Bergen Carbon Solutions AS

Investor Presentation • Jan 27, 2022

27.01.2022

POLITICAL MEETING

Disclaimer

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.

INTRODUCTION

Take Norway into a world leading material technology position.

Close collaboration with leading Norwegian industry.

Evolve into a Norwegian industrial adventure and become an export industry.

WHAT ARE WE HOPING TO ACHIEVE TOGETHER?

Define goals and opportunities nationally and internationally.

Cooperate and contribute to further development of Norwegian industry.

Contribute to CNF Arena being funded as a research branch for materials nationally and internationally.

HOW CAN WE MAKE IT HAPPEN?

Assist with making the technology known and establish cooperation with other nations.

Contribute to effective and necessary financing – if there is a need.

SHORT INTRODUCTION BERGEN CARBON SOLUTIONS

Bergen Carbon Solutions at a glance

ABOUT BERGEN CARBON SOLUTIONS

KEY FACTS

• Founded in 2016
• Located in Bergen, Norway
• Competent team of engineers and PhDs
• Unique and patented technology
• Commercial production site secured
• Listed on Euronext Growth Oslo (Ticker: BCS)

• 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 25-27% 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

CARBON NANOFIBERS

1: PwC analysis, October 2020)

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

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

significantly reduce our unit cost.

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

ABOUT BERGEN CARBON SOLUTIONS

• This is expected to further strengthen our • Reduce their carbon footprint
• competitive advantage. As a result of the • Market their products as carbon positive

changed focus, we will present updated guiding before the end of the year • Apply for grants designed for environmental purposes

Our environmental efforts will help our customers:

Located in Bergen, Norway we've developed an energy efficient, carbon negative method to produce CNF out of CO2, using renewable energy, with O2 as the only biproduct.

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

DIEGEL 2.0 IS NOW IN OPERATION

TECHNOLOGICAL BREAKTHROUGH

8x HIGHER PRODUCTION CAPACITY THAN ITS PREDECESSOR

Diegel 2.0 was initially made to be Installed in a 2 x 40-feet container set-up, with an annual carbon nanofibers (CNF) potential of approx. 6.5 tonnes from 8 x "Diegel 2.0".

With new full-scale production units, annual CNF potential is expected to rise significantly.

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

This represents an important milestone for the development of the company, as it proves that our technology is scalable.

TEST CENTER FLESLAND

TECHNOLOGICAL BREAKTHRROUGH

By the end of Q1 2022, our test center in Bergen will have 4 x Diegel 2.0 in production as earlier guided.

This provides us with an annual production capacity of 3.25 tonnes at our test center.

We are in active discussions with Eviny Enotec, with the ambition of getting access to more electricity for us to run more production in our test center.

ROLLING OUT FULL-SCALE FACTORY PRODUCTION UNITS

Bergen Carbon Solutions' initial plan was a container solution, with an annual CNF potential of approximately 6.5 tonnes per container module.

During the engineering process of the production modules, we discovered significant cost-reduction potential by switching to factory scale production units.

On December 18th, 2021, we successfully completed the first run of our "Diegel 2.0", where the technology proved to be viable. As a result, production units can either be installed in factory-scale production units or containerized modules for external production sites.

With the flexible plan, and focus on full-scale factory production sites, it is expected to further strengthen our competitive advantage going forward.

We are excited to announce more information about the new design as soon as the pre-engineering phase of our new factory design is finished in Q1 2022.

FROM CONTAINER TO CELL-DESIGN

FULL-SCALE FACTORY

WE HAVE A GREAT OPPORTUNITY TO REVIVE FORMER INDUSTRIAL SITES ALL ACROSS NORWAY

With full-scale production units, new factories will need employees with the right competence and reliable energy supply. Norway provides many locations consistent with these needs, which gives an unique opportunity to boost employment and use renewable energy sources all over Norway.

We have so far identified two locations for full-scale factory production sites; Mosjøen and Høyanger.

Both production sites have long traditions of industry, and possess both sufficient hydropower resources, skilled labour and industry knowledge.

SKILLED LABOUR

SUFFICIENT HYDROPOWER

INDUSTRY KNOWLEDGE

ELECTRIC INDUSTRY

OUR FIRST FACTORY: MOSJØEN

FULL-SCALE FACTORY

Mosjøen is centrally located on the Helgeland coast in Nordland County Municipality.

The area is widely known for its magnificent nature, but also its access to extraordinary amounts of renewable Norwegian hydropower.

Access to skilled industrial labour, sufficient energy and the proximity to CNF Arena project makes Mosjøen a perfect first location for us.

