Earnings call transcript: Bergen Carbon Solutions shifts focus in Q2 2025

Bergen Carbon Solutions (BCS) reported its Q2 2025 earnings, highlighting a strategic pivot towards technology development and significant reductions in cash burn. Despite these positive operational changes, the company’s stock experienced a decline of 2.3%, closing at 4.34. According to InvestingPro data, the stock has shown strong momentum with a 36% gain over the past six months, though it currently trades near its 52-week low of 2.6. InvestingPro analysis indicates the stock is currently undervalued based on its Fair Value model.

Key Takeaways

• Bergen Carbon Solutions reduced its cash burn by 48% and maintains a zero-debt position.
• The company has shifted focus from production to technology development, particularly in battery applications.
• Stock price decreased by 2.3%, reflecting cautious investor sentiment.
• Promising developments in carbon nanotube and graphite production for battery markets.
• Strategic partnerships and technology maturation are key focuses moving forward.

Company Performance

Bergen Carbon Solutions has made notable strides in improving its financial health, reducing its cash burn by nearly half compared to the same period last year. With a strong cash position of NOK 148 million and no debt, the company is well-positioned financially. This aligns with InvestingPro data showing the company holds more cash than debt on its balance sheet, though analysts note it’s still burning through cash quickly. The company maintains a Fair Financial Health score according to InvestingPro’s comprehensive analysis, which considers multiple financial metrics. For deeper insights into BCS’s financial health and detailed metrics, investors can access the full Pro Research Report, available exclusively to InvestingPro subscribers. However, the decision to reduce its workforce by 35% and pivot from production to technology development signals a significant strategic shift, which may have contributed to the cautious market reaction.

Financial Highlights

• Cash position: NOK 148 million, zero debt.
• Cash burn reduced by 48% YoY, with a quarterly burn of NOK 12.1 million.
• Anticipated full-year cash burn reduction of 40% from 2024.

Outlook & Guidance

Looking ahead, Bergen Carbon Solutions is focusing on technology development with the goal of optimizing its electrolysis process and reducing testing feedback loops. The company is exploring strategic partnerships, particularly with entities that have expertise in CO2 emissions and battery materials. InvestingPro analysis reveals that analysts anticipate sales growth in the current year, though they don’t expect profitability this year. The company’s strategic initiatives are particularly crucial given its current high revenue valuation multiple. The anticipated demand for carbon nanotubes in the electric vehicle market presents a significant opportunity.

Executive Commentary

CEO Odst Remsenes emphasized the company’s new direction, stating, "We are now a pure play technology development company and not a production company." He also highlighted the unique characteristics of their carbon nanotubes, which add value to certain battery chemistries, saying, "We have a unique product made differently than others, and it adds special characteristics to certain battery chemistries."

Risks and Challenges

• The reduction in headcount may impact operational capacity and project timelines.
• Strategic shift from production to technology development poses execution risks.
• Competitive pressures in the rapidly evolving battery market could impact market share.
• Regulatory changes, such as battery passport regulations in 2027, may affect operations.
• Dependence on strategic partnerships to mature technology and achieve market penetration.

Q&A

During the earnings call, analysts inquired about the expiration of the HUCAMS agreement in September and the potential for new partnerships. The company reiterated its focus on technology development and the unique characteristics of its carbon nanotubes, which it believes will provide a competitive edge in future battery technologies.

Full transcript - Bergen Carbon Solutions AS (BCS) Q2 2025:

Odst Remsenes, CEO, Bergen Carbon Solutions: Good morning, and thanks to have the opportunity to speak here at West Lampobersch. Nice to see so many in the audience. And welcome to Bergen Carbon Solutions Q2 presentation and also a company update. We’re using that opportunity. So I’m Odst Remsenes, and I’m CEO of the company since early twenty twenty three.

My focus here today to will be to give an update of what we have done in BCS since I last stood on this stage for one year ago. And I would say we are focused on three main directions. We have invested in more effective in house testing equipment to speed up our technology development. Our increased technical maturity is also generating interesting enough new potential IP opportunities. We’ll learn as we go along and we see there are IP possibilities coming up.

We have done a massive organizational change, both in terms of headcount and in terms of competencies, to fit with our strategic direction. We have also secured technology cooperation agreements with other relevant industry players in the global battery value chain, such as Moro and Beyonder. And we are now in a much more qualified position, I would say, to select who fits our strategy going forward. And I would say in sum, these directions have significantly reduced our burn rate, and I will come a bit back to that. But first, let me take you through some of the slides of what we do in BCS and why we believe in this technology and the equity story.

