(Bergen, 21 August 2024): Bergen Carbon Solutions AS (BCS, OSE:BCS)
Bergen Carbon Solutions AS (BCS), the pure-play carbon capture and utilization
(CCU) material company, today provides an operational update and financial
results for the second quarter and first half year of 2024.
"This quarter has again been marked by additional steps in our thrive to further
develop our CCU technology, the development of new industrial partnerships, and
the enhancement of our organisational structure to better align with our
strategic goals. Our equity story based on local production of strategic
sustainable material for the battery industry, is indeed seeing an increasingly
relevance as the challenging geopolitical situation continues," says Odd
Strømsnes, CEO of Bergen Carbon Solutions.
The primary focus for BCS remains on the optimisation of processes and the
development of carbon nanotube (CNT) product specifications. Over the past
quarter, BCS has continued to work closely with its partners in an iterative
testing regime. These tests have shown improvements in several critical
specifications of the CNT product, which brings the company closer to meeting
the high standards required by the market, particularly for certain battery
chemistries. However, work still remains to fully align with the stringent
quality demands of some battery technologies.
It is important to note that different battery chemistries have varying
requirements when it comes to material specifications. While some chemistries
are better suited to the BCS current processes, others present more challenges.
The complexity of these processes and the high standards required mean that the
company's development work is taking longer time than initially anticipated. To
address this, the company is actively exploring several optimised process routes
to progress faster on product quality.
"I am excited to announce the completion of our new Battery Lab, located at our
headquarters in Bergen. This state-of-the-art facility is equipped with advanced
coin cell testing capabilities, allowing us to test our CNT products across
various battery chemistries. The lab is a significant milestone for BCS, as it
enables us to conduct in-house coin cell manufacturing and performance testing.
This will not only reduce our development time but also allows us to make faster
and more precise improvements to our products," says Odd Strømsnes, CEO of
Bergen Carbon Solutions.
BCS has already begun material testing and the production of battery cells in
the new lab and can report on the successful fabrication of its first reference
test cells. This marks an important step forward in the company's ability to
validate and refine its CNT products, ensuring they meet the stringent demands
of the battery market.
"As we continue to evolve, it has become clear that our organisation must be
reshaped to better fit our strategy as a battery material technology company.
Unlike traditional production companies, BCS is now focused on technology
development, know-how, and material quality. To support this focus, we have
brought in new talent with the electrochemical process expertise required to
drive our technology forward. By addressing past competency gaps and recruiting
top talent, we are ensuring that we have the right people in place to meet our
goals," says Odd Strømsnes, CEO of Bergen Carbon Solutions.
In August, BCS took a significant step toward its goal of building a sustainable
battery value chain in Europe by signing a letter of intent (LOI) with Morrow
Batteries. This collaboration aims to establish a strong European value chain
for critical carbon materials, which will support Morrow's sustainable battery
cell production. "We are excited about the potential of this partnership and
look forward to working closely with Morrow to achieve our shared objectives,"
says Strømsnes.
The company's burn rate remains under control, and BCS is well financed to
continue its operations and strategic initiatives. Company focus remains on
process optimisation, product customisation, and securing product and technology
development agreements with major industrial players. On the macro level it is
also very promising to note the further EU focus on critical raw materials, with
the Critical Raw materials act being ratified in May followed by the
establishment of the EU Critical Raw materials board.
"Looking ahead, we remain confident in our technological approach and our
ability to meet market expectations. The path to success in this new industry is
complex and challenging, but we are committed to overcoming these challenges and
delivering value to our shareholders," says Odd Strømsnes, CEO of Bergen Carbon
Solutions.
Presentation:
The company will host an operational update presentation today at 08:45 CET at
"Vestland på Børs" at the Scandic Flesland Airport Hotel. The presentation can
also be followed as a webcast. A recording of the presentation will be available
on our website after the session.
Presentation details:
Date: Wednesday 21st of August 2024
Time: 08:45 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://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240821_21
The presentation material and 2024 half year report 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 the field of carbon utilisation.
The company is working to make 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 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