BCS: First quarter financial results and operational update

07 May 2025 07:00 CEST

(Bergen, 7 May 2025): 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 first quarter of 2025.

“Our main focus remains the same: developing our core technology and building
the knowledge needed to fully explore the potential in our electrolysis process.
We are developing a new type of carbon material through a completely new
technology, not done at this scale before, and this requires in-depth
understanding and a structured approach to our work. We are accumulating new
knowledge every day, and the results we are seeing now are more consistent and
coming faster than before.” says Odd Strømsnes, CEO of Bergen Carbon Solutions.

BCS equity story is increasingly attractive as the geopolitical status in terms
of securing critical raw material gets more uncertain.

During the first quarter, BCS completed substantially more test results than
ever before, with zero equipment downtime throughout the quarter. The company
now runs both the lab cell and the scale cell in parallel. This is a clear sign
that the setup is now stable and reliable. The BCS team is working with high
pace and precision, and the process is becoming more mature and well-defined.

“We have also continued to improve our internal capabilities. Today, we are less
dependent on external partners when it comes to testing and characterizing of
our raw material as well as test batteries. Our in-house facility is now fully
equipped for material characterisation and battery performance testing, and this
allows us to move much faster than before,” says Strømsnes.

One highlights this quarter is the good progress made in testing of both LFP and
Li-Sulphur (Li-S) battery applications. The results are promising and confirms
that the BCS carbon material has potential both in an existing widely used
battery chemistry as well as for future chemistries. As a consequence, the
company now has carbon material being tested for both applications with
reference from LFP and Li-S battery manufacturers.

On the financial side the burn rate remains low, and the company continue to
manage costs carefully. BCS are reporting a 53 percent reduction compared with
first quarter last year. Going forward BCS expects the burn rate to continue at
a lower level than last year. The burn rate will vary depending on activity
level. The company is keeping a lean structure while still making solid progress
on its development goals.

“Our technology and processes are still under development, but we are moving in
the right direction. We are well equipped, we have a competent organization, we
are learning faster and developing better systems and being more recognized by
key players in the market. Our focus remains on confirming the potential in our
technology by fully enable a consistent carbon powder production, and
subsequently turning it into a reliable industrial process,” says Odd Strømsnes.

Presentation:
The company will host an operational live update presentation today at 08:00.
You are welcome to join the presentation online. A recording of the presentation
will be available on our website after the session.

Presentation details:
Date: Wednesday 7th of May 2025 Time: 08:00 a.m. (CET)
Language: English
Q&A: may be submitted in advance to fredrik.oksnes@bergencarbonsolutions.com or
live during the session.
Link to webcast:
https://bergencarbonsolutions.com/articles/invitation-to-bcs-q1-2025-presentatio
n

The presentation and financial report for Q1 2025 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

645461_BCS Financial Report Q1 2025.pdf
645461_BCS Operational Update Q1 2025.pdf