Bergen Carbon Solutions AS

Investor Presentation • Aug 20, 2025

Q2 2025

Odd Strømsnes, CEO "Vestland på Børs" - 20 August 2025

One year of transformation – strengthening technology, competence, and partnerships

Technology investments

• Expanded in-house testing with new battery lab and electrolyte scale cell.
• Accelerated technology development delivering more consistent results.
• Strengthened patent strategy with several new opportunities ahead.

Organisation & efficiency

• Organisational changes to align with strategic direction
• Leaner structure and lower burn rate
• Stronger in-house competence within process and battery testing

Partnerships

• Strengthened cooperation across the battery value chain
• Agreements with Morrow Batteries, Beyonder and other relevant companies
• Engagement with leading battery manufacturers for material testing

Bergen Carbon Solutions

The green supermaterial of the future

Bergen Carbon Solutions is a technology

company, developing solutions to add value both upstream and downstream.

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

Our innovative process turn CO² into carbon material through electrolysis.

From CO2 we can 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

MSCC-ET: Molten Salt Carbon Capture Electrolysis Technology

O²

carbon CO²

Electricity

Green

Green carbon: A cleaner path from CO₂ to high-value carbon materials

Green

O²

carbon CO²

Electricity

Fossile carbon Green carbon

Molten Salt Carbon Capture Electrolysis Technology (MSCC-ET)

Carbon in various forms is crucial for battery performance

Significant amount of CNT in the EV battery

Noe sånt?

Battery Type	Battery Pack weight	Cathode material	Amount CNII
LFP	771 kg	193 kg	6 kg
Li-Sulfur	193 kg	33 kg	12 kg

CNT enables increased energy density and performance.

Next generation batteries increases demand for CNT.

The demand for CNT is increasing substantially over the next decade.

Bergen Carbon Solutions is in a unique position to deliver on the most important drivers 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

Geo-policy

• Regulations

• Supply chain security

produces material

• Access to locally

Sustainability

• Carbon footprint
• Energy use
• Transportation

Innovation

• Energy density
• Performance
• New chemistries

Competitiveness

• Quality
• Accessibility
• Cost

Significant global growth expected Main growth in LFP sector

with a 28% yearly increase.

Gradual introduction of new cell chemistries (incl. Lithium-Sulfur) after 2030.

Asia dominating production capacity (>70%). China controls nearly all critical raw materials for batteries.

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

Geo-policy set to reshape the battery industry

Governments and companies are looking for local supply chains to reduce risk and increase resilience

• 1. Tarrifs: Increasing geopolitical tension is leading to new trade restrictions and tarrifs
• 2. Export controls: Battery materials are considered strategic and subject to tighter regulation

123

Mindre busy

vakrere

3. Regulations: EU's battery passport from 2027 increasingly important

Photo: psqr.eu and ft.com

Our CCU technology provides a local and secure alternative

Enabling stable and local access to battery materials

• BCS technology may enable on-site or near-site production of carbon additives
• No need for long-distance shipping or global supply contracts
• Modular, scalable systems fit into regional battery production hubs
• A solution aligned with future policy and market trends: local, clean, secure

BCS pilot modular unit. Photo: Ørjan Deisz (bt.no)

Status and technology development

13

Financial highlights Q2 2025

NOK million	Q2 2025	Q2 2024	H1 2025	H1 2024	FY 2024
Total revenue and other income	0.0	0.0	0.0	0.0	0.1
Total operating expenses	14.3	19.9	29.4	42.7	72.7
Operating profit (loss)	-14.3	-19.9	-29.4	-42.7	-72.6
Net profit (loss) for the period before tax	-12.7	-17.8	-26.0	-37.8	-64.2
Net change in cash and cash equivalents	-12.1	-21.0	-21.8	-41.6	-63.3
Cash and cash equivalents, end of period	147.9	191.5	147.9	191.5	169.7
Equity	159.6	211.3	159.6	211.3	184.3
Total assets	180.7	237.5	180.7	237.5	205.9

Adjusted net loss for the quarter is NOK 12.1 million due to NOK 0.6 million in one-offs, all non-cash cost. Adjusted net loss for first half of 2025 is NOK 24.7 million.

