Bergen Carbon Solutions AS

Investor Presentation • May 20, 2021

Company presentation 20 May, 2021

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 forward-looking 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.

WE USE CO2 TO CREATE

Carbon Nanofiber

Lighter than plastic

Stronger than steel

Leads electricity better than copper

A pioneer within CO2 value creation

Enabling sustainable value creation from CO2 utilization…

…through modular production units with proven and superior cost-efficient technology…

…producing material with extreme high strength-to-weight ratio and exceptional thermal and electrical conductivity…

… with a broad range of application areas

Uses captured or pure CO2 as main input in CNF production

A production module consisting of two 40ft containers is expected to produce 6.5 tonnes CNF a year out of 30 tonnes CO2

Carbon nanotubes

Aerospace & defence Electronics

Automotive

Carbon nanofiber

Market price for CNF range from NOK 5 000 to NOK 27 000 per kg, depending on quality

Construction

Textiles

New applications are continuously being developed

ABOUT BERGEN CARBON SOLUTIONS

Bergen Carbon Solutions at a glance

GREEN CARBON NANOFIBER TECHNOLOGY PROVIDER

KEY FACTS

• Located in Bergen, Norway
• Competent team of engineers and PhDs
• Unique and patented technology
• Commercial production site secured

ABOUT BERGEN CARBON SOLUTIONS

Our technology uses significantly less energy than conventional methods

1)

Zero emission product enabling a low carbon footprint

We've developed an energy efficient, carbon negative method to produce CNF out of CO2, using renewable energy, with O2 as the only bi-product

Our product ECO-C is also known as green carbon nanofiber

Converting CO2 into CNF will positively contribute to UN's Sustainable Development Goals.

Our environmental efforts will help our customers:

• § Reduce their carbon footprint
• § Market their products as carbon positive
• § Apply for grants designed for environmental purposes

One material, two products

OUR PRODUCT SEGMENTS

Our technology can produce both carbon nanofiber (CNF) and carbon nanotubes (CNT)

CNT are smaller in diameter, tubular in form and more difficult to produce than CNF, and thus have a higher product price

Most of the production volume in the pilot module has been CNF

Short-term GTM focus is on CNF, before expanding into CNT

HOW THEY COMPARE1

1: Source: PwC analysis, October 2020, 2: 2020

Carbon nanofiber (CNF)

Lighter than plastic, stronger than steel, with exceptional thermal and electrical conductivity, properties that can be transferred when combined with other materials

Estimated CAGR of 27% towards 2024, covering a wide range of industrial and technological applications

Market price between NOK 5 000 per kg and NOK 27 000 per kg depending on quality

Our products cover the whole range of qualities, meeting different customer needs

Carbon nanotubes (CNT)

Lighter than plastic, stronger than steel, and conducts electricity even more efficiently than CNF

Global CNT market almost 7x CNF market with an estimated CAGR of 24% towards 2024

Wide range of applications, ranging from batteries to semiconductors, automobile parts, aircraft fuselages etc.

Market price between NOK 18 000 per kg and NOK 210 000 per kg

CARBON NANOFIBER AND CARBON NANOTUBES

Total market in 2024 estimated to be NOK 70 billion (USD 8 bn)

Industrial scale roll-out

	Test center	BIR Rådalen	Technology Centre Mongstad	Alcoa Mosjøen
Description	Located in Bergen at Flesland Production facility	BIR is the regional waste management company in the Bergen area, with an WtE plant located in Rådalen	One of the world's largest and most flexible plants for testing and improving CO2 capture technologies	Among the largest aluminum smelter sites in Europe
Site CO2 emissions/year		~200 000 tonnes	~100 000 tonnes	~400 000 tonnes
CNF potential with BCS		~40 000 tonnes	~20 000 tonnes	~40 000 tonnes
Planned BCS production
Feedstock	Clean CO2	CO2 from flue gas	Captured CO2	Clean CO2 with low impurities
# BCS modules	1 module	1 module	1 – 5 modules	1 – 5 modules
Exp. CNF volume	3.25 tonnes	3.25 tonnes	6.5 – 32.5 tonnes	6.5 – 32.5 tonnes
Status	Prod. start exp. Q1 2022	Prod. start exp. Q1 2022	Prod. start exp. Q1 2022*	Prod. start exp. Q2 2022

MARKET

Market potential and product segments

400+ potential customers – offtake agreements actively discussed with several companies

250 tonnes CNF est. offtake from key customers in 2021/22

Interest from potential customers in >30 countries

ECONOMICS

Attractive and profitable growth opportunity Example: one production module

IN SHORT

Green carbon nanofiber technology provider – a pioneer within CO2 value creation