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“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.
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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 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 Bergen Carbon Solutions AS | LinkedIn
Bergen Carbon Solutions | www.bergencarbonsolutions.com
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