Investor Presentation • Nov 9, 2021
Investor Presentation
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Q3 presentation 9 November, 2021
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.
We are on track with our technological development and there is strong interest and demand in the market. We have therefore started preengineering full-scale factory production units, with several potential locations, both nationally and internationally.
As a result of the positive technological development, we will present updated guiding before the end of the year.
*The figures have not been revised
§ Option agreement with Vefsn municipality, Norway, 17 August 2021
| Key figures | Full year | ||
|---|---|---|---|
| Amounts in NOK thousands | Q3 2021 | YTD Q3 2021 | 2020 |
| Total revenue and other income | 62 | 209 | 1 |
| Total operating expenses | 6 602 | 18 550 | 4 616 |
| Operating profit (loss) | -6 540 | -18 340 | -4 615 |
| Net profit (loss) for the period before tax | -6 548 | -18 368 | -4 654 |
| Net change in cash and cash equivalents | 17 978 | 77 948 | -32 994 |
| Cash and cash equivalents, end of period | 118 445 | 118 445 | 40 497 |
| Equity | 130 642 | 130 642 | 43 491 |
| Total assets | 133 517 | 133 517 | 48 544 |
WE USE CO2 TO CREATE
Lighter than plastic
Stronger than steel
Leads electricity better than copper
30 tonnes CO2
Carbon nanotubes Carbon nanofiber Aerospace & defence Construction Electronics Energy Automotive Textiles Enabling sustainable value creation from CO2 utilization… …through modular production units with proven and superior cost-efficient technology… …producing material with extreme high strength-to-weight ratio and exceptional thermal and electrical conductivity… … with a broad range of application areas Uses captured or pure CO2 as main input in CNF production A production module consisting of two 40ft containers is expected to produce 6.5 tonnes CNF a year out of Market price for CNF range from NOK 5 000 to NOK 27 000 per kg, depending on quality New applications are continuously being developed
ABOUT BERGEN CARBON SOLUTIONS
ABOUT BERGEN CARBON SOLUTIONS
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
Our environmental efforts will help our customers:
CNT are smaller in diameter, tubular in form and more difficult to produce than CNF, and thus have a higher product price
Most of the production volume in the pilot module has been CNF
Short-term GTM focus is on CNF, before expanding into CNT
1: Source: PwC analysis, October 2020, 2: 2020
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 27% towards 2024, 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
Our products cover the whole range of qualities, meeting different customer needs
Lighter than plastic, stronger than steel, and conducts electricity even more efficiently than CNF
Global CNT market almost 7x CNF market with an estimated CAGR of 24% towards 2024
Wide range of applications, ranging from batteries to semiconductors, automobile parts, aircraft fuselages etc.
Market price between NOK 18 000 per kg and NOK 210 000 per kg
400+ potential customers – offtake agreements actively discussed with several companies
Interest from potential customers in >30 countries
New applications areas continuously being developed through R&D with existing and potential new customers
1) 1st module
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 significantly reduce our unit cost.
This is expected to further strengthen our competitive advantage. As a result of the changed focus, we will present updated guiding before the end of the year
Located in Mosjøen, Norway, with a plot size of 5000m2.
Close by Alcoa Mosjøen, one of the major aluminium producers in Norway.
The electricity-prices are significantly lower than in south of Norway, thus affecting BCS production cost.
The employer's tax is significantly lower than in the south of Norway.
Our second crucible is now in production on Flesland. Due to the current microchip situation, we have engineered our own inhouse software for running the production units. This makes it much easier to replace hardware if needed, due to long delivery time.
The new software also enables more stabile and controlled production.
We are expecting to have higher product quality on crusible 1.02 due to the inhouse software design and implementation.
We are excited to have our first large-scale sales agreement with a partner like Nanoshel, with prices within our guided range. They are a significant supplier of materials for the research and development industry, and we are confident that their costumers would prefer our green carbon-nano fiber over existing highly polluting manufacturing of Carbon nano materials
Bergen Carbon Solutions has entered into a sales agreement with Nanoshel, where the annual value is expected in the range of NOK 5 million.
Nanoshel delivers over 1.000 different products to the research and development industry.
LOI
We are excited to announce that we have entered an LOI with a major Japanese company to develop an additive-solution for use in anodegraphite for lithium-ion based batteries
The solution aims to increase conductivity and reduce resistance in battery anode materials utilizing green carbon nanofiber (CNF) from BCS.
Our goal is to increase range, charging speed and lifetime cycles of batteries, while bringing down CO2 emissions simultaneously.
CNF Arena is a cooperation between MON, Nordland fylkeskommune and Bergen Carbon solutions AS.
CNF Arena is about building a unique and internationally leading professional environment on the development of the green materials of the future.
The current state, is a pre-study. Where we are aiming to deliver an infrastructure application for a fully equipped carbon lab, located in Mosjøen, Norway
The engineering phase of our new Diegel 2.0 design is finished as guided.
Delivery of parts and assembly is now taking place.
We are on track for production start in Q1 2022 as earlier guided.
Our new Flesland production is uprunning and stabilized after the change of location from Garnes to Flesland
The current production on Diegel 1.01 and 1.02 are stabilized and in full production
We are ready to start assembly of the first Diegel 2.0 on Flesland in Q4 2021.
We are on track for 24/7 production on Flesland as soon as the first Diegel 2.0s are in full production.
We have hired and trained 8 new process operators and implemented a shift-plan for 24/7 production.
Until the Diegel 2.0s are ready for operation, we are producing on two shifts from 06:30-22:30.
Assembling and testing Diegel 2.0
24/7 production at test factory in Bergen
Finishing the contract for purchasing the plot in Mosjøen Further establish key partnerships
Several contracts for selling products to customers
Entering into firm contracts
Enabling sustainable value creation from CO2 utilization… …through modular production units with proven and superior cost-efficient technology…
…producing material with extreme high strength-to-weight ratio and exceptional thermal and electrical conductivity…
Market price for CNF range from NOK 5 000 to NOK 27 000 per kg, depending
on quality
Uses captured or pure CO2 as main input in CNF production
A production module consisting of two 40ft containers is expected to produce 6.5 tonnes CNF a year out of 30 tonnes CO2
Carbon nanotubes
Carbon nanofiber
Aerospace & defence Electronics
Automotive
Energy
Construction
Textiles
New applications are continuously being developed
Building tools?
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