Subject to engineering work, we aim for construction start at the end of Q2 2022 with ramp-up of the production capacity occurring through 2023.

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

CNF ARENA

OUR SECOND FACTORY: HØYANGER

Høyanger is located in Vestland County, approximately 3 hours from Bergen. Høyanger is a modern industrial society that has grown in step with Hydro Aluminium.

The municipality has traditionally been very dependent on Hydro, but industrial diversity has developed over time. A modern infrastructure has been arranged, where all relevant service functions are available.

Access to skilled industrial labour, sufficient licensing hydropower and access to an attractive long-term power supply agreement makes Høyanger the optimal place for our second factory.

Since the facilities are already in place we expect the production of CNF from this factory to occur in late 2023 or early 2024 .

Ramp-up to occur through 2024 and we expect to reach full capacity of 240 tonnes per annum by year-end 2024.

FULL-SCALE FACTORY

SKILLED LABOUR

ELECTRIC INDUSTRY

SUFFICIENT HYDROPOWER

ANNUAL PRODUCTION CAPACITY: 240 tonnes*

*Preliminary numbers. Production expected to start in 1H 2024.

FULL-SCALE FACTORY

TIMELINE OF FACTORY PRODUCTION UNITS

On October 29, we promised a new guiding on full-scale factory production units before end of year (EOY). During pre-engineering and the completion of Diegel 2.0, Bergen Carbon Solutions have decided to move forward with the new production units. We expect the first factory to be in operation in 2023.

April 19 2021 Bergen Carbon Solutions listed on Euronext Growth

October 29 2021

Started pre-engineering full-scale factory production units. New guiding promised before EOY

December 17 2021 DIEGEL 2.0 tests proving successful

December 21 2021 New guiding: Full-scale factory production units decided

We aim to turn the world's biggest problem into our industrial asset

Our goal is to be the largest climate positive producer of carbon nanofibers (CNFs), utilizing CO² sourced directly from industrial flue gas, releasing in the atmosphere O² instead of CO² .

Making carbon nanofibers from CO² will be used both to increase materials properties, and to reduce consumption of highly polluting applications.

Reduction in CO² emissions from using carbon nanofiber additives

Presentation of NORCE's report

27 JANUARY, 2022

What does NORCE do?

Where is NORCE?

Who are NORCE?

What was our task?

Estimate possible reduction in CO² emissions from CNF addition

What was our task?

Estimate possible reduction in CO² emissions from CNF addition

• Not part of the estimate:
  • Price
  • Time
  • Market
  • Production

What have we done?

• Read literature
• Talked to other researchers

What have we done?

• Read literature
• Talked to other researchers
• Read web sites of
  • Producers
  • International organizations
• Used prior knowledge

What have we found?

• CNF can improve material properties
• CNF can thereby reduce CO² emissions
• Further work is needed

Batteries

• Batteries

Plastics

• Batteries
• Plastics
• Cement and concrete

Batteries – production

• CO2 emission: < 0.1 % of world total
• Rapidly growing

Batteries – properties

• Energy storage
• Fast charging and discharging
• Energy efficiency
• Many cycles

Batteries – findings

• CNF can make anodes
  • lighter
  • longer-lasting
  • use silicon in addition to carbon as basis

Batteries – findings

• CNF can make anodes
  • lighter
  • longer-lasting
  • use silicon in addition to carbon as basis

Park, Tae-Hwan, Jae-Seong Yeo, Min-Hyun Seo, Jin Miyawaki, Isao Mochida, and Seong-Ho Yoon. "Enhancing the Rate Performance of Graphite Anodes through Addition of Natural Graphite/Carbon Nanofibers in Lithium-Ion Batteries." Electrochimica Acta 93 (March 30, 2013): 236–40. https://doi.org/10.1016/j.electacta.2012.12.124.

Batteries – uncertainties

• Lab testing only
• Industry values close to theory
• Secret industry values

Plastics – production

• Lifecycle GHG emissions: 4 % of world total (2015)
• 8 % annual growth rate 1950 2015

Plastics - findings

• CNFs can improve plastic (PP and PE) properties:
  • Strength and stiffness
  • Thermal
  • Electrical

Plastics - findings

• CNFs can improve plastic (PP and PE) properties:
  • Strength and stiffness
  • Thermal
  • Electrical

Mondal, Subhadip, Lalatendu Nayak, Mostafizur Rahaman, Ali Aldalbahi, Tapan K. Chaki, Dipak Khastgir, and Narayan Ch Das. "An Effective Strategy to Enhance Mechanical, Electrical, and Electromagnetic Shielding Effectiveness of Chlorinated Polyethylene-Carbon Nanofiber Nanocomposites." Composites Part B: Engineering 109 (January 15, 2017): 155–69. https://doi.org/10.1016/j.compositesb.2016.10.049.

