Earnings Release • Feb 14, 2025
Earnings Release
Open in ViewerOpens in native device viewer
BCS: Fourth quarter financial results and operational update
(Bergen, 14 February 2025): Bergen Carbon Solutions AS (BCS, OSE:BCS)
Bergen Carbon Solutions AS (BCS), the pure-play carbon capture and utilization
(CCU) company, today provides an operational update and financial results for
the fourth quarter of 2024.
“As we close the fourth quarter of 2024, I am proud to reflect on the progress we’ve made at Bergen Carbon Solutions (BCS). This year has been a transformative one, marked by our continued shift into a pure-play technology development company. We have during 2024 taken a step-change in terms of further developing a world-class CCU solution for the battery industry, supported by significant organisational adjustments to progress our long-term goals,” says Odd Strømsnes, CEO of Bergen Carbon Solutions.
Throughout Q4, the company’s focus remained on systemising and advancing its technology and refining the electrolysis processes. One of the most notable achievements was the commissioning of a new intermediate-sized electrolysis cell. This will allow the company to validate lab results at a pilot scale, bringing it closer to a consistent and well-defined process for carbon powder production for battery applications as this is paramount in order to succeed.
Additionally, the company’s in-house battery lab has been instrumental in accelerating market feedback loops, enabling testing more than a hundred coin cells with its powder across multiple battery chemistries. This faster and more flexible testing process is crucial as the company develop materials that align with market demands. Recent tests with Lithium-Sulfur (Li-S) batteries have shown promising results, with BCS’ CNT materials potentially outperforming conventional fossil-based alternatives.
BCS has continued to build and strengthen strategic partnerships. During 2024, BCS has signed intentional technology agreements with Morrow and Beyonder, extended its MOU with TKG Huchems, maintained close collaboration with Broadbit, and made progress in its joint research project with Horizontal Na Energy Technology. These partnerships are important for advancing the BCS technology and increasing market reach.
BCS has also been active in engaging with global stakeholders both in Asia as well in Europe, presenting at a range of key industry events. These events provide valuable opportunities to showcase the BCS capabilities and connect with potential partners.
“Despite the current headwind of European battery assembly industry, BCS is well positioned within the value chain to offer critical raw material of a sustainable and locally based nature. Recent off take contracts announced in the market for local, sustainable anode graphite is a true inspiration and a good indication that sustainable and locally produced battery material is valuable for a number of stakeholders. This confirms how we are regarding the market,” says Strømsnes.
“During 2024, we reshaped our organisation to align with our technology-first strategy. This has included reducing headcount by 35% while simultaneously increasing the collective competence level within BCS. These changes have not only reduced our burn rate but also enhanced our ability to drive technological innovation. Our cost burn-rate is reduced with 23% and has never been lower – and our accumulative competence has never been higher,” says Strømsnes.
A key achievement in Q4 has been our disciplined financial management. Through strong cost controls and reduced operational spending, we have significantly lowered our burn rate. We also secured NOK 14 million in funding through Skattefunn, which will support our development efforts over the next three years. Together with additional funding from Innovation Norway, this ensures we are well-positioned to pursue our technology and market expansion plans.
“As we move into 2025, I am increasingly confident in BCS’ ability to succeed. With a clear strategy, an optimised organisation, and promising results from our technology development, we are well-prepared to continue our journey. Our focus will remain on refining our core technology processes, securing new partnerships, and advancing our position in the global battery value chain,” says Odd Strømsnes.
Presentation:
The company will host an operational live update presentation today at 08:00. You are welcome to join the presentation online. A recording of the presentation will be available on our website after the session.
Presentation details:
Date: Friday 14th of February 2025 Time: 08:00 a.m. (CET)
Language: English
Q&A: may be submitted in advance to [email protected] or
live during the session.
Link to webcast:
https://bergencarbonsolutions.com/articles/invitation-to-bcs-q4-2024-presentatio
n
The presentation and financial report for Q4 2024 are enclosed.
END
For further information please contact:
Odd Strømsnes, CEO, [email protected], +47 480 88 571
Karina Brudeseth, CFO, [email protected], +47 413 43 381
About Bergen Carbon Solutions:
Bergen Carbon Solutions is a technology company in the field of carbon
utilisation. The company is working to make CO2 a valuable resource, using
energy to turn the excessive greenhouse gas into solid carbon. With its
groundbreaking, proven process for carbon capture and utilization (CCU), Bergen
Carbon Solutions is enabling clean carbon for the battery industry. The
technology may provide stable delivery of carbon nanotubes and graphite, helping
manufacturers to be less exposed to the raw material risks of geopolitical
rivalry. Established in 2016, based in Norway and listed on Euronext Growth,
Bergen Carbon Solutions is targeting the fast-growing battery industry globally,
and other carbon intensive industries looking to replace conventional,
fossil-based solutions to stay relevant in their markets.
Follow us on https://www.linkedin.com/company/berge-carbon-solutions-as/
Bergen Carbon Solutions | www.bergencarbonsolutions.com
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.