So we are, as I’ve said before, one of very few pure play CCU companies, carbon capture and utilization, with a value proposition Second to none, I normally say, with local production of carbon from CO2 and electricity for the world electrification and battery needs. So this is production of sustainable carbon for batteries. All batteries are full of carbon, and today, this carbon is produced mostly from greenhouse gas, from normal gas producing emitting greenhouse gas, and it’s made in China. So I would emphasize that we are now a technology development company developing a complete new CCU process. And to be brutally honest, we are one of these rare companies we should have more of in this country, as this could be the start of a very interesting industry, a competence driven industry.

And the demand for greener and more locally produced batteries will grow. We will see an increase in regulations ensuring this. Energy and CO2 will become more expensive, and so we believe there will be a price premium for our local and sustainable technology. However, the technical entry barriers is high. It’s a complex product.

It’s a complex product. Also, the process as a whole. Through a CO2 consuming electrolysis technology, where we harvest the carbon on the cathode and we are producing pure oxygen on the anode. And these different structured carbon we are harvesting on the cathodes are all critical for various battery chemistries. And as a development company, focusing on quality and process optimization by stabilizing and controlling our process, We are documenting our ability to produce a consistent and well defined carbon powder.

And consistency is very important of what we do. We need to make sure we are able to produce the same quality all seven days a week. And this is all about full focus on core technology and not on everything else, right competence, systemization and cooperation. We use the electrolysis to turn CO2 into solid carbon. We focus on high quality carbon that can be used in the batteries, and our technology enables the production of this material locally and sustainable.

Unlike the fossil based carbon produced today in Asia. And our method has significant advantages such as lower emissions, lower energy consumption, and we can do it local. However, it’s a new technology, so we still need to optimize our process and product as well as our cost base. And here is what we make at Flesland today. We have offices very close to the airport.

Today, we produce only small amounts of carbon for testing and characterization. And we’re not making large volumes as we did for a couple of years ago. It’s completely new strategy we have in the company. This small amount is for testing purposes and this accelerates the speed of characterization as you now do more than three test runs per day in average. And obviously, it will take down the run rate significantly.

And this is a huge improvement since last year. We make multi walled carbon nanotubes called nanocarbon or CNT, and graphite or hard carbon called macrocarbon. Both product groups have different functions towards the battery performance. Most important, the CNT acts as what we call a conductive additive, basically increasing the battery’s electrical interconnectivity. It’s reducing the charging time and extending the operational lifetime.

And I would say that all new batteries produced now contains CNT. As the global trend towards lower priced, higher performance batteries, the demand for specialized nanostructure additives are expected to increase substantially. As an example, we do estimate that the Tesla Model 3Y alone will need roughly six kilos of conductive additives for each car. Tesla produces almost 1,700,000 of this model per year, meaning that the estimated need for CNT, as I mean what we produce, only for this model is in the order of 10,000 tons. And the good news is that as new and more effective battery chemistries are evolving, so is the demand for more of the conductive materials like CNT.

So meaning that if Tesla now is changing their battery chemistry from today’s commodity chemistry, LFP or NMC, to a more future oriented sulfur based battery, which we are working on, the amount of CNT will double to roughly 20,000 tons. And if you apply that to all the 17,000,000 electrical vehicles today, this gets a global demand of 200,000 tons of CNT. And in many ways, we can summarize by stating that this is a more advanced CNT based additives, it’s allowing the produce production and the development of new and more effective battery performance. So what we make is critical for developing new battery chemistries. That’s important to note.

And I mean, the development of new batteries is ongoing on a global scale. New chemistries are continuously being developed with the aim to develop more energy storage per unit rate. That is what it’s about. And the CNT is a key component for this, as I said, and an important element for these new chemistries, and the demand will increase. The CNT is a conductive agent, increasing the battery’s conductivity and performance.

And the technology is novel, it’s sustainable and offers a local alternative to the CNT production going on today in Asia. And the electricity consumption is less than for existing production methods. And in the scale production, implementing our new process steps, we believe we can compete on cost. This is something we work on now, our cost base. The battery industry is extremely competitive, but China is in the forefront.

Following several setbacks for European battery industry last year, we recently saw some good news. Lytton acquires the assets from Northvolt following their bankruptcy. And this is good news as Lytton is developing sulfur batteries, a chemistry which we believe suits our CNT very well. In a geopolitical context, BCS basically ticks all the boxes in a world where the price for CO2 emissions will probably increase and protective incentives for sustainable and local production will stimulate industry like ours. Electrification through a global growth in the battery market is indeed a megatrend.

