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O BERGEN CARBON SOLUTIONS -2 1-3 Q2 2026 Odd Strømsnes , CEO 12th August 2026
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2 Bergen Carbon Solutions is a technology company, developing solutions to add value both upstream and downstream. With our CCU technology, we can capture CO2 directly from flue gas, or run on captured CO2. Our innovative process turn CO2 into carbon material through electrolysis. From CO2 we can make conductive carbon materials for the battery industry, ranging from small nano-particles to graphitic macro- structured carbons. Bergen Carbon Solutions The green supermaterial of the future
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Captured CO2 → Carbon NanoTubes (CNT) it’s approximately 1,000 times thinner than a single strand of human hair
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Our CCU technology enable production of sustainable batteries We capture 3.7 kg of CO2 for each kg of highly conductive carbon powder we produce Demonstrating a true circular battery value chain CO2 Conductive carbon powder
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Enabling stable and local access to battery materials Our CCU technology provides a local and secure alternative • BCS technology may enable on-site or near-site production of carbon additives • No need for long-distance shipping or global supply contracts • Modular, scalable systems fit into regional battery production hubs • A solution aligned with future policy and market trends: local, clean, secure BCS pilot modular unit. Photo: Ørjan Deisz (bt.no)
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Europe is accelerating local battery supply chains Policy and regulation are shifting towards demand of local and sustainable materials 1. “Made in Europe” requirements increasing 2. Stricter local content rules for batteries 3. Reduced dependence on non-European supply 4. Defense and security policy is increasing in relevance, also for the European battery industry EU Battery Passport • Mandatory from 18 February 2027 for EV batteries, light transport batteries, and industrial batteries above 2 kWh • Digital record accessed via a QR code linked to a unique battery identifier • Contains material composition, carbon footprint, recycled content, performance/durability data, and state of health • Different data visible to different audiences: the public, notified bodies, and parties with a legitimate interest (e.g. recyclers, repairers) Kan vi lage en undergruppe her som omhandler forsvar? Vil det puttes ikke europeiske batterier I en europeisk drone ? Vil disse batteriene ha tilsatsmaterialer fra ikke-europeiske land? Hvem andre I europa lager cnt ?
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Nordic battery value chain for defense ▪ BCS, together with other companies in the Nordic battery value chain, has applied for funding from NRF for a new development program organized by IFE ▪ Program aims to establish a Nordic battery value chain directed towards the defense industry in general, and towards drones in particular ▪ Focus is on security of locally produced critical raw material ▪ As a critical raw material; development and large-scale production of CNT is included in the program's scope
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8 Q2 2026
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Second quarter summary ▪ Shifted focus from process maturity, consistency & output, towards product development and battery application. ▪ Patent milestone reached, with notification of intention to grant received from NIPO for the Company's CO2 separation and purification technology ▪ Strong financial position, with continued low burn rate ▪ Battery lab and industrial testing continue, supporting ongoing sample testing with partners in Europe and Asia
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Financial highlights Q2 2026 10 Adjusted net loss for the quarter is NOK 8.7 million due to NOK 1.2 million in one-offs, 0.6 million of this is non-cash cost. Adjusted net loss for the second quarter of 2025 was NOK 12.1 million. ▪ Low burn rate with a lean organization and focused activities. Extending the financial run-way. ▪ Current strategy execution requires minimal additional CAPEX. ▪ Cash and cash equivalents- exclude future grants from Innovation Norway and other institutions NOK million Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Total revenue and other income 0.0 0.0 0.0 0.0 0.0 Total operating expenses 11.2 14.3 22.4 29.4 46,9 Operating profit (loss) -11.2 -14.3 -22.4 -29.4 -46,9 Net profit (loss) for the period before tax -9.9 -12.7 -19.7 -26.0 -40,7 Net change in cash and cash equivalents -11.6 -12.1 -14.6 -21.8 -33,0 Cash and cash equivalents, end of period 122.1 147.9 122.1 147.9 136,7 Equity 126.9 159.6 126.9 159.6 146,0 Total assets 144.6 180.7 144.6 180.7 164,4
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Patent milestone reached ▪ Notification of intention to grant received from NIPO for BCS's CO2 separation technology ▪ Covers purification and handling of carbon- containing materials derived from CO2 ▪ Enables recovery and reuse of a key process input, supporting long-term cost efficiency ▪ Confirms the application meets novelty and inventive step requirements ▪ Company continues to pursue protection also in other relevant jurisdictions
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A new and unique material: BCS CNT ▪ BCS CNT is a 3D clustered structure: fluffy (low bulk density), medium surface area and elastic ▪ These characteristics can be a distinct advantage for certain applications ▪ Elasticity is particularly interesting for silicon- based anodes, which expand and contract with cycling ▪ Growing confidence also seen from the LFP results and the R&D results from Lithium-Sulphur battery testing BCS CNT Compression Spring-back to original shape Conventional fossil- based MWCNT Compression No spring-back effect
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Partner testing progressing ▪ BCS CNT powder at testing with several industrial companies in both Europe and Asia, feed-back ongoing ▪ Engagement increasingly focused on technical and R&D environments at partner companies, rather than supply chain/procurement functions ▪ Testing for different purposes and applications areas, reflecting the multiple ways BCS CNT can add value ▪ Ongoing external testing of BCS CNT as traditional conductive additive, but also for use in silicon- anodes, dry-electrode formulations and screening for resin applications © Australian Bureau of Statistics, GeoNames, Microsoft, Navinfo, Open Places, OpenStreetMap, Overture Maps Fundation, TomTom, Zenrin Leveres av Bing
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Executing on plan, samples sent to industrial partners, with feed-back ongoing Patent milestone reached, with notification of intention to grant received Strong financial position and low burn rate Shifted focus from process development to product development and battery application Summary
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The green supermaterial of the future 15