Bergen Carbon Solutions AS

Investor Presentation • Feb 15, 2022

COMPANY UPDATE

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 forward-looking 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.

DISCLAIMER

• Bergen Carbon Solutions in brief
• Market update
• Technological breakthrough

HIGHLIGHTS Q4

• Revenue and other income 0.7
• Operating profit 12.2*
• Cash balance 107.2
• Number of shareholders >3.900
• Market cap 2.5 BNOK
• From 2022: Quarterly reporting

*The figures have not been revised

• Crucible 2.0 in operation since December
• Started with 24/7 production
• Increased capacity in engineering and R&D
• Good initial results from the Japanese company we signed an LOI with in October 2021. Further testing will be conducted
• The initiative with KAOS and Aker BioMarines's AION to develop and produce carbon negative baby products has been awarded a grant from Regional Research Funds in Norway (RFF)

Financial results and financing (MNOK) Operations

Ready for big scale production

Subsequent events

• Private placement successfully completed with 250MNOK
• Announced decision to move forward with full-scale factory in Mosjøen
• Positive NORCE report on reduction in CO2 emissions from using carbon nanofiber additives
• Joint collaboration project with Beyonder has given good results from battery test and we have ongoing discussion about large scale testing
• Joint projects with different companies on how to use our EcoNano CNF as conductive additives in electrode materials for both lithium and sodium batteries.
• Ongoing advanced discussions with potential clients

Financial highlights

Q4 HIGHLIGHTS

Key figures		Full year	Full year
Amounts in NOK thousands	Q4 2021*	2021*	2020
Total revenue and other income	665	874	1
Total operating expenses	12 866	31 417	4 617
Operating profit (loss)	-12 202	-30 542	-4 615
Net profit (loss) for the period before tax	-12 094	-30 462	-4 655
Net change in cash and cash equivalents	-11 240	66 708	-32 994
Cash and cash equivalents, end of period	107 205	107 205	40 497
Equity	118 278	118 278	43 491
Total assets	123 947	123 947	48 544

*The figures have not been revised

Bergen Carbon Solutions at a glance

ABOUT BERGEN CARBON SOLUTIONS

KEY FACTS

• Founded in 2016
• Producer of carbon nanofibers
• Located in Bergen and Mosjøen, Norway
• Competent team of engineers and PhDs
• Unique and green technology
• Acquired commercial production site
• 34 full time employees
• Listed on Euronext Growth Oslo (Ticker: BCS)

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• ◊ Lighter than plastic, stronger than steel, with exceptional thermal and electrical conductivity, properties that can be transferred when combined with other materials
• ◊ Estimated CAGR of ~30% towards 2024 1,2 , covering a wide range of industrial and technological applications
• ◊ Market price between NOK 5 000 per kg and NOK 27 000 per kg depending on quality 1
• ◊ Our products cover the whole range of qualities, meeting different customer needs

WE USE CO² TO CREATE CARBON NANOFIBERS

LIGHTER than plastic

STRONGER than steel

LEADS ELECTRICITY better than copper

THE SOLUTION

PRODUCTION METHOD

TECHNOLOGICAL BREAKTHROUGH

Our technology is using CO² as feedstock in CNF production

An electrolysis process break the chemical bonding. Carbon (C) can then be taken out of the production module and transferred manually over to the filtration module

The carbon is filtrated in a patented filtration module and then, carbon nanofiber is ready for sale as a final product

Our technology is climate positive and uses significantly less energy than conventional methods

ABOUT BERGEN CARBON SOLUTIONS

Bergen Carbon Solutions Positive CO² impact

Zero emission products enabling a low carbon footprint

We have started pre-engineering full-scale factory production units. We are expecting the market to grow rapidly, and the Converting CO² into CNF will positively contribute to UN's Sustainable Development Goals

production factory is expected to significantly reduce our unit cost. Our environmental efforts will help our customers:

ABOUT BERGEN CARBON SOLUTIONS

• ◊ Reduce their carbon footprint
• This is expected to further strengthen our ◊ Market their products as carbon positive
• competitive advantage. As a result of the changed focus, we will present updated guiding before the end of the year ◊ Apply for grants designed for environmental purposes

We've developed an energy efficient, carbon negative method to produce CNF out of CO² , using renewable energy, with O² as the only bi-product

Our product ECO-C is also known as green carbon nanofiber

MARKET UPDATE

Carbon Nanofiber (CNF)

• ◊ A black powder that has been evolving since the seventies/eighties
• ◊ CNF are carbon fibers at the nanometer scale, consisting of several graphene flakes
• ◊ Emerging material that has a unique combination of strength, durability and conductivity
• ◊ Wide range of applications, qualities which can be transferred when combined with other materials
• ◊ CNF have revolutionized energy storage, protective clothing, flame retardance and oil spill remediation, as well as therapeutic cancer drugs with its unique additive qualities

Selected application areas

CNF is used for a variety of applications such as additive to composite, lithium-based batteries, supercapacitors and solar desalinations with mostly a clear environmental positive impact

MARKET POTENTIAL

CNF market expected to more than double by 2024

Source: PwC analysis, October 2020

NORCE report showing huge market potential for CNF/CNT

MARKET UPDATE

CO² emission: <0.1% of world total, but increasing

Lighter and longer-lasting with higher performance

Lifecycle GHG emission: 4% of world total

Increase strength and stiffness, while requiring less material

CO² emission: 7% of world total

Stronger, self-sensing, less open to water, stiffer, more fire-proof

Potential from using CNF additives

Equals > 6% of global CO2 emissions from fossil fuel in 2020 2

Significant emission reduction potential¹

NORCE-REPORT: KEY TAKEAWAYS (1)