And megatrends are here to stay and is always important to watch. In five years from now, 50% of new cars sold on a global scale are electrical. In Europe alone, it’s 70%, and in China, more than 90%. And it’s a fierce competition with falling prices and oversupply of batteries now. And the global battery value chain is dominated totally by China.

However, with anticipated global growth, the battery oversupply is considered by most to be temporary. And with the current geopolitical situation, we believe that local actions will be taken to reduce the substantial Chinese dominance. There are therefore many good reasons to assume that European and US players in the battery value chain will succeed, and that western battery supply chain will not be a copy of the collapsed western solar industry we saw for ten years ago. The battery value chain, this is a complex slide, but this is just an indication of the some companies representing the battery value chain. It’s a global industry with massive amount of players.

And here we have listed some of them, primarily split into five value streams: raw materials, material processing, cell components, cell manufacturing and system assembly. And we are an upstream company in this value chain, developing a unique product as a raw material supplier, providing critical material potentially to all four subsequent downstream areas. This picture here is just a snapshot of some of these companies. And we are currently talking to several of them in all the different value streams, including the large automobile manufacturers. This means our client ecosystem is massive with a huge number of potential offtakers, where we could go from dropping replacement of our green carbon into a fossil blend for processing or cell component company, or as a critical sustainable material towards the cell manufacturer or system assemblers themselves.

They all need conductive additives to improve the battery performance, and the greener and more locally it’s produced, the better. So as a proof of this is the recent contract award of a local Norwegian material processor providing sustainable and raw material for a large American automobile manufacturer. Another long term aspect of the benefit of being to the left in this value stream is the flexibility towards new technologies as the continuous change to the battery chemistries will call for modifications to the cell manufacturing and consequential higher CapEx to the longer to the right of this charge you get. I think it’s prudent to state that this is a complex and new value chain not only to Norwegian industry, but to a certain degree also European. And many players have internal vertical value streams.

And many have focused today on completion of their large CapEx investments rather than exploring the potential in the different value chains. We believe this will change as the industry matures. That’s why we have been active presenting on a number of events and conferences the last year, and we have a dialogue ongoing in more than 35 of these company. So we would say that the potential here is pretty vast. Geopolitics and tariffs are much talked about these days, with new trade tariffs and stricter import controls as well as export bans on critical materials.

New regulations on decarbonization, traceability and sourcing of materials are being established. EU is creating a framework that enables the battery industry to be at the forefront of this green transition. Clean batteries made of local and sustainable components. And graphite is defined as a critical raw material, which means they want batteries with graphite produced in the area. So the regulations presented here as a battery passport intends to prevent and to reduce the adverse impacts of batteries on the environment and ensure a safe and sustainable value chain for all the batteries while taking into account the carbon footprint of battery manufacturing.

The battery passport will apply to all categories placed on the EU internal market from February 2027. It’s a fair assumption that batteries with a battery passport, potentially made with our nanocarbon and graphite, could have a competitive advantage going forward. We have already proven our ability to produce valuable carbon directly from flue gas during our Enova funded project together with B here in Bergen a couple of years back. And this is indeed a true full scale CCU presentation and shows there are alternatives to a more conventional CCS, carbon capture and storage project, where the need for costly infrastructure and long distance transportation of CO2 is eliminated. Then I’m going over to status, some of the financials and the technology development progress.

Our financial numbers confirms that we continue to have the finances to execute on our strategic plan. We have a massive 48% reduction in cash burn compared to first half of last year. That’s pretty good. And we have a very limited CapEx plan going forward of new equipment. So the cash burn this last quarter is NOK12.1 million.

So we have still a solid cash position, NOK148 million, zero debt and a satisfactory equity position. In addition, I would say also we are increasingly working on interesting potential for soft funding projects. And here’s an overview of the quarterly burn rate since first quarter last year. And we have seen a significant drop during second half last year due to substantial reduction in headcount as well as getting the full economical effect of smaller and more frequent test runs. So for the full year, we anticipated the forecasted cash burn of around million this year, and that corresponds to a 40% reduction compared to the full year of 2024.

And, you know, this has obviously a significant impact to a prolonged financial runway. And as a gentle reminder, the company’s strategy is very different today than it was for some years back. We changed that ’22, early twenty three. We moved away from targeting production for a general carbon market for a wide number of products and applications towards a much more narrow technology development focus towards the battery market as this is a growing, sustainable high end market, high entry barrier and a high willingness to pay for the right quality. Investment into our battery lab and smaller cell testing equipment enable us to reduce this OpEx and significantly speed up the development progress, much faster testing feedback loops.

