Bergen Carbon Solutions AS

Investor Presentation • Feb 14, 2025

Q4 2024

Odd Strømsnes, CEO 14th February 2025

Agenda

• 1. Introduction
• 1. 2024 highlights
• 1. Status and Technology development
• 1. Summary
• 1. Q&A

Bergen Carbon Solutions

The green supermaterial of the future

Bergen Carbon Solutions is a technology

company, working to develop solutions to add value both upstream and downstream.

With our CCU technology, we capture CO² directly from flue gas or run on captured CO² .

Our innovative process turn CO² into carbon material through electrolysis.

From CO2 we make high quality carbon material, tailormade for the battery industry, ranging from small nano-particles to graphitic macro-structured carbons.

3

We turn CO² into carbon products through electrolysis

We produce carbon with close-to-zero emissions of greenhouse gasses

Our green carbon material can be a vital part of creating a sustainable battery value chain

Our process can enable local production of competitive, highquality carbon material

Bergen Carbon Solutions can solve the key issues for the battery industry

Our technology offers a sustainable, competitive, innovative and local solution for the battery industry's demand for highperformance carbon materials.

What is driving change in the battery industry

Sustainability

• Carbon footprint
• Energy use
• Transportation

Innovation

• Energy density
• Performance
• New chemistries

Competitiveness

• Quality
• Accessibility
• Cost

Geo-policy

• Regulations
• Supply chain security
• Access to locally produces material

Bergen Carbon Solutions is a material provider uniquely positioned in the battery value chain

Status and outlook European Advanced Carbon and Graphite Association

BCS has been accepted as a member of the European Advanced Carbon and Graphite Materials Association (ECGA)

• ECGA was founded in 1995 and is based in Brussels. ECGA is among Europe's leading voices in carbon and graphite production
• The association represents the full spectrum of EU-based production, including natural graphite, graphite electrodes, and battery anode materials—critical components for the steel and foundry industries, aluminum and ferroalloy sectors, as well as the growing European battery market.

Despite Development Challenges in Europe:

Electrification is still the megatrend

Based on our calculation of the EV adoption determinants, we forecast that:

«EVs will be 50% ofall passenger vehicles sold globally by 2031»

(DNV 2024)

2024 highlights

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Key developments in 2024

Progress on technology development towards delivering a well defined, consistent powder

• Implementation of new small and medium scale electrolysis cells for increasing inhouse development speed.
• Progressed on the advanced electrolyte recycling (>95%) and purification processes.
• Battery Lab constructed in-house and 3-digit coin cell batteries produced during the year.

Strengthening financial position and expanding strategic partnerships

• Reduced burn rate with 23% through cost reductions and organizational reshaping, achieving higher efficiency with fewer employees
• Secured NOK 14 million in Skattefunn funding over three years and additional support from Innovation Norway.
• Signed LOI's with Morrow Batteries and Beyonder, and extended MOU with TKG Huchems.

Financial highlights Q4 2024

NOK million	Q4 2024	Q4 2023	FY 2024	FY 2023
Total revenue and other income	0.0	0.0	0.1	0.3
Total operating expenses	11.5	17.7	72.7	74.9
Operating profit (loss)	(11.5)	(17.7)	(72.6)	(74.6)
Net profit (loss) for the period before tax	(9.9)	(8.3)	(64.2)	(64.9)
Net change in cash and cash equivalents	(3.8)	(6.0)	(63.3)	(59.9)
Cash and cash equivalents, end of period	169.7	233.0	169.7	233.0
Equity	184.3	247.3	184.3	247.3
Total assets	205.9	274.5	205.9	274.5

Adjusted net loss for the quarter was NOK 6.5 million due to NOK 3.4 million in oneoffs, where 3.3 million is non-cash cost.

• Reduced yearly cash burn from 2024 to 2025 with 23% by reshaping the organization, combining cost focus with a higher competence level; fewer employees but achieving more at a lower cost. Extending the financial run-way.
• Recently granted NOK 14 million through SkatteFUNN funding over three years, with additional funding applications ongoing via Innovation Norway.
• Current strategy execution requires minimal additional CAPEX.
• 11 ▪ Focused on relevant funding opportunities, avoiding standalone EU projects due to scope, but targeting suitable calls for support.

Status and technology development

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Status and outlook

Partnerships

Finding the right partners for technology development.

