(Bergen, 1 November 2023) Bergen Carbon Solutions AS (BCS, OSE:BCS), the
pure-play carbon capture and utilization (CCU) material company, today provides
an operational update and financial results for the third quarter of 2023.
This period has been characterized by our relentless commitment to optimize our
production process to fulfil the required (product) specifications from the
market.
Adjusted operating loss in Q3 was NOK 17.1 million, showing a steady burn-rate
according to the company's planned optimization of the technology. Bergen Carbon
Solutions is fully funded to deliver on key priorities with a solid cash balance
of NOK 239 million and no interest-bearing debt.
Bergen Carbon Solution's strategic partnership with TKG Huchems has been
extended by an additional year, demonstrating the continued interest in the
company's offering. The ongoing qualification process with TKG Huchems is
progressing and our first samples have already been delivered for initial
testing in South Korea.
"Client commitment remains our top priority. We are exploring a variety of
partnership possibilities, also based on shared technology development programs,
to increase our commercial momentum" says Odd Strømsnes, CEO of Bergen Carbon
Solutions.
In recent months, one of our most notable achievements has been our successful
demonstration of not only improving product quality but also consistently
maintaining this elevated standard in our production. During Q3 we have further
implemented our new test verification reactor and delivered on our CO2
separation and filtering projects. Both essential for the speed of operational
development and the ongoing cost reduction initiatives.
"We now see the establishment of a 'green' battery industry in Europe. Our value
proposition, centred on local production and negative emission technology,
addresses this need and is as such responding to all the critical challenges
from a geopolitical perspective. Our presence and increased participation in
external events have garnered significant interest. Our Carbon Capture and
Utilization (CCU) solutions are attracting attention, especially from companies
with substantial CO2 emissions," says Strømsnes.
In July, The EU Batteries and Waste Batteries Regulation was formally adopted
and entered into force. One of the main requirements of the Regulation, is that
every battery placed on the EU market should carry a battery passport from 2027.
The battery passport will have information about material composition, carbon
footprint, and other key information about the battery. This will promote the
use of clean carbon materials in battery manufacturing.
BCS' financial outlook remains robust, the company is maintaining a disciplined
approach to the cost base, and the commitment to key priorities is backed by a
solid financial footing. As BCS works to meet market needs, the company will
continue scaling up sales and business development activities, actively engaging
the global market and working towards securing partnerships, joint ventures, and
off-take contracts as the next strategic milestones.
Presentation:
The company will host an operational update presentation today 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: Wednesday 1st of November 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.
Address for attendance in person: Norne Securities, Jonsvollsgaten 2, Bergen
Link to webcast:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_YTZkMTVjYTUtNGNiOC00ZTA2L
WJiMmEtN2MzMjQ5YzA1ZTA0%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 are enclosed.
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 the world's clean carbon technology and materials
company. The company is making 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 is ensuring
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