Q4 2023 BCS FINANCIAL RESULTS AND OPERATIONAL UPDATE

(Bergen, 08 February 2024): Bergen Carbon Solutions AS (BCS, OSE: BCS)  
Bergen Carbon Solutions AS, the pure-play carbon capture and utilization (CCU)
material company, today provides an operational update and financial results for
the fourth quarter of 2023.

2023 has been a year that has been marked by significant efforts towards
strategic advancements that positions the company for the expected growth. In
addition to strengthening of the organization, the focus in 2023 has been
technical with emphasize on process optimization, cost reductions and product
quality in order to meet client requirements. This work continued also into the
fourth quarter with increasing interest also from new potential clients both in
Asia as well as in Europe. 

The process of validating and verifying the company's Multi-Walled Carbon Nano
Tubes (MWCNT) for different battery applications and chemistries, with different
partners, is technically complex and time consuming. The BCS technology, and
it's CCU equity story, attracts a lot of interest also among large, global
industrial players. Several of these players wants to test BCS' carbon products
into their different battery applications. This iterative testing and
verification process can potentially go several rounds and in some instances be
a fairly time-consuming process.

"In order to gain competence internally of the performance of our carbon product
to different battery chemistries we are now in the process of building a new
Battery Lab at our HQ in Bergen. The Battery Lab will have equipment for testing
our product in different battery chemistries and will significantly increase the
speed of product development towards the battery industry. This will build
confidence and give us more control of the test results as well as give us
valuable insights for further material development," says Odd Strømsnes, CEO of
Bergen Carbon Solutions.

During the year BCS has implemented new process steps and installed new process-
and testing equipment in the testing facility in Bergen. The result is
significant progress in the cost reduction program as well as giving a quicker
feedback loop during the product qualification process. The company's strategic
partnership with TKG Huchems was extended during the year and the qualification
process continues with positive developments. 

The company's sales and Business Development efforts have been strengthened
during Q4 in order to further penetrate it's attractive CCU equity story. The
company's proactiveness and announcements of product quality improvements have
resulted in more interests and raise of client meetings. The sanctioning of new
EU regulations applicable for certain strategic raw-materials, among them
Syntetic Graphite, is also placing BCS within an improved geopolitical context.
The importance of making green carbon locally is essentially attracting more
interest.

BCS' financial outlook remains robust. With an adjusted net loss at NOK 5.6
million for the quarter, the company is maintaining a disciplined approach to
its cost base. Importantly, the company's commitment to key priorities is backed
by a solid financial footing, evident through its cash balance of NOK 233
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 construction, we will increase the speed of this
process and open the door for similar discussions with more potential partners,"
says Strømsnes.

Presentation:
The company will host an operational update presentation today, 08. February
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: Thursday 8th of February 2024
Time: 08:00 a.m. (CET)
Language: English
Address for attendance in person: Norne Securities, Jonsvollsgaten 2, Bergen
Link to webcast:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_YTcwZjM5Y2MtNzNlMC00MDQ2L
ThkMGItNTQ5MzAxMDdmMzA2%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 Q4 2023 are enclosed.

For further information please contact: 
Odd Strømsnes, CEO, [e-mail], [phone] 
Karina Brudeseth, CFO, [e-mail], [phone]

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

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