(Bergen, 14 August 2024): Bergen Carbon Solutions AS (BCS, OSE:BCS)
Morrow Batteries ("Morrow") and Bergen Carbon Solutions ("BCS") have signed a
letter of intent (LOI) to establish a collaboration to build a local sustainable
value chain for select battery materials. The goal is to build a strong European
value chain of critical carbon materials, to support the ramp-up of Morrow's
sustainable battery cell production.
"I am happy to share the news of this cooperation with BCS and I believe that
high-quality raw material supply of tailor-made carbon products, produced with a
CO2-consuming production process from BCS, could become a valued competitive
advantage for us in the Norwegian battery industry", says Lars Christian Bacher,
CEO of Morrow.
The purpose and objective of the cooperation between Morrow and BCS is to
establish and commercialize a sustainable value chain in Norway for key battery
materials. The two companies will explore the possibility of establishing a
local value chain of green carbon from BCS for Morrow's sustainable battery cell
production in Norway. At the same, the parties will develop solutions for using
BCS material to enhance the overall technical capabilities of Morrow's
batteries.
A local value chain for carbon material in Norway will give Morrow a secure and
sustainable alternative to already established global supply chains for these
materials, which traditionally have been dominated by actors outside of Europe.
BCS products will also likely help reduce CO2 emissions.
"We believe that laws and regulations to be implemented in the future will make
the use of sustainable carbon materials a prerequisite for future licenses to
operate in the battery production segment. This is in line with EU's tough
sustainability criteria, stipulated in the EU Battery Regulation. Together with
Morrow, we will work to significantly reduce the CO2 footprint in current
battery material streams and at the same time de-risk battery supply chains and
enhance European safety of supply by accessing and processing battery material
available in Europe", says Odd Strømsnes, CEO of BCS.
"We hope - and expect - this to be the first stepping stone in a wider joint
effort to build a sustainable battery value chain in Norway and Europe", says
Lars Christian Bacher, CEO of Morrow.
About Bergen Carbon Solutions AS
Bergen Carbon Solutions (BCS) delivers both carbon capture and utilization
technology and clean carbon raw materials, that adds value to existing and
fast-growing industries. 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), BCS
is enabling clean carbon for green manufacturing. The CCU 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, BCS 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. To learn more, visit
bergencarbonsolutions.com
About Morrow Batteries ASA
Morrow Batteries (Morrow) is a battery technology and production company gearing
to be the first European GWh manufacturer of prismatic LFP batteries later this
year. These LFP batteries offer top-tier safety features, extended cycle life
and a low carbon footprint. In tandem, Morrow runs Scandinavia's largest battery
R&D centre, where world-class scientists are advancing next-gen LNMO batteries.
This promising technology eliminates cobalt and reduces nickel and lithium while
maximising clean and abundant manganese. Founded in 2020 and headquartered in
Arendal, Norway, the Company now has 180 employees from 30+ nationalities. To
learn more, visit morrowbatteries.com and engage with us on LinkedIn
@MorrowBatteries.
Contact:
Karina Brudeseth, CFO, karbru@bergencarbonsolutions.com, +47 413 43 381
Naja Boone, EVP of Marketing & Communications, naja.boone@morrowbatteries.com