Bergen Carbon Solutions AS

M&A Activity • May 2, 2022

BCS – update on LOI with major Japanese corporation

BCS – update on LOI with major Japanese corporation

(Bergen, 2 May 2022): Bergen Carbon Solutions AS (BCS, OSE:BCS)

Reference is made to the stock exchange announcements 28 October 2021 where Bergen Carbon Solutions announced a letter of intent with major Japanese corporation to develop an additive solution that can be used in the anode-graphite for lithium-ion based batteries globally. The solution aimed to increase conductivity and reduce resistance in battery anode materials utilizing green carbon nanofiber (CNF) from BCS.

On 9 December 2021 Bergen Carbon Solutions announced that based on the initial results, which showed good potential for our green carbon nanofibers, the parties continued to the next step and in the first quarter 2022 performed real life battery cell tests with our carbon nanofibers. As announced in our first quarter report, the results from these tests, which we cannot publish due to confidentiality and commercial reasons, were very positive. We are happy to announce that the major Japanese corporation has now acquired additional CNF from us which will be shipped imminently.

Some of the major clients the company aim to serve in the future, in particular within the battery and industrial segments, will require reliable supply and large volumes of CNF. The Norwegian Government has also included utilization of CO2 as a key element of the carbon capture, utilization and storage (CCUS) strategy. Several battery factories will be established in Norway in the coming years and huge investments has also been announced within production of key materials for batteries, for example in anode-graphite. Bergen Carbon Solutions is ideally positioned to become an integrated part of this industry.

Globally, it becomes more and more clear that the use of CNF is increasingly a part of batteries in the future. Bergen Carbon Solutions is honoured that the major Japanese corporation acknowledges the quality of our product and the recent development provides a good basis for expanding our business relationship.

ENDS

About Bergen Carbon Solutions | www.bergencarbonsolutions.com | 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.