Bergen Carbon Solutions AS

Earnings Release • Aug 25, 2021

Financial results for the first half of 2021

Financial results for the first half of 2021

Oslo, 25 August 2021) Bergen Carbon Solutions AS (Bergen Carbon Solutions, OSE: BCS) reported an operating loss of NOK 11.8 million in the first half of 2021 (-1.7) as the company continues the development of the modular carbon nanofiber (CNF) production unit and the commercial expansion of the organization. Bergen Carbon Solutions is on track for the industrial scale roll-out and reiterates the strong outlook.

“The first half of 2021 was a busy and successful period with capital raises, listing on Euronext Growth, steady progress towards installing the first CNF unit in the first quarter of 2022, ramp-up of the technical and commercial organization and that we entered into several important Letter of Intent with potential tier-1 customers. In all, we are on track to provide green carbon nanofibers on an industrial scale and to convert carbon dioxide into valuable products,” says Jan B. Sagmo, Chief Executive Officer of Bergen Carbon Solutions.

Bergen Carbon Solutions reported a negative operating profit of NOK 11.8 in the first half of 2021, compared to NOK -1.7 million in the corresponding period last year, as the company continued the planned development of the CNF production unit and expanded the technological and commercial organization. The costs related to the listing on Euronext Growth are included in the reported figures.

“We completed a successful listing on Euronext Growth and have received a strong interest from the capital market. With a cash balance of over NOK 100 million, a product ready for commercial deployment, a solid pipeline and high market interest, we are well positioned to expand and commence our commercial operations,” Sagmo continues.

The company is on track for finalizing the CNF unit at the production facility at Flesland, Norway, and the module will be placed at the regional waste management company BIR in the Bergen area during the first quarter of 2022. Bergen Carbon Solutions has also entered several Letters of Intent (LOI) with potential tier-1 customers, including two Japanese companies, one Chinese company, in addition to the announced LOIs with Yara and Jackon.

“We aim to enter into several firm contracts going forward and to further expand our pipeline following our continuous dialogue with potential customers, academic and industrial entities. Bergen Carbon Solutions is on track for the industrial scale roll-out and reiterates the strong outlook,” Sagmo concludes.

Jan B. Sagmo will present the first half year report for 2021 on Wednesday 25 August 2021 at 08:00 CET at Hotel Continental, Oslo, Norway.

Link to webcast:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20210825_7

Questions can be submitted during the webcast.

The presentation is scheduled to finish at 08:45 CET.

Note that the presentation at Hotel Continental is subject to the current Covid-19 regulations and that the event may be changed at short term notice.

Please see the presentation material for the first half of 2021 enclosed.

For additional information, please contact:

Jan B. Sagmo, CEO, janbsagmo@bergencarbonslutions.com, +47 473 72 701

About Bergen Carbon Solutions | www.bergencarbonsolutions.no

Bergen Carbon Solutions uses innovative technology to produce carbon-nanofibers, using CO₂ and Norwegian hydropower. This makes the production unique and environmentally friendly. Bergen Carbon Solutions is listed on Euronext Growth under the ticker BCS.

About carbon-nanofiber and Bergen Carbon Solution

Carbon-nanofiber (CNF) is a high value product, lighter than plastic, stronger than steel and leads electricity better than copper, and is applied to a wide range of consumer and industrial products, from energy storage to protective clothing. The CNF is made by using modular production units that are based on two 40 feet containers stacked on top of each other with two reactors (4 crucibles each). Each production unit can produce about 6.5 tonnes of CNF annually out of 30 tonnes of CO2. The production method and technology have been verified by DNV-GL, and Bergen Carbon Solution has been producing CNF at their test facility since summer 2020. The company has developed an energy efficient, carbon negative production method, to produce CNF out of CO2, using only renewable energy and with O2 as the only bi-product and thus Bergen Carbon Solutions calls it green carbon-nanofiber.