Bergen Carbon Solutions AS

Earnings Release • Feb 24, 2023

Preliminary financial results for the fourth quarter of 2022

Preliminary financial results for the fourth quarter of 2022

(Bergen, 24 February 2023): Bergen Carbon Solutions AS (BCS, OSE: BCS)

Bergen Carbon Solutions AS reported preliminary revenues of NOK 1.1m and an adjusted operating loss of NOK 14.3m. in the fourth quarter of 2022. Cash balance was NOK 293m and the company had no interest-bearing debt. The company continues working on an increased knowledge of the market and supply chain universe in accordance with our expanded value proposition of both anode graphite and MWCNT. This workstream is particularly relevant for supply of anode graphite for the global battery industry. In addition we continue to have full focus on an optimized and stabilized production process of our carbon products.

Odd Strømsnes, CEO, commented: “We see that there is a substantial interest for our products in the global marketplace and we are continuously targeting the battery industry. This week we also announced that we have successfully completed testing and proven our ability to produce carbon directly from fluegas from a flexible carbon facility and received NOK 2m in success fee from Enova. The results from this test will create an interesting opportunity for us to play an important role in future CCU value chain established close to local CO₂ producers. Also this week, Innovation Norway approved our funding application for NOK 6m for a joint research project with a Chinese partner on Sodium Ion Batteries.”

Due to new CEO just onboarded and in parallel the company working on several ongoing key strategic initiatives, the company will invite to a live presentation in connection with the publication of the final financial results and 2022 Annual Report on 29 March 2023.

ENDS

For further information please contact:

Odd Strømsnes, CEO, os@bergencarbonsolutions.com, +47 480 88 571

Karina Brudeseth, CFO, karbru@bergencarbonsolutions.com, +47 413 43 381

About Bergen Carbon Solutions

Bergen Carbon Solutions aims to pioneer a new Norwegian industry for ground-breaking, environmentally friendly material-technology. Bergen Carbon Solutions utilizes CO₂ and Norwegian hydropower to create carbon products such as nanofibers, nanotubes, and graphite. Bergen Carbon Solutions is listed on Euronext Growth under the ticker BCS.