Partner	Status
Morrow Batteries	LOI signed in August 2024.
Beyonder	LOI signed in September 2024.
TKG Huchems	Extended MOU signed in September 2024.
Broadbit	Collaboration project finalized, further development conducted in in-house battery lab
University of Bergen & NTNU	Ongoing access to facilities
FME Battery:	Contributing to battery development in Norway, focusing on circular value chains.
Horizontal Na Energy	Joint research project funded by Innovation Norway, next progress payment released, testing underway

Status and outlook

Organisation

Reshaping organisation to fit with the strategy and status of the company.

• Through organisational reshaping, focus only on core technology competency - achieving higher efficiency with fewer employees. Reduced HC from December 2023 until today of 35%
• Enhancing speed of development and the result feedback-loop, by recruiting qualified and experienced personnel
• Consequential an overall reduced burn rate with 23%

Reshaped organisation

Status and outlook

Recruiting leading technology competence

New competence onboarded:

• Wenting Xu is back at BCS as Technology Manager, bringing with her extensive expertise in the field of electrochemistry, as well as in-depth know-how into carbon production and CCU
• Board member Rita Glenne acting as CTO, ensuring that we have the industry experience to drive forward with our product development and process innovation

Dedicated and motivated team achieving more at a lower head count. Supervised by industry leading Scientific Advisors

We turn Captured CO² into highly conductive Carbon NanoTubes (CNT)

it's approximately 1,000 times thinner than a single strand of human hair

Continue to work on process development in 2024

1. Electrolysis:

Turning CO² into solid carbon

• Expanded team with senior personnel to strengthen industrial process understanding.
• Implemented new equipment to improve stability and efficiency.
• Optimized time, temperature, current, oxidation levels, and CO₂ concentration for better consistency.
• Process stabilization achieved, moving closer to a well-defined, scalable solution.

2. Material processing:

Process the carbon into useful material

• Improved separation and purification techniques for higher powder quality.
• Increased efficiency in electrolyte recycling (>95% recovery).
• Focus on scalability and material consistency.
• Key progress made in waste reduction and cost optimization in 2024.

3. Applications:

Testing our product in real-life applications

• Battery lab fully operational, enabling in-house testing and rapid iteration.
• Expanded team with new hires specialized in battery materials and application development.
• Successfully produced 100+ coin cells, with testing underway for various battery chemistries.
• Progress in real-world validation of our materials in collaboration with partners.

1: Electrolysis

We have electrolysis cells in different sizes for different purposes. The objective is to optimize the process of turning CO2 into high quality carbon

development

development

studies

2: Material processing

Optimising the process for separating carbon material from the electrolyte

• The separation unit separates carbon material from the electrolyte, and rinse and recycle the electrolyte
• BCS has developed a method for >95% electrolyte recycling - cutting costs and boosting competitiveness.
• Output verified to be of higher quality than virgin electrolyte
• Patent pending, both in Norway and globally

3: Applications

Invested in an in -house Battery Lab

• 1. Achieving better results from in -house testing and verification compared to relying on external partners.
• 2. Speeding up feed -back loop for powder development from 9 months to just 2 weeks.
• 3. Providing a training center for in -house teams and a collaboration space for industry players and potential customers.

Promising results from our Battery Lab

LFP Testing

• Focused on LFP batteries, which are known for their safety, long cycle life, and cost-effectiveness.
• Ongoing work to integrate BCS-produced CNT additives to enhance conductivity and battery performance.
• Preliminary tests show promising results in improving charge/discharge rates and overall battery efficiency.

Next-Generation Li-S Batteries

• Developing Li-S batteries with 10x higher energy density than LFP and NMC chemistries.
• Achieved 70% capacity retention after 750 cycles using CNTs and carbon flakes, outperforming fossil-based CVD materials.
• Enhanced high C-rate performance, showing significant improvements in fast charging capabilities.

LFP: Lithium Iron Phosphate. Li-S: Lithium-Sulfur. CVD: Chemical Vapor Deposition. CNT: Carbon Nanotubes

Technology development in our entire process

• We continuously develop our understanding in all aspects of our process
• Testing shows steady improvements, but our powder still require tuning to meet the quality requirements from the industry
• While the process is complex and has taken longer time to develop than expected, we are making good progress
• Our focus remains on delivering a well defined, consistent powder

Summary

• Reduced cash burn rate achieved through organizational reshaping, with fewer employees but increased competence and efficiency.
• Secured NOK 14 million in SkatteFUNN funding and additional support from Innovation Norway.
• Technology development focus with new scale electrolyte cell now commissioned, accelerating process optimization.
• Strategic direction focused on process optimization, product customization, and securing technology agreements with industrial players.

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 forwardlooking 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.

The green supermaterial of the future ²⁷