(Strength

)

Plastics – uncertainties

• Mostly lab testing
• Mixing process
• New properites -> new products

Cement and concrete – production

• CO² emission: 7 % of world total • 55 % of all cement is made in China
• In Norway: Kjøpsvik and Brevik

Map: www.gulesider.no

Cement and Concrete – properties

• Strength
  • Pressure
  • Bending
• Corrosion

Cement and concrete – findings

• CNF can make concrete
  • stronger
  • self-sensing
  • less open to water
  • stiffer
  • more fire-proof

Cement and concrete – findings

• CNF can make concrete
  • stronger
  • self-sensing
  • less open to water

  • stiffer

• more fire-proof Tyson, Bryan M., Rashid K. Abu Al-Rub, Ardavan Yazdanbakhsh, and Zachary Grasley. "Carbon Nanotubes and Carbon Nanofibers for Enhancing the Mechanical Properties of Nanocomposite Cementitious Materials." Journal of Materials in Civil Engineering 23, no. 7 (July 2011): 1028–35. https://doi.org/10.1061/(ASCE)MT.1943-5533.0000266.

Cement and concrete – uncertainties

• Lab testing only
• Large spread in the results
• Mixing problems

CNF production scale-up

• Scale-up needed

Example if all concrete shall have 0.01 % CNF added

CNF production scale-up

• Scale-up needed
• Norway well suited
  • Energy
  • Automation
  • Skilled workers

Example if all concrete shall have 0.01 % CNF added

Benefits for society

CNF producers and sub-suppliers

Greener end-user companies

Learning for new products

What next?

• Life cycle analysis
• Market analysis
• Pilot-scale testing

Life cycle analysis

Life cycle analysis

Life cycle analysis

Market analysis

• New products with CNF?
• CNF price?
• Cost of mixing in CNF?

Pilot-scale testing

• Many samples
• Find and fix problems
• Compare to (secret) industry values

To conclude

• CNF can improve material properties
• CNF can thereby reduce CO² emissions
• Further work is needed

Thank you for your attention!

Report reference

Alagic, Blomgren, Guo, Nordgård-Hansen and Thisted: "Reduction in CO² emissions from using carbon nanofiber additives" (2022).

IMPLICATIONS OF NORCE-REPORT

CCUS POTENTIAL¹

• Carbon Capture and Storage (CCS) measures will help reduce CO² emissions. However, CCS reduction will correlate with rising emissions² . Thus, CCS alone will not be able to reduce emissions by a larger proportion than what technology enables companies to capture.

1: Model for illustrative purposes only.

2: Assumes CCS technology will capture emissions at a fixed rate going forward. Does not consider any technological advances.

CARBON CAPTURE, UTILIZATION & STORAGE

CCUS POTENTIAL¹

CARBON CAPTURE, UTILIZATION & STORAGE

• Carbon Capture and Storage (CCS) measures will help reduce CO² emissions. However, CCS reduction will correlate with rising emissions² . Thus, CCS alone will not be able to reduce emissions by a larger proportion than what technology enables companies to capture.
• BCS aims to the turn the emissions itself into an industrial asset. Thus, BCS will reduce CO² emissions by utilizing industrial flue gas in the production, while also making carbon nanofibers to be used for improving materials' properties and reducing consumption of highly polluting applications.
• Hence, BCS' technology can capture emissions of today and utilize them to reduce emissions of tomorrow.

1: Model for illustrative purposes only.

2: Assumes CCS technology will reduce emissions at a fixed rate going forward. Does not consider any technological advances.

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

Huge 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 .

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

^{1: &}quot;Reduction in CO2 emissions from using carbon nanofiber additives" (Alagic, Blomgren et al., 2022)

Huge market potential for CNF/CNT products in the future¹

NORCE-REPORT: KEY TAKEAWAYS (2)

• Rapid technology development and material improvement in the past decade
• CFN/CNT need expected to grow in the future
• Demand from in the Norwegian-based rubber/plastics, electrical equipment and non-metallic mineral industries represent a very large market

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 the keys to accelerate the market adoption

Full-scale design positions Bergen Carbon Solutions towards market adoption

NORCE-REPORT: IMPLICATIONS

• Bergen Carbon Solutions' new FULL-SCALE design enables us to produce significantly more than we previously guided
• Our initial calculations indicate 25% lower* capital expenditures by making a factory setup compared with containers
• We expect a new design to reduce the operating expenses (OPEX) by up to 20%* from the containerized solution

Small improvement in battery performance, can significantly impact global emissions.¹

