BCS: Third quarter financial results and operational update

07 Nov 2025 07:00 CET

(Bergen, 7 November 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 third quarter of 2025.

“The third quarter of 2025 is marked by substantial technological progress for
Bergen Carbon Solutions. After several years of intensive development work, we
are now entering a more mature phase where we can consistently reproduce CNT at
a certain quality. We now operate from what we define as a controllable process
platform. This marks an important milestone for BCS and will be the foundation
for the next steps in our development,” says Odd Strømsnes, CEO of Bergen Carbon
Solutions.

Focus during the quarter has been on achieving process stability and a deeper
understanding of the underlying mechanisms in growing CNT within the molten salt
carbon capture electrolysis technology. The technology is complex, but the
company now sees a clear correlation between key process parameters and powder
consistency. The platform now established enables targeted optimisation and
larger-scale testing in the coming quarters.

With a stable process now established, BCS will start to produce larger test
volumes of carbon powder for internal and external validation. The material is
currently being tested in the BCS battery lab, and will be tested by external
partners across both Lithium Iron Phosphate (LFP) and Lithium-Sulfur (Li-S)
chemistries going forward. Early results for Li-S are promising and confirm that
the BCS material can play a role in next-generation battery systems. Together
with partners, the company is also preparing for test runs on larger cell
formats.

“We remain confident that BCS’ novel technology will find its relevance in
particular niche markets where performance, sustainability, and supply chain
resilience are weighted more than conventional specifications. Competing head-on
with established fossil based CNT producers is not our goal. We aim to develop
unique carbon materials with distinct properties and real application value. The
Li-S battery chemistry is one such example, representing a long-term opportunity
aligned with Europe’s strategic push for alternative technologies,” says
Strømsnes.

Financially, cost discipline remains strong, and the burn rate year-to-date is
around half of what it was last year. In early November BCS received
confirmation of significant grant from Innovation Norway, which will strengthen
and de-risk the development of the electrolysis technology over the next three
years. This is an important recognition of the company’s work and adds both
stability and momentum going forward.

“We also strengthened our organisation by establishing an international Advisory
Board, adding deep industry experience from global materials and battery
companies. Their insights are already contributing to the strategic direction of
BCS, in particular towards market recognition and various market adaptions,”
says Strømsnes.

Global developments continue to underline the relevance of what BCS is doing.
China’s recent export restrictions on advanced battery technology and upcoming
EU-programs on battery industry support illustrate the growing importance of
local, sustainable material production in Europe. These geopolitical and
regulatory trends reinforce the company’s position and the value of developing
carbon materials based on local carbon capture and renewable energy.

“In summary, the third quarter confirms that we now have an established and
predictable process, a growing interest from partners, and clear external
support through both funding and collaboration. The coming period will focus on
testing, optimisation, and further strengthening our technology platform for
future industrialization,” says Odd Strømsnes, CEO of Bergen Carbon Solutions.

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: Friday 7 of November 2025 at 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://teams.microsoft.com/l/meetup-join/19%3ameeting_OTdhNDJiMDQtNmM3Yi00YzUwL
Tg4NjAtNDZjNGMwYzllMzA0%40thread.v2/0?context=%7B%22Tid%22%3A%22f0ee7061-9c20-48
8c-9a91-03d921b62ad7%22%2C%22Oid%22%3A%223a948f76-463c-48bb-affe-872e52f97509%22
%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a

The presentation and financial report for Q3 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

659041_BCS Operational Update Q3 2025.pdf
659041_BCS Financial Report Q3 2025.pdf