
Note 9 Receivables and liabilities
| This year's tax expense | 2021 | 2020 |
|---|---|---|
| Entered tax on ordinary profit/loss: | ||
| Payable tax | 0 | |
| Changes in deferred tax assets | Ő | |
| Tax expense on ordinary profit/loss | Ő | |
| Taxable income: | ||
| Ordinary result before tax | -29 905 087 | -4 654 855 |
| SkatteFUNN (tax deduction scheme) | -556 482 | |
| Other permanent differences | -4 662 191 | -2 051 288 |
| Changes in temporary differences | 291 327 | -111 024 |
| Taxable income | 34 832 433 | 6 817 166 |
| Payable tax in the balance: | ||
| Payable tax on this year's result | 0 | $\bf{0}$ |
| Accruals for outstanding from SkatteFUNN | $-556$ 482 | $\bf{0}$ |
| Tax recievable (SkatteFUNN) | -556 482 |
| 2021 | 2020 | Difference | |
|---|---|---|---|
| Tangible assets | 50 320 | 150 785 | 100 465 |
| Inventories | $-190.862$ | 190 862 | |
| Total | -140 542 | 150 785 | 291 327 |
| Accumulated loss to be brought forward | -51 776 781 | -16 944 348 | 34 832 433 |
|---|---|---|---|
| Basis for deferred tax assets | 51 917 323 | 16 793 562 | -35 123 761 |
| Deferred tax assets (22 %) | -11 421 811 | -3 694 584 | 7 727 227 |
The continuation of Covid-19 with the Omicron strain had a negative impact on the Company's operations during the first two months of 2022. Our operations are now back to normal.
In 2022, the company has entered into option agreements with employees (not the general manager). Work on the option agreement has been ongoing for large parts of 2021, but the agreement was first signed and entered into in January 2022.
On 13 January 2022 the Company entered into a definite agreement to acquire a 5,000 square meters property in Mosj en in Vefsn municipality for NOK 3.6m. The property will be used for a potential factory with annual production capacity of 160 tons CNF.
On 25 January 2022 the Company announced the results from the joint collaboration project with Beyonder, using EcoNano CNF in their electrode materials in batteries. The result showed that adding EcoNano CNF increased the battery performance and internal resistance was reduced. The test also showed increased specific and volumetric capacitance. The batteries with carbon nanofiber showed promising performance even at very high current densities.
On 26 January 2022 the company held an Extraordinary General Meeting where a new Board of Directors was elected.
On 27 January 2022 NORCE (Norwegian Research Center AS) presented a report where it concluded that CNF can improve material properties of cement & concrete, batteries and plastics, and reduce CO2 emissions. For batteries the report concluded that inclusion CNF can make anodes both lighter and longer-lasting, while also improving properties such as energy storage, charging and discharging speed and energy efficiency.
On 9 February 2022 the Company successfully raised NOK 250 000 000 in new equity. The capital increase was registered with the Norwegian Register of Business Enterprises on 28 February 2022.
On 28 February 2022 the Company announced that the pre-project "TiO2-CNF" with TioTech AS to study the usage of EcoNano CNF as an additive to TioTech`s white titania powder to improve the fast- charging capabilities of Li-ion batteries was completed. The project received KNOK 500 in funding from Regionalt Forskningsfond Vestland in April 2021. The preliminary results showed that CNF has the potential to increase the capacity of titania. As such, both parties agreed to continue the R&D project into next phase.
On 10 March 2022 the company announced a new letter of intent with Japanese company Inabata Europe GmbH. The intention is for Inabata to develop business relationship with BCS and purchase of EcoNano CNF. Inabata is intended to introduce EcoNano in their different product ranges such as high-performance and engineered thermo plastics, composites, automotive, electronic appliances and other related products.
In 2021, two development projects have been applied for and approved through SkatteFUNN: "Development of a process for purification of CNF from solid salt", and "Development of a production unit for production of CNF with pure CO2 as input factor". Both projects are approved for two years. The grants from SkatteFUNN are recognized as operating grants.
