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 first quarter of 2024.
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“The year has started with good activity at our pilot lab facility in Bergen, as well as several interesting interactions and meetings with potential partners. We entered 2024 with the same focus and speed as we left 2023. Which means our focus remains on process optimization and product quality in order to meet our client requirements,” says Odd Strømsnes, CEO of Bergen Carbon Solutions.
The process of validating and improving the company’s Multi-Walled Carbon Nano Tubes (MWCNT) for different battery applications and chemistries progressed well in the first quarter. BCS has received test results from the validation process with Korean chemical company TKG Huchems. Tests from Huchems came back with several positive results, most importantly that some of the dimensional requirements such as diameter is within specifications. The company will continue to work on quality improvements with iterative testing regimes ongoing with a number of different partners such as major automobile manufacturers, battery companies and chemical companies.
The BCS technology, and its CCU equity story, attracts a growing level of interest. The company believe that collaboration is key, especially with product end users with the mutual benefit to enhance the battery performance, and BCS has signed new collaboration agreements since last quarter. The company has entered into a technology development agreement with BroadBit Batteries Oy in Finland aimed at advancing the next-generation nano-carbon additive for LFP battery chemistries. The company continues its cooperation with a Chinese partner on Sodium batteries as well as participating in FME Battery research center with target on next generation of batteries and on improved circular sustainable battery technology value chain. The company has also signed a collaboration agreement between BCS and the University of Bergen (UiB) that will strengthen the capacity for technical analysis and characterization of nanocarbon materials by giving access to state-of-the-art characterization equipment.
“Collaboration agreements like these will increase our competence in BCS, while at the same time strengthening our relationship with other players in the industry,” says Stømsnes.
BCS has pioneered a new separation method, achieving nearly 99% recycling of electrolyte from the electrochemical process. The electrolyte represents a major expense, and this novel technique is key to reducing the unit cost, enhancing the product’s competitiveness. A patent for this groundbreaking process has been submitted to the Norwegian Intellectual Property Office (NIPO) and plans are underway to expand the patent coverage internationally via the Patent Cooperation Treaty within the coming year. The approach includes broadening the patent portfolio related to auxiliary processes while keeping core technologies like electrolysis and molten salt under control, securing BCS’ lead in the CCU market.
BCS delivered an adjusted operating loss in line with guidance at NOK 18.4 million for the quarter and are maintaining a disciplined approach to the cost base. Importantly, the company’s commitment to key priorities is backed by its solid financial footing, evident through the cash balance of NOK 213 million.
“Our key priorities remain clear. Our focus is on delivering on MWCNT specification and progressing commercial discussions with potential partners. With the new Battery Lab in close to finalization, we will increase the speed of this process and open the door for similar discussions with more potential partners. I extend my gratitude to our dedicated team, supportive stakeholders, and partners who continue to share our vision of leading the shift from fossil to green carbon production, reducing emissions and contributing to a cleaner, greener industry landscape,” says Odd Strømsnes, CEO of Bergen Carbon Solutions.
Presentation:
The company will host an operational update presentation today, 08. May 2024, 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 8th of May 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_Y2IxZDQ5ZTAtM2VmYi00YmQ4LTkwNGUtZjEyMjM1Y2E5MjE1%40thread.v2/0?context={"Tid"%3A"09541643-bfcd-4458-b6c4-62dffd52c81a"%2C"Oid"%3A"0bcbeaca-9d8c-479e-99d2-ec493f01ce1e"%2C"IsBroadcastMeeting"%3Atrue%2C"role"%3A"a"}&btype=a&role=a
The presentation and financial report for Q1 2024 are enclosed.
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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.
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Bergen Carbon Solutions | www.bergencarbonsolutions.com
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