BCS: Third quarter financial results

31 Oct 2024 07:00 CET

(Bergen, 31 October 2024): Bergen Carbon Solutions AS (BCS, OSE:BCS)

Bergen Carbon Solutions AS (BCS), the pure-play carbon capture and utilization
(CCU) company, today provides an operational update and financial results for
the third quarter of 2024.

“As we look back at the third quarter of 2024, I am pleased to share the key
developments and achievements at Bergen Carbon Solutions (BCS). This has been
another quarter of continued technology development focus in terms of equipment
readiness and process optimization. We have also been expanding our partnership
portfolio. Our focus on strengthening the organization and driving forward our
strategy is also paying off as we are making progress in several key areas,”
says Odd Strømsnes, CEO of Bergen Carbon Solutions.

During Q3, BCS has concentrated its efforts on verifying the company’s
technology and improving its process and products. This has involved ongoing
activities in refining and testing the technology to ensure the company is
delivering the best results towards market expectations. One of the recent
highlights has been the improvements and extensions made to the technology
development facility, including the battery lab. These upgrades are supporting
BCS to speed up and improve the quality of its overall technical progress. By
making the processes more efficient, the company is moving closer to its goal of
providing local, high-quality, sustainable and cost-effective carbon materials
for the battery industry.

“In terms of market activity, this has been a positive quarter. We have signed
several important intentional agreements that will support our long-term growth
and help us build strong partnerships in the battery value chain. The importance
of a local and sustainable battery value chain is certainly obtaining more and
more traction,” says Mr Strømsnes.

In August, BCS signed a letter of intent (LOI) with Morrow Batteries. This was
followed by a similar LOI in September with Beyonder. Both of these partnerships
address the criticality of a local and sustainable value chain with an aim to
further strengthen the Norwegian battery industry. Additionally, BCS extended
the memorandum of understanding (MOU) with TKG Huchems in September. This
extension will enable BCS to continue exploring joint opportunities and further
improve the company’s position in the battery materials market in Asia. BCS is
also in ongoing discussions with other potential partners.

As part of BCS’ continued efforts to align the company with its strategy, the
company has been reshaping the organization to ensure it has the right skills
and technology leadership in place. This quarter, the company has welcomed new
competence onboard, bringing in the specialized expertise needed to push the BCS
technology development forward.
“One significant change this quarter has been the appointment of board member
Rita Glenne as acting CTO. With her leadership, we are well-positioned to drive
the next phase of our product development and process innovation,” says Odd
Strømsnes, CEO of Bergen Carbon Solutions.

BCS has successfully been reducing its cost burn rate. By optimizing the
operating spend and implementing strong cost-control strategies, the company has
managed to reduce costs, stay on track financially while continuing to maintain
high standards for product development. This discipline in managing the finances
is crucial as the company move forward with its technology and market expansion
plans. The company also remains well-financed, with sufficient resources to
continue its development work and pursue new opportunities.

“As we head into the final quarter of 2024, I am confident that Bergen Carbon
Solutions is on the right path. We are making strong progress in our
technological development, expanding our partnerships, and positioning ourselves
as a local and sustainable CCU player in the European battery value chain. Our
focus remains on improving our processes, managing costs, and securing more
strategic agreements that will help us grow and succeed in the long term,” says
Odd Strømsnes.

Presentation:
The company will host an operational update presentation today at 08:00 at the
premises of Norne Securities in Bergen, Norway.
The event can also be followed as a webcast. A recording of the presentation
will be available on our website after the session.

Presentation details:
Date: Thursday 31 October 2024
Time: 08:00 a.m. (CET)
Language: English
Address for attendance in person: Norne Securities, Jonsvollsgaten 2, Bergen
Q&A: may be submitted in advance to fredrik.oksnes@bergencarbonsolutions.com or
live during the session
Link to webcast:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_YTA2YzMyYzMtZjNjMC00N2Y3L
TkxYWUtNDRlN2UzZDlhNDcx%40thread.v2/0?context=%7B%22Tid%22%3A%2209541643-bfcd-44
58-b6c4-62dffd52c81a%22%2C%22Oid%22%3A%22923f0bea-138e-4d71-9534-b1bc9be3ce0c%22
%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a

The presentation and financial report for Q3 2024 are enclosed.

END

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 is a technology company in the field of carbon
utilisation. The company is working to make CO2 a valuable resource, using
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 the battery industry. The
technology may provide 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. 
Follow us on https://www.linkedin.com/company/berge-carbon-solutions-as/
Bergen Carbon Solutions | www.bergencarbonsolutions.com

More information:
Access the news on Oslo Bors NewsWeb site

630800_BCS Financial Report Q3 2024.pdf
630800_BCS Operational Update Q3 2024.pdf