Bergen Carbon Solutions AS

Investor Presentation • Nov 7, 2025

Q3 2025

Odd Strømsnes, CEO

7 th November 2025

Third quarter highlights

Technology:

Major improvements in obtaining a consistent process

• Consistent and repeatable process and powder results.
• Established a process platform for further development.
• Now in a position for further partnering development.

Finance:

Strong discipline and new support

• Continued low burn rate and full cost control.
• Limited new capex required.
• Innovation Norway grant to support next development phase.

Organisation:

Strengthening competence and insight

• New Advisory Board with international industry expertise.
• Additional technical competence onboarded to accelerate progress.
• A lean, focused organisation built for the next stage of growth.

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 CO2we can make conductive carbon materials for the battery industry, ranging from small nano-particles to graphitic macrostructured carbons.

Our CCU technology enable production of sustainable batteries

We are capturing 3.6 kg of CO 2 for each kg of highly conductive carbon powder we are producing

Demonstrating a true circular battery value chain

Importance of local supply chains is rising

Policy and politics are reshaping the battery industry

• 1. Tariffs: Increasing geopolitical tension is leading to new trade restrictions and tariffs
• 2. Export controls: Battery materials are considered strategic and subject to tighter regulation and control
• 3. Regulation and state support: Regulation on local content and increased funding for battery production

EU Battery Booster Package

Will be announced on November 25, 2025

Investment package to support EU made batteries with additional EUR 1.8 billion from the Innovation Fund.

Comes on top of the already proposed EUR 3 billion.

Aimed at achieving near-term cost competitiveness of domestically produced battery cells and components.

Aims to boost European added value, support the entire battery value chain, and ensure a resilient and competitive battery manufacturing sector in Europe.

Our CCU technology provides a local and secure alternative

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

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

Q3 financial highlights

Financial highlights Q3 2025

NOK million	Q3 2025	Q3 2024	YTD 2025	YTD 2024	FY 2024
Total revenue and other income	0.0	0.1	0.0	0.1	0.1
Total operating expenses	11.1	18.6	40.5	61.3	72.7
Operating profit (loss)	(11.1)	(18.5)	(40.5)	(61.1)	(72.6)
Net profit (loss) for the period before tax	(9.6)	(16.4)	(35.5)	(54.2)	(64.2)
Net change in cash and cash equivalents	(7.0)	(17.9)	(28.8)	(59.5)	(63.3)
Cash and cash equivalents, end of period	140.9	173.5	140.9	173.5	169.7
Equity	150.5	195.8	150.5	195.8	184.3
Total assets	168.0	217.7	168.0	217.7	205.9

Adjusted net loss for the quarter is NOK 9.1 million due to NOK 0.5 million in one-off that is non-cash cost. The company received NOK 4.8 million in grants from Skattefunn with a positive impact on cash-flow this quarter, this grant was included in last year's results.

• Significant reduced burn rate with 52% versus last year (YTD) through a leaner organization with more focused activities. Extending the financial run-way.
• Current strategy execution requires minimal additional CAPEX.
• Received NOK 30 million grant from Innovation Norway in November

Status and technology development

Deep technology development work has resulted in a stable process platform

• We have over the last years built deep insight into the fundamentals of our technology.
• This work has now resulted in what we define as a process platform: a stable, predictable foundation for further development.
• It marks a breakthrough for BCS and represents a turning point towards further industrial development of BCS technology.

Understanding and controlling a unique process

• The technology we are developing is called Molten Salt Carbon Capture Electrolysis Technology (MSCC-ET). This is a new and largely unexplored field with limited literature or existing references.
• In the MSCC-ET process there are a multitude of parameters to understand and control, each with different influence on the quality and characteristics of the carbon powder.
• We are confident that BCS is among the first in the world to understand and control these reactions.

Process understanding and stability improved through systematic parameter control

Evolving know-how towards industrial development

• With a stable and predictable process, we are now entering a phase where we are planning to produce larger volumes for internal and external testing.
• Collaboration with external battery laboratories enables validation under real operating conditions.
• Our process platform provides the foundation to refine, scale, and increase robustness, setting clear boundaries for consistency and quality.
• This marks the start of our industrial development phase, where we turn know-how into performance and readiness for future applications.

BCS receives NOK 30 million grant from Innovation Norway

• The grant supports sustainable technology development with a total project budget of NOK 67 million over three years.
• This funding strengthens BCS' growth potential and reduces risks in developing sustainable carbon materials for the battery industry.
• The grant, approved by the board of Innovation Norway, is a strong recognition of BCS' innovative approach to converting CO₂ into advanced carbon materials using electrolysis.
• Focus on expanding the carbon powder portfolio, critical for enabling lighter batteries, longer lifespans, higher energy density, and reduced material consumption.

Expanding the carbon powder portfolio

From one product and chemistry to several opportunities

• The Innovation Norway project enables us to further develop our carbon nanotubes (CNT) and expand into highly conductive carbon flakes.
• These material groups support the production of batteries with higher energy density, longer lifetime, and improved fast-charging performance.
• The technology has potential to play an important role in the development of next-generation Lithium–Sulfur batteries (Li-S).
• Testing will be carried out in collaboration with battery manufacturers and research laboratories, across both LFP (Lithium Iron Phosphate) and Li–S chemistries.

Unique materials for niche battery applications

We are to a lesser extent competing with conventional fossil CNT producers. For BCS it's all about documenting performance.

The unique qualities of our powders, the sustainable process and our strong geopolitical position, enables us to better meet niche market requirements.

Organisation and competence

Strengthening our capabilities for the next phase

• Established an international Advisory Board to strengthen strategic guidance and global positioning.
• Welcoming Tom Van Bellinghen (ex-Umicore) and Pierre Joris (ex-Nanocyl / Birla Carbon), bringing deep insight into battery materials, CNTs, and commercialization.
• Their perspectives are already helping clarify our maturity level and guide future development paths.
• Added new technical competence within electrolysis and battery testing, building a lean, skilled, and focused team.

Tom Van Bellinghen

Pierre Joris

Summary

• Reached a technological breakthrough, with a stable and repeatable process that marks a new level of control and understanding.
• Cost level remains low and predictable, supported by strong financial discipline and new funding from Innovation Norway to strengthen robustness.
• The organisation is stronger and more focused, with new competence onboard and a new Advisory Board guiding our next phase of development.
• Global trade tensions and new EU industrial initiatives continue to underline the importance of local, sustainable carbon production, exactly where BCS offers a solution.
• Looking ahead, we are building on a solid process platform, expanding into new products and chemistries, and preparing for the next steps toward commercialisation

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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