Bergen Carbon Solutions AS

Investor Presentation • Dec 21, 2021

UPDATED GUIDING

December 21st 2021

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.

CARBON NANOFIBERS WE USE CO2 TO CREATE

TECHNOLOGICAL BREAKTHROUGH

TECHNOLOGICAL BREAKTHROUGH

DIEGEL 2.0 IS NOW IN OPERATION

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

"Diegel 2.0" was initially made to be Installed in a 2x40-feet container set-up, with an annual carbon nanofibers (CNF) potential of approx. 6.5 tonnes from 8x "Diegel 2.0"

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

TECHNOLOGICAL BREAKTHRROUGH

TEST CENTER FLESLAND

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 Enotek, with the ambition of getting access to more electricity for us to run more production in our test center

FROM CONTAINER TO CELL-DESIGN FULL-SCALE FACTORY

ROLLING OUT FULL-SCALE 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 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 FULL-SCALE

• We expect significant economies of scale, resulting in reduced CAPEX per tonnes, higher annual production and improved filtration process
• Our new FULL-SCALE design enables us to produce significantly more than our previously guided 6.5 tonnes per container annually
• We are still in the pre-engineering phase, but our initial calculations show us that we can expect the CAPEX per tonnes to be 25% lower* by making a factory setup compared with containers

RELIABLE SUPPLY

• By placing our first full-scale factories in Norway, we are capable of both securing delivery for our customers and protect our technology
• We expect a fully automated full scale factory design to significantly reduce the operating expenses (OPEX) by more than 20%* from the containerized solution
• The new design also enables us to ramp up our capacity at a higher speed
• We are still in the pre-engineering phase. Current calculations show evidence of enormous scaling potential. We are confident of reaching this potential

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

SKILLED LABOUR

SUFFICIENT HYDROPOWER

INDUSTRY KNOWLEDGE

ELECTRIC INDUSTRY

OUR FIRST FACTORY: MOSJØEN

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

SKILLED LABOUR

PROXIMITY TO CNF ARENA

SUFFICIENT HYDROPOWER

ANNUAL PRODUCTION CAPACITY: 160 tonnes*

*Preliminary numbers. Production expected to start in 1H 2023.

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

SKILLED LABOUR

ELECTRIC INDUSTRY

SUFFICIENT HYDROPOWER

ANNUAL PRODUCTION CAPACITY: 240 tonnes*

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

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.