Bergen Carbon Solutions AS

Investor Presentation • May 7, 2025

Q1 2025

Odd Strømsnes, CEO 7 th May 2025

Agenda

• 1. Introduction
• 1. Q1 2025
• 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, 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

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.

We turn CO² into carbon products through electrolysis

We can 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.

Significant amount of CNT in the EV battery

Potential CNT use in Tesla Model Y/3 batteries:

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

* 3% CNT as conductive additive in the cathode for LFP and 35% CNT as host-material for the sulfur as Li-S cathode.

**Assuming 4 times the energy density LiS vs LFP

The demand for CNT is expected to increase substantially over the next decade.

The shift from Nickel Manganese and Cobalt based chemistries (NMC) to Lithium Iron Phosphate (LFP) will be positive for CNT demand.

Next generation batteries (Li-S) increases demand for nano-structured materials like CNT.

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. Geo-policy

What is driving change in the battery industry

Sustainability

• Carbon footprint
• Energy use
• Transportation

Innovation

• Energy density
• Performance
• New chemistries

Competitiveness

• Quality
• Accessibility

• Cost

• Supply chain security

• Access to locally produces material

• Regulations

Geo-policy set to reshape the battery industry

Trade barriers, tariffs and protectionism are changing supply chain strategies.

• Following the last 100 days, increasing geopolitical tension is leading to new trade restrictions, tariffs and export controls.
• Battery materials are considered strategic and subject to tighter regulation.
• EU's battery passport from 2027 increasingly important.
• Governments and companies are looking for local supply chains to reduce risk and increase resilience.

"China imposes export curbs on graphite"

"China puts pressure on western producers of electric car materials"

"The Chinese factory jobs Donald Trump want to bring back"

"China`s rare earths controls promt fears of auto shortages and shutdows"

"Europe`s clampdown on Chinese Evs forces U-Turn at state-owned GAC"

"US tariffs threaten lay-offs at UK`s luxury car plant, industry warns"

"Europe risks becoming "assembly plant" for Chinese battery makers"

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.
• 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)

Key developments in Q1 2025

• Faster technology development speed due to efficient, stable and parallel electrolysis runs.
• Full in-house characterization and testing for both carbon materials and batteries.
• Performance testing of LFP and Li-S with BCS CNT continues to be promising.
• CNT testing ongoing in cooperation with global battery manufacturers.
• Continued low and controlled burn rate a reduction of 53% from Q1 2024.

Financial highlights Q1 2025

NOK million	Q1 2025	Q1 2024	FY 2024
Total revenue and other income	0.0	0.0	0.1
Total operating expenses	15.2	22.8	72.7
Operating profit (loss)	-15.2	-22.8	(72.6)
Net profit (loss) for the period before tax	-13.3	-20.0	(64.2)
Net change in cash and cash equivalents	-9.7	-20.5	(63.3)
Cash and cash equivalents, end of period	160.0	212.5	169.7
Equity	171.8	228.5	184.3
Total assets	194.2	255.5	205.9

Adjusted net loss for the quarter was NOK 12.5 million due to NOK 0.8 million in oneoff that is non-cash cost.

• Successfully reduced burn rate with 53% from Q1 last year by reshaping the organization, combining cost focus with a high competence level and fewer employees; achieving more progress 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.

Status and technology development

13

Technology Development Status and outlook

We are maturing and developing our Molten Salt Carbon Capture Electrolysis Technology (MSCC-ET)

• To become a competitive alternative to the establishment.
• We are working on bringing in a new material to an existing market.
• Gradually maturing MSCC-ET technology to meet the requirements.
• Delivering on two critical dimensions:
  • Price/Quality
  • Sustainable materials.

Continue to work on process development in 2025

1. Electrolysis:

Molten Salt Carbon Capture Electrolysis Technology (MSCC-ET) convert CO² to advanced carbon powders.

2. Material processing and characterization:

Purify the carbon and recycling the electrolyte and characterization of powder.

3. Applications:

Testing our carbon powders in real-life applications.

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

Fundamental studies.

Technology development.

Pilot testing development.

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 with a European intention to grant expected in 2025.

2.1 Well equipped for process and powder characterization

• X-ray Diffraction (XRD) Identifies crystal structures and phases in materials.
• Raman Spectroscopy Analyzes molecular composition and structures.
  • BET (Brunauer-Emmett-Teller) Measures the surface area and porosity of powder.

GC

Gas Chromatograph (GC) is used to separate and analyze compounds in a gas or vapor mixture.

Process

TITRATOR

Titrator Determine the compostion of the electrolyte.

3: Applications

Results from our in-house Battery Lab

• Achieving better results through in-house testing and verification, reducing dependency on external partners and speeding up the development.
• BCS is now testing carbon materials with global LFP (Lithium Iron Phosphate) and Li-S (Lithium-Sulfur) battery manufacturers.
• Testing is done based on the chemistry from the battery manufacturers with BCS CNT.
• Promising results this quarter from both LFP and Li-S battery chemistries.

Summary

• Technology development progressed well during the quarter, with three times more testing efficiency, stable operations, and improved process understanding.
• BCS 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 CNT testing ongoing in cooperation with global battery manufacturers.
• Financial discipline remained strong, with the company maintaining a low and controlled burn rate.
• Strategic direction focused on technology development, product customization, and securing technology agreements with industrial players.

Vinner av Spesialprisen 2025 Bergen Carbon Solutions

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.

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The green supermaterial of the future ²⁵