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 and seems even more promising for next generation Silicon-based anodes.
• Reduction of total vehicle weight of 5-10% seem within reach with same vehicle performance

1: "Reduction in CO2 emissions from using carbon nanofiber additives" (Alagic, Blomgren et al., 2022) 2: Based on assumption that the battery pack constitutes roughly 25% of an electric vehicle today

Significant increase in battery performance by adding our CNF¹

SELECTED SEGMENT: BATTERIES (BEYONDER)

• Addition of CNF in the electrode composite resulted in a 13% increase in volumetric capacitance, improved packing density, electrodes with very low resistance and higher rate performance even at high current densities.
• "The carbon nanofiber sample was used as received without any pre-treatments."¹
• A great base for further research of optimal battery composition and large scale-testing

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.

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

Direct providers can use experience to export their products internationally.

INTRODUCING CNF ARENA

CARBON DEVELOPMENT SOLUTIONS AS

A Bergen Carbon Solutions venture

Developing the future CCU-materials

CARBON DEVELOPMENT AT A GLANCE

• Founded in 2022
• Located in Mosjøen, Norway
• Owned by BCS and MON KF
• R&D environment within CCU industry
  • Key competence on CO2-based materials

CARBON DEVELOPMENT VISION & MISSION

Leading R&D service provider within utilization of CO2 produced carbon nano fibres in new materials Key partner in developing materials for a broad range of applications Facilitator of disruptive material research and technology for a circular and sustainable future Aid companies in improving their products and making them more sustainable Making CO2 part of the solution for the green transition

-

-

CARBON DEVELOPMENT WE ARE STARTING UP

• Currently in start-up phase
• Secured facilities in an innovative and specialised metallurgical environment
• Access to instrumentation and infrastructure
• Proximity to BCS production site
• Currently hiring key personnel and building own instrumentation park

CARBON DEVELOPMENT THE STORY BEHIND

A direct result of the feasibility study CNF Arena, funded by Nordland County

CNF Arena is a collaboration between MON KF and BCS

Main goals of CNF Arena;

Developing the CO2 value chain Establish collaboration with key partners Identify potential and market opportunity Identify disruptive R&D projects Develop concept for carbon lab

CARBON DEVELOPMENT IMPACT POTENTIAL

REALISING THE POTENTIAL NEEDS SIGNIFICANT R&D EFFORTS

CNF has unique properties through being stronger than steel, lighter than plastics and more conductive than copper

A study performed by NORCE confirms a huge market potential for CNF due to a growing need within technology development and material improvement

By introducing CNF into various materials, it is possible to transfer CNF properties to the material, obtaining unique improvements for example within composite materials or concrete

Significant R&D efforts are needed to accelerate upscaling of new technology and industrial solutions

CARBON DEVELOPMENT MAIN FOCUS AREAS

CNF IN ALUMINIUM

We are currently initiating projects investigating how to improve aluminium traits using CNF. Among the traits we are aiming for is making aluminium more conductive than copper. Our collaborating partners have leading industrial competence in the field of aluminium.

CNF IN CONCRETE

CNF can provide some exciting properties to concrete such as increased compressive strength and self-sensing (smart concrete). We are looking for innovative partners to develop the concrete of the future with lower CO2 footprint compared to today's standards.

CARBON DEVELOPMENT HOW CAN WE HELP?

Project partner

We have extensive knowledge in working with R&D projects and various financial mechanisms. We are happy to provide access to our competence and facilities as a project partner or manager in project consortia.

We can aid in identifying the potential of utilizing CNF in your product. Do not hesitate to contact us for a non-committing chat about how we can help improving your product.

CARBON DEVELOPMENT SOLUTIONS AS

Developing the future CCU materials

Ida Marie Larsen

ida.m.larsen@mon.no

CONCLUSIONS GOING FORWARD

Norway is well positioned to be the future major supplier of industrial scale CNF/CNT¹

CONCLUSION

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

2: Mainland Norway is a national accounting term used when excluding activity related to petroleum, pipeline transport and international shipping.

Share of increase in mainland 2 investments from 2022 expected to be 'green' (Norges Bank):

Norwegian industry met demand from the oil and gas industry through brand new products and enhancing existing products to fit new requirements. With the right support and investment, we can do this again.

Define goals and opportunities nationally and internationally.

Cooperate and contribute to further development of Norwegian industry.

Contribute to CNF Arena being funded as a research branch for materials nationally and internationally.

WHAT TO WE NEED TO MAKE IT HAPPEN?

Assist with making the technology known and establish cooperation with other nations.

Contribute to effective and necessary financing – if there is a need.