Investor Presentation • Aug 25, 2021
Investor Presentation
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Half year presentation 25 August 2021 24 August, 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, 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.
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 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. 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 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 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
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 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 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.
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.
| Strong momentum in busy half year | |
|---|---|
| Financial results and financing (Mnok) |
Operations |
| Revenue 0.1 |
Listing on Euronext Growth 19 April 2021 |
| Operating profit –11.8 |
LOI Antwerp Port Authority 27 April 2021 |
| Cash balance 100.5 |
LOI Japanese company 29 April 2021 |
| Number of shareholders >3.000 |
LOI Japanese company 14 May 2021 |
| Market cap 1.3 BNOK |
LOI Chinese company 8 June 2021 |
| LOI Yara 23 June 2021 |
|
| LOI Jackon 30 June 2021 |
|
| Subsequent events |
| Financial highlights | |||
|---|---|---|---|
| Key figures | First half year | Full year | |
| Amounts in NOK thousands | 2021 | 2020 | 2020 |
| Total revenue and other income | 147 | 0 | 1 |
| Total operating expenses | 11 948 | 1 652 | 4 616 |
| Operating profit (loss) | (11 801) | (1 652) | (4 615) |
| Net profit (loss) for the period | (11 820) | (1 652) | (4 654) |
| Net change in cash and cash equivalents | 59 970 | (3 204) | (32 994) |
| 4 299 | 40 497 | ||
| Cash and cash equivalents, end of period | 100 467 | ||
| Equity | 108 767 | 8 556 | 43 491 |
WE USE CO2 TO CREATE
ABOUT BERGEN CARBON SOLUTIONS
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 30 tonnes CO2 Market price for CNF range from NOK
Carbon nanotubes
Electronics Automotive
Construction
Energy Textiles
New applications are continuously being developed
Carbon nanofiber
5 000 to NOK 27 000 per kg, depending on quality
ABOUT BERGEN CARBON SOLUTIONS
Located in Bergen, Norway
Founded in 2016
Unique and patented technology
Competent team of engineers and PhDs
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
Converting CO2 into CNF will positively contribute to UN's Sustainable Development Goals.
Our environmental efforts will help our customers:
CARBON NANOFIBER AND CARBON NANOTUBES
CARBON NANOFIBER
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
Source: PwC analysis, October 2020
CARBON NANOTUBES
Lighter than plastic, stronger than steel, and conducts electricity even more efficiently than CNF
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
Source: PwC analysis, October 2020
CNT CNF
Source: PwC analysis, October 2020
1: Based on current customer pipeline
ECONOMICS
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 30 tonnes CO2 Market price for CNF range from NOK
5 000 to NOK 27 000 per kg, depending on quality
Aerospace & defence
Electronics Automotive
Construction
Energy Textiles
New applications are continuously being developed
| Technology Centre Test center BIR Rådalen Alcoa Mosjøen Mongstad Located in Bergen at Flesland BIR is the regional waste management One of the world's largest and most Among the largest aluminum smelter Production facility company in the Bergen area, with an flexible plants for testing and sites in Europe WtE plant located in Rådalen improving CO2 capture technologies emissions/year ~200 000 tonnes ~100 000 tonnes ~400 000 tonnes ~40 000 tonnes ~20 000 tonnes ~40 000 tonnes Clean CO2 CO2 from flue gas Captured CO2 Clean CO2 with low impurities 1 module 1 module 1 – 5 modules 1 – 5 modules 3.25 tonnes 3.25 tonnes 6.5 – 32.5 tonnes 6.5 – 32.5 tonnes |
INDUSTRIAL SCALEUP Industrial scale roll-out Description Site CO2 CNF potential with BCS Planned BCS production Feedstock # BCS modules Exp. CNF volume Status Prod. start exp. Q1 2022 Prod. start exp. Q1 2022 Prod. start exp. Q1 2022 Prod. start exp. Q2 2022 Pending signed agreement |
|---|---|
Euronext Growth Listing on 19 April 2021 (ticker: BCS)
Raised capital: 120 MNOK
LOI
Cornerstone investors: Saga Pure, Nordea and Awilco
Number of shareholders: >3000
Market cap as of 24 August 2021: 1.3 BNOK