• ◊ Material improvement from CNF/CNT lead to reduced production amount
• ◊ 2 Gt CO² emission reduction potential from less production alone, in the next 10 years
• ◊ These estimates do not account for ripple effects, meaning that the reduction potential is even larger
• E.g., less concrete production would also affect emissions from transportation at 7.9kg CO² per tonne concrete3

1: "Reduction in CO² emissions from using carbon nanofiber additives" (Alagic, Blomgren et al., 2022) 2: "Global Carbon Budget 2021" (Friedlingstein, Pierre, et al., 2021)

3: MPA The Concrete Centre, 2020

Globe-icon from flaticon.com

Can reduce more than 2 000 000 000 tonnes CO² the next 10 yrs

Market potential for CNF/CNT products in the future¹

NORCE-REPORT: KEY TAKEAWAYS (2)

• ◊ Rapid technology development and material improvement in the past decade
• ◊ CNF/CNT demand expected to grow in the future
• ◊ Demand from Norwegian-based rubber/plastics, electrical equipment and non-metallic mineral industries represent a significant part of the market
• ◊ Potential CO² emission reduction of 250 Mt/year by adding 0.01% CNF to concrete/cement

Estimated cement demand and production availability of CNF to cement

Scaling and cost reduction are keys to market adoption¹

• ◊ Full market penetration of CNF/CNT requires fast upscale of production capacity and industrial scale adoption in new products
• ◊ Technology for upscaling CNF/CNT production capacity and reducing costs are key to accelerate market adoption

1: "Reduction in CO² emissions from using carbon nanofiber additives" (Alagic, Blomgren et al., 2022)

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Full-scale design positions Bergen Carbon Solutions towards market adoption

NORCE-REPORT: IMPLICATIONS

• ◊ New FULL-SCALE design enables significant higher production than previously guided
• ◊ Initial calculations indicate 25% lower* capital expenditures with factory setup compared with containers
• ◊ We expect a new design to reduce operating expenses (OPEX) by at least 20%* from the containerized solution

*Based on calculations in pre-engineering phase

Small improvement in battery performance, can significantly impact global emissions¹

SELECTED SEGMENT: BATTERIES (NORCE)

• ◊ CO² emission may increase by a factor of 10 within a decade unless production technologies improve
• ◊ CNF-potential for currently dominating graphite anode
• ◊ Promising results for next generation Silicon-based anodes
• ◊ Vehicle weight reduction of 5-10% seem within reach while maintaining vehicle performance

2: Based on assumption that the battery pack constitutes roughly 25% of an electric vehicle today

Increase in supercapacitors performance by adding our CNF¹

SELECTED SEGMENT: SUPERCAPACITORS

Addition of CNF in electrode composite resulted in;

• ◊ 13% increase in volumetric capacitance
• ◊ Improved packing density
• ◊ Electrodes with very low resistance and higher rate performance even at high current densities

^2: Volumetric capacitance

"The carbon nanofiber sample was used as received without any pre-treatments."¹

Great base for further research of optimal battery composition and large scale-testing

¹ Excluding the battery casing; ² Park et. al, Cameán et. al, Wang et. al

EXAMPLE: TESLA WITH A 100kWh BATTERY – BATTERY WEIGHT 450 KG

All above indicate a CNF-value of around 1,000 USD/kg

Performance

Faster charging times and better cyclability

Reduced CO2-footprint

ELECTRIC VEHICLE EXAMPLE

NORCE-REPORT: KEY TAKEAWAYS (4)

Adding CNF to the investigated material groups can create national value and employment¹

2 Making endproducts "greener" will increase future demand

Direct providers can use experience to export their products internationally

TECHNOLOGICAL BREAKTHROUGH

TEST CENTER FLESLAND

WHAT WE HAVE DONE

Diegel 2.0 in production by the end of Q1 2022

3.2^t Annual production capacity

[Logo]

In active discussions to increase power input

2021 Opened

Employees at the test center

2,500m²

With production facilities at the test center

Successful implementation of Diegel 2.0

DIEGEL 2.0 IS NOW IN OPERATION

WERE WE ARE GOING

We are pleased to announce that our first "Diegel 2.0" is now in operation at our test center at Flesland, Bergen

Higher production than its predecessor

8x

Annual CNF production

Efficient power consumption

150kWh/kg

Requires 5kg CO² per 1kg of CNF

5:1

CO2

FROM CONTAINER TO CELL -DESIGN FULL -SCALE FACTORY

Note: Pre -engineering phase of our new factory design is finished in Q1 2022

OUR FIRST FACTORY: MOSJØEN

FULL-SCALE FACTORY

Centrally located on the Helgeland coast in Nordland County Municipality

Access to extraordinary amounts of renewable Norwegian hydropower

Access to skilled industrial labour, sufficient energy and proximity to CNF Arena project

Aims for construction start end of Q2 2022

Expected to reach full capacity of 160 tonnes per annum by year-end 2023

OUR SECOND FACTORY: HØYANGER

FULL-SCALE FACTORY

*Preliminary numbers. Production expected to start in 2024.

Located in Høyanger, which is a modern industrial society that has grown in step with Hydro Aluminium

Modern infrastructure where all relevant service functions are available

Access to skilled industrial labour, sufficient licensing hydropower and an attractive longterm power supply agreement

Facilities already in place

Expected production of CNF in late 2023 or early 2024 with full capacity by year-end 2024

FULL-SCALE FACTORY

TIMELINE OF FACTORY PRODUCTION UNITS