22 March 2022): Bergen Carbon Solutions AS(BCS, OSE:BCS)announced today that the Company has entered into an intention agreement with Høyanger municipality for 12 months for the potential establishment of its second full-scale production factory of Carbon Nanofibers(CNF). Høyanger is ideally suited for the potential second full-scale production factory. Some of the major clients the Company aims to serve in the future, in particular within the battery and industrial segments, will require reliable supply and large volumes of CNF. The Company therefore announced on 21 December 2021that it had decided to move forward with a full-scale production factory model, and that the second factory would likely to be located in Høyanger. We are looking at several potential locations in Høyanger. Bergen Carbon Solutions has today signed an option agreement for a fully regulated location and the potential factory will have an annual production capacity of 240 tons CNF. Subject to completion of the engineering work, the company aims for commissioning to start at the end of Q4 2023 with production start in 1H 2024. Ramp-up of the production capacity will occur through 2024 and the Company aims to reach full capacity by year-end 2024. Høyanger offers reliable access to renewable energy through hydropower and BCS will consider a long-term power purchase agreement as part of the project. The location also offers good synergies with already existing industry in the area. Jan Børge Sagmo, CEO commented:" We are very excited to sign this option agreement with Høyanger municipality for our second potential full-scale production factory, and the Høyanger municipality has been very supportive to our plans. The agreement gives us good time to optimize our engineering and also provides further visibility for our clients on our production growth and ability to deliver large volumes. The likely use of an existing production facility will not only improve our capital efficiency but also be a part of the circular economy". "We are very pleased that Høyanger is chosen as a possible location for factory number two, which BCS has in the pipeline. Getting new innovative and green industry to Høyanger is something we see as very positive", says Mayor of Høyanger Petter SortlandEnds For additional information, please contact: Jan B. Sagmo, CEO, [email protected], +47 473 72 701 Karina Brudeseth, CFO, [email protected] +47 413 43 381 About Bergen Carbon Solutions | www.bergencarbonsolutions.com Bergen Carbon Solutions uses innovative technology to produce carbon nanofibers, using CO2 and Norwegian hydropower. This makes the production unique and environmentally friendly. Bergen Carbon Solutions is listed on Euronext Growth under the ticker BCS. About Høyanger municipality| Høyanger is a municipality in Vestland county, Norway. Høyanger is known for having one of the first industrial towns in Norwayto use its steep mountains surrounding the town giving excellent conditions for producing hydroelectricity needed for electrolysis. The main product being produced in the village of Høyanger was aluminium.
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