the largest integrated energy and chemical cluster in Europe
LOI entered on 27 April 2021 with Antwerp Port Authority – home to The ideal location to set up new collaboration and find innovative ways of cutting CO2 emissions
Air Liquide, BASF, Borealis, ExxonMobil, INEOS, Fluxys, Port of Antwerp and Total joined forces at the end of 2019 to set up the Antwerp@C project which will investigate the technical and economic feasibility of building CO2 infrastructure to support future CCUS (Carbon Capture Utilization & Storage) applications
CO2 capture and utilization technology, as presented by Bergen Carbon Solutions AS, may play an important role to reach climate-neutrality in the coming decades
LOI
LOI
LOI entered on 29 April 2021 with an undisclosed Japanese company
BCS is one of the main suppliers of carbon-nanofibers (EcoNano) for production of the company's composite materials tests were commenced during July and August 2021
The first EcoNano shipments were made on 9 May 2021 and technical
Plan to enter a EcoNano supply agreement following the product verification and the potential completion of the commercial terms
LOI
Second LOI entered on 14 May 2021 with another undisclosed Japanese company for a business development and research cooperation for the expansion of green carbon-nanofibers applications
The LOI partner is a global integrated business enterprise that develops and operates businesses all over the globe
Under the LOI, BCS will conduct a joint feasibility story providing additional data for the expansion of green carbon-nanofibers to new applications, in addition to providing decarbonizing opportunities for the Japanese manufacturing industry
The feasibility study will provide important data and business development roadmaps for green CNF into new areas and will also be applicable to other markets and industries in Asia
LOI entered on 8 June 2021 with an undisclosed Chinese company for supplier- and business development cooperation for green carbonnanofibers (CNF) applications in Asia
The Chinese company produces chemical fertilizers, calcium chloride, potassium sulfate and other related fine chemical products, based on high-quality development, technological innovation, product quality and circular economy
BCS' first initiative in China, highlighting the strong interest for Bergen Carbon Solutions' green carbon-nanofiber technology and the company's opportunity to rapidly expand its commercial footprint in Asia
Under the LOI, BCS aim to enter into an agreement to ship a CNF module/bigger modular factory unit to their facility in parallel with developing joint opportunities
LOI with a Yara on 23 June 2021 – one of the leading industrial companies in the world – for the joint development of carbon capture and utilization (CCU) opportunities
The LOI highlights a strong national interest for Bergen Carbon Solutions' green carbon-nanofiber technology
Under the LOI BCS aim to enter into an agreement to jointly develop CCU opportunities
The parties has started a feasibility study at Yara's industrial site at Herøya in Norway and target to enter into a final agreement during the autumn of 2021 – first initial meeting on 24 August 2021
LOI announced with Jackon on 30 June 2021 – one of Norway's leading industrial companies for a potential EcoNano supply agreement, including joint development and various R&D activities 2021 – first product sent Under the LOI BCS and Jackon will jointly test our EcoNano product in their
The LOI highlights a strong interest for Bergen Carbon Solutions' green carbon-nanofiber product across industries
materials
Feasibility study to be conducted at Jackon's industrial site at Fredrikstad in Norway and target to enter into a final agreement during the autumn of
Finishing the Crusible 2.0 (David)
24/7 production at test factory in Bergen
Finishing the contract for purchasing the plot in Mosjøen
Several contracts for selling products to customers
Entering into firm contracts
Further establish key partnerships
…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 30 tonnes CO2 Market price for CNF range from NOK
Carbon nanotubes
Aerospace
& defence
Electronics Automotive
Construction Energy Textiles
New applications are continuously being developed
5 000 to NOK 27 000 per kg, depending on quality
Building tools?
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