Bergen Carbon Solutions AS

M&A Activity • Sep 19, 2023

BCS: EXTENSION OF MOU WITH TKG HUCHEMS

BCS: EXTENSION OF MOU WITH TKG HUCHEMS

(Bergen, 19. September 2023): Bergen Carbon Solutions AS (BCS, OSE: BCS)

Reference is made to the stock exchange announcement dated 29 March 2023 regarding an MOU with the Korean chemical company TKG Huchems. As of today, Bergen Carbon Solutions has extended this MOU with TKG Huchems. The MOU will now remain in effect until September 2024, under the same terms as the original MOU from March 2023.

The intent of the MOU is to produce Carbon Nano Tubes (CNT) utilizing technology from Bergen Carbon Solutions, targeting battery cell manufacturers in the Asian region. As part of the MOU, both parties will explore the possibility of establishing a CNT factory in Korea with an annual capacity of 10,000 tonnes.

Odd Strømsnes, CEO of Bergen Carbon Solutions, comments:

"The extension of the MOU underscores the dedication both parties have in elevating BCS's technology to the Korean CNT market. Following our quantum leap in product quality over the summer, it's particularly encouraging for us that Huchems has taken the initiative to extend our original MOU by a year. It affirms that our collaboration is moving in the right direction, and takes us a significant step closer to commercializing our technology."

Both Huchems and Bergen Carbon Solutions will proceed with discussions centered around the commercialization of Bergen Carbon Solutions’ technology and products in South Korea. The collaboration and shared commitment to the development and investment in CNT technology for the Asian market remains a priority for both entities.

About TKG Huchems

Huchems operates 14 plants across Korea, primarily serving the fine chemical market. They stand as a leading producer of chemicals, with products including nitric acid, ammonium nitrate, DNT, and MNB.

For further information, please contact:

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

Fredrik Øksnes, CCO, fredrik.oksnes@bergencarbonsolutions.com, +47 975 67 318

ENDS

About Bergen Carbon Solutions

Bergen Carbon Solutions is the world’s clean carbon technology and materials company. The company is making CO2 a valuable resource, using renewable energy to turn the excessive greenhouse gas into solid carbon. With its groundbreaking, proven process for carbon capture and utilization (CCU), Bergen Carbon Solutions is enabling clean carbon for green manufacturing. The technology is ensuring stable delivery of carbon nanotubes and graphite, helping manufacturers to be less exposed to the raw material risks of geopolitical rivalry. Established in 2016, based in Norway and listed on Euronext Growth, Bergen Carbon Solutions is targeting the fast-growing battery industry globally, and other carbon intensive industries looking to replace conventional, fossil based solutions to stay relevant in their markets.

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Bergen Carbon Solutions | www.bergencarbonsolutions.com