Preliminary financial results for the fourth quarter of 2022

24 Feb 2023 07:00 CET

(Bergen, 24 February 2023): Bergen Carbon Solutions AS (BCS, OSE: BCS)

Bergen Carbon Solutions AS reported preliminary revenues of NOK 1.1m and an
adjusted operating loss of NOK 14.3m. in the fourth quarter of 2022. Cash
balance was NOK 293m and the company had no interest-bearing debt. The company
continues working on an increased knowledge of the market and supply chain
universe in accordance with our expanded value proposition of both anode
graphite and MWCNT. This workstream is particularly relevant for supply of anode
graphite for the global battery industry. In addition we continue to have full
focus on an optimized and stabilized production process of our carbon products.

Odd Strømsnes, CEO, commented: “We see that there is a substantial interest for
our products in the global marketplace and we are continuously targeting the
battery industry. This week we also announced that we have successfully
completed testing and proven our ability to produce carbon directly from fluegas
from a flexible carbon facility and received NOK 2m in success fee from Enova.
The results from this test will create an interesting opportunity for us to play
an important role in future CCU value chain established close to local CO₂
producers. Also this week, Innovation Norway approved our funding application
for NOK 6m for a joint research project with a Chinese partner on Sodium Ion
Batteries.”

Due to new CEO just onboarded and in parallel the company working on several
ongoing key strategic initiatives, the company will invite to a live
presentation in connection with the publication of the final financial results
and 2022 Annual Report on 29 March 2023.


ENDS
For further information please contact:
Odd Strømsnes, CEO, os@bergencarbonsolutions.com, +47 480 88 571
Karina Brudeseth, CFO, karbru@bergencarbonsolutions.com, +47 413 43 381

About Bergen Carbon Solutions
Bergen Carbon Solutions aims to pioneer a new Norwegian industry for
ground-breaking, environmentally friendly material-technology. Bergen Carbon
Solutions utilizes CO₂ and Norwegian hydropower to create carbon products such
as nanofibers, nanotubes, and graphite. Bergen Carbon Solutions is listed on
Euronext Growth under the ticker BCS.

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583456_Q4 2022 BCS group.pdf