(Bergen, 10 May 2023) Bergen Carbon Solutions AS (BCS, OSE:BCS), the pure-play
carbon capture and utilization (CCU) material company, today provides an
operational update with a focus on the customer ecosystem, in addition to the
financial results for the first quarter of 2023. The company targets the
fast-growing market for solid carbon to electric vehicles (EV) batteries, and
has a solid financial runway towards scaleup with approximately NOK 280 million
in cash.

"Since joining the company in January, I have worked with the Bergen Carbon
Solutions team to leverage the opportunities provided by the company's
groundbreaking technology. As outlined in our recent strategy update, we make
clean carbon from excessive greenhouse gasses, and sees CCU as an alternative to
carbon capture and storage, securing control of raw material delivery. We have
strong competitive advantages to serve the EV battery producers as we rapidly
move down the cost curve and can replace conventional, fossil based carbon,"
says Odd Strømsnes, Chief Executive Officer of Bergen Carbon Solutions.

Bergen Carbon Solutions is the world's clean carbon technology and materials
company. With a proven process for carbon capture and utilization, Bergen Carbon
Solutions is enabling clean carbon for green manufacturing. The technology
ensures stable delivery of carbon nanotubes and graphite, helping manufacturers
to be less exposed to the raw material risks of geopolitical rivalry.

The company today provides a business update with a focus on the EV customer
ecosystem, in addition to announcing the financial results for the first quarter
of 2023 with an adjusted operating loss of NOK 17.9 million, compared to a loss
of NOK 12.5 million in the same quarter in 2022. The company had a cash position
of NOK 277 million at the end of the period.

"We are fully funded to deliver on our key priorities and our burn rate in the
first quarter of 2023 is in line with our business development plans," says
Strømsnes.

Bergen Carbon Solutions targets the fast-growing battery industry globally, as
batteries for EV's are today the largest contributor for the increased demand of
solid carbons in the form of anode graphite materials. In today's presentation,
the company outlines additional information on the technology, market and
customer ecosystem.

"The EV battery market is characterized by a focus on performance and stable
manufacturing capacity. We believe in being a trustworthy supplier to the
players in the battery value chain willing to pay a premium for locally produced
raw materials. We are fully funded to deliver on our key priorities going
forward. BCS will focus on successfully executing our cost reduction program,
optimize and verify the technology, and enter into long-term commercial
industrial partnerships, both up and downstream, with focus on the battery
vertical. Fundamentally, we will continue our strong capital discipline to
preserve our runway towards and beyond commercial scaleup," Strømsnes concludes.

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.

Presentation details:
Date: Wednesday 10 May 2023
Time: 11:00 CET
Language: English
Questions may be submitted in advance to
fredrik.oksnes@bergencarbonsolutions.com or live during the session.

Link to registration: https://norne.no/bergen-carbon-solution-q1/

Address for attendance in person: Norne Securities, Jonsvollsgaten 2, Bergen

A recording of the presentation will be available on
www.bergencarbonsolutions.com after the session.

Link to webcast:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_OTI5YjM2ODEtYzk5Zi00YTk4L
TgxZmQtYTAyOTBmY2U0ZDA1%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 Q1 are enclosed.


ENDS

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