Total costs in 2021 is NOK 2 928 853, and a total amount of NOK 556 482 (19 %) has been entered as a reduction in personnel expenses and as short-term receivables in the balance sheet, since the company has no tax payable in 2021.
| Name | Method | Signed at |
|---|---|---|
| Sagmo, Jan Børge | BANKID MOBILE | 2022-03-15 17:20 GMT+01 |
| Pedersen, Atle Tvedt | BANKID MOBILE | 2022-03-15 17:13 GMT+01 |
| Holst, Bodil | BANKID MOBILE | 2022-03-15 17:12 GMT+01 |
|---|---|---|
| Skansen, Dag Vikar | BANKID MOBILE | 2022-03-15 17:11 GMT+01 |
| Teigland, Wenche | BANKID MOBILE | 2022-03-15 17:21 GMT+01 |
| Fatnes, Terje Christian | BANKID MOBILE | 2022-03-15 17:21 GMT+01 |
| Note | 2021 | 2020 |
|---|---|---|
| Operating profit | $-299985916$ | $-4615465$ | |
|---|---|---|---|
| Financial income and expenses | |||
| Other interest income | 116 609 | 1 189 | |
| Other financial income | 12 2 11 | 9 2 0 2 | |
| Other interest expenses | 14 842 | 33 488 | |
| Other financial expenses | 33 149 | 16 293 | |
| Net financial items | 80 829 | $-39390$ | |
| Net profit before tax | 5 | $-29905087$ | $-4654855$ |
| Net profit after tax | $-29905087$ | $-4654855$ |
| uncovered loss against share premium | -29 905 087 | -4 054 855 |
|---|---|---|
| Total | $-29905087$ | -4 654 855 |
| Non-current assets | Note | 2021 | 2020 |
|---|---|---|---|
| Equity | Note | 2021 | 2020 |
|---|---|---|---|
| Total non-current liabilities | 1 500 000 | |
|---|---|---|
| Current liabilities | ||
| Trade payables | 2 421 880 | 2 512 472 |
| Public duties payable | 1 217 243 | 467889 |
| Other current liabilities | 2029962 | 572 328 |
| Total current liabilities | 5 669 086 | 3 552 689 |
| Total liabilities | 5 669 086 | 5 0 5 2 6 8 9 |
| Total equity and liabilities | 124 503 672 | 48 543 649 |
Bergen 15.03.2022 Board of Directors - Bergen Carbon Solutions AS
Chairman of the Board
Member of the Board
Member of the Board
Member of the Board
Member of the Board
Member of the Board
CEO
Note 2021 2020
| Cash flows from operating activities | ||
|---|---|---|
| Profit/loss before tax | $-29905087$ | $-4654855$ |
| Loss/gain on the sale of fixed assets | 7 3 1 6 | $\Omega$ |
| Depreciation, amortization and impairment | 1 1 1 4 9 6 8 | 402 400 |
| Change in inventory | $-298045$ | $-31304$ |
| Change in accounts receivable | $-52$ 143 | 0 |
| Change in accounts payable | $-90592$ | -670 649 |
| Change in other accrual items | 153 377 | 176 687 |
| Net cash flows from operating activities | -29 070 205 | -4 777 721 |
| $-1,500,000$ | O |
|---|---|
| 105 248 713 | 40 002 179 |
| 103 748 713 | 40 002 179 |
| Name | Method | Signed at |
|---|---|---|
| Sagmo, Jan Børge | BANKID MOBILE | 2022-03-15 17:20 GMT+01 |
| Pedersen, Atle Tvedt | BANKID MOBILE | 2022-03-15 17:12 GMT+01 |
| Simonsen Biørn | RANKID MORILE | $2022 - 03 - 15$ 17.12 GMT+01 |
| Holst, Bodil | BANKID MOBILE | 2022-03-15 17:11 GMT+01 |
|---|---|---|
| Skansen, Dag Vikar | BANKID MOBILE | 2022-03-15 17:10 GMT+01 |
| Teigland, Wenche | BANKID MOBILE | 2022-03-15 17:22 GMT+01 |
| Fatnes, Terje Christian | BANKID MOBILE | 2022-03-15 17:21 GMT+01 |
| OHICES ID. | ||||
|---|---|---|---|---|
| KPMG AS, a Norwegian limited liability company and member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. |
Oslo Alta Arendal |
Elverum Finnsnes Hamar |
Mo i Rana Molde Skien |
Stord Straume Tromsø |
| Statsautoriserte revisorer - medlemmer av Den norske Revisorforening | Bergen Bodø Drammen |
Haugesund Knarvik Kristiansand |
Sandefjord Sandnessjøen Stavanger |
Trondheim Tynset Alesund |
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