• Successfully reduced burn rate with 48% from H1 last year 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.
• Current strategy execution requires minimal additional CAPEX.
• Focused on relevant funding opportunities, avoiding standalone EU projects due to scope but targeting suitable calls for support.

Successfully reduced burn rate with 48% from H1 last year

Cash burn: Net change in cash + interest income + grants

• Reduced burn rate by 48% compared to first half 2024 through organizational restructuring and strict cost control.
• Lower headcount with a higher competence level, enabling the company to achieve more with fewer employees.
• Extended financial runway, ensuring resources are focused on core technology development and strategic priorities.

15

Organisation

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

• Reduced burn rate with 48% through organizational reshaping, achieving higher efficiency with 35% fewer employees
• Enhancing speed of development by recruiting qualified personnel to speed up our technology development
• Attracting top talent thanks to BCS's unique market position and the opportunity to work on pioneering sustainable carbon technology.

Reshaped organisation

Finding the right technology development partners

In dialog with some of the largest chemical companies in the world.

• Our technology is particularly interesting for large scale emitters with established usecases for advanced carbons and inhouse capabilities for product development.
• Actively searching for partners with lifting capabilities within technology development and applicational use

Selected partners during the last year:

• Secured partnerships with local Norwegian battery companies to develop our powders towards their applications
• Letter of support from undisclosed leading European chemical and material company
• Commercial development agreement with an undisclosed global marketer and distributor of advanced materials for sustainable industries

Progress in the technology development

1. Electrolysis:

Turning CO² into solid carbon through Molten Salt Carbon Capture Electrolysis Technology (MSCC-ET)

2. Material processing and characterisation:

Process the carbon into useful material

3. Applications:

Testing our product in real-life in our inhouse battery lab

1: Electrolysis

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

Fundamental studies

Technology development

Pilot testing development Oppdatere: Scale cell I bruk og kjøres 3x om dagen – gir stort utbytte og mange resultater.

Har aldri gått raskere.

2: Well equipped for process and powder characterization

and morphologies

Powder characterization Process

in a gas or vapor

mixture.

3: Appplications

Out inhouse coin cell manufacturing and performance testing has started to significantly reduce feedback time to our core process and enabled us to improve faster

• The Lab have equipment for testing our product in different battery chemistries.
• Achieving better results through in-house testing and verification, reducing dependency on external partners and speeding up the development.
• Promising results from both LFP (Lithium Iron Phosphate) and Li-S (Lithium-Sulfur) battery chemistries.
• BCS is now testing carbon materials with global LFP and Li-S battery manufacturers.

Promising results from our Battery Lab

BCS has made significant progress testing its carbon powders in both mature and next-generation battery chemistries.

• LFP Batteries: In half-cell tests with 5% loading of BCS CNTs, results show promising electrochemical performance compared to conventional fossilbased conductive additives.
• Li-S Batteries: Achieved 70% capacity retention after 750 cycles using CNTs, outperforming fossil-based reference materials.

Commodity.

Available mature

chems.

Next gen chems.

To nyhetssaker

These results confirm the potential of BCS powders as a sustainable alternative for both today's high-volume battery technologies and the chemistries of the future.

Read more on www.bergencarbonsolutions.com:

Summary

• Technology development progressing well, with faster test cycles, stable operations, and improved process understanding.
• BCS has strengthened its internal capabilities, now performing full in-house testing for both raw materials and batteries, reducing dependence on external laboratories.
• Progress in battery applications, in both current LFP chemistries and future Li-S battery technologies, with BCS materials now under testing together with leading global battery manufacturers.
• Financial discipline remained strong, with the company maintaining a low and controlled burn rate.
• 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 ²⁶