So we are now a pure play technology development company and not a production company, and I cannot say this often enough. This is important. So this has required a complete new skill sets of people. So we are now focusing 100% towards our core technology process, and we have now reflected our headcount and staffing according to that. The potential in our novel technology base, combined with ongoing self testing and battery lab work in the most beautiful country city in Norway, attracts talent and experience.

It’s easy for us now to attract good people with experience in the battery industry. This has changed. It’s much better now than it was for a couple years ago. So we have a I mean, we’re a small company. We have a steady headcount of 22 people, which is a 35% reduction in headcount in a little bit more than a year.

And I would say we have never progressed the technology development work faster than what we do now. So our equity story is attractive, developing a technology with a huge potential. As in most development companies, it takes more time than initially assumed. Remember, what we do is really not a commodity business. This is hardcore development work into a very dynamic industry with a very complex value chain in the complex geopolitical scene.

It’s interesting, and it’s very rewarding. Today, we produce and test our carbon polymers internally in order to verify the performance into various battery chemistries. That’s why our battery lab is so important. We acknowledge to an increasingly extent that we produce a unique product, this is important, with unique capabilities. And that’s why we now are much more reluctant to bluntly compare our specifications of what we make to conventional CNT specifications.

And due to special characteristics of our CNT, we see more promising result for some battery chemistries than other. And the lithium sulfur battery chemistry is such a chemistry. So for us now, as this is not the asset play, we are not spending time on commercial scale increase, and we’re spending time on other areas. So we’re spending time on developing further our partner base. And the ideal candidate is a larger industrial CO2 emitter with the business stream, depth deep into the battery material value chain, ideally in the cell component area.

So if we could combine the techno we can develop the technology agreement with the c o two emitter with also huge competence into the battery cell material development that would be the ideal partner for us. As such, we have made progress through securing technology agreements with some Norwegian battery companies, and we have also received letter of support from leading chemical and battery material companies and an agreement with global market leaders for distribution of critical materials for sustainable industries. So for us, it’s all about further developing our technology and redefining it into three stages, transforming c o two into solid carbon through our electrolysis process, achieve a stable and well defined technology platform by optimizing input parameters. And then we have the post electrolysis phase, where we are separating and filtering out the carbon as well as cleaning of electrolyte enabling a full recycling. Reuse of electrolyte, very important for our total OplEx picture.

And thirdly, characterization and further testing of carbon production into different battery chemistries in order to verify and benchmark the performance. And first of foremost, electrolysis is important. And for this equipment, it’s all about operability, it’s all about size and speed. The smaller volume we test in, the faster we get results and the cheaper the process is. So as I said, during 2024, we have been investing into new and smaller equipment.

As a consequence of mixing our new testing equipment with a significant more effective organization, we are now able to harvest, as I said, three batches of test results per day. This is already three times the testing speed we did for only half year ago. And from this increase in testing performance, we now do great leaps in our understanding of the process. And despite being a fairly small company, the complexity of what we do is rather advanced. We aim to reduce the testing result feedback loops as much as possible in order to gain faster development progress.

We are therefore very well equipped, as you can see from this page, as this is an overview of all our tests and all of our characterization equipment. We need to understand and see what we make. So we are categorizing our characterization labs into two groups, the carbon powder characterization lab and the process characterization lab. So where all this equipment brings valuable feedback in terms of particular structure, particle structure, size and composition to our powder characterization as well as bringing process related feedback in terms of gas content and composition of the electrolyte. These are all key characterizations in order to learn, understand and evolve our process towards commercialization.

Last year, we announced that we have completed construction of our own battery lab, and this now proves to be very important. It proves to be more important than we had anticipated. And we have now produced and tested several 100 smaller coin cells. And we are now testing carbon materials in different chemistries, particularly LFP and sulfur battery chemistries. And we’re doing it with manufacturers of some of these batteries as well.

Application testing is done based on chemistry received from some of these companies. And we see promising results from both LFP and sulfur battery chemistries. So I would say our battery lab is definitely a showroom for innovation, enabling faster route to the market. So together with industrial players, we have worked with several of the dominating cathode technologies. Initial test shows promising results, as I said, with our powder, also an LFP, which is a commodity chemistry with increasing global footprint.

There will be a blend of different battery chemistries for a number of varying applications going forward, and one of these chemistries, as I said, is sulfur batteries. While this is not a very commercialized chemistry yet, some of the unique characteristics of our material adds much value to the final product and may help overcome some of these challenges on the way to commercialization. We have recently conducted initial battery cell performance testing with our powder with promising results, and we are eager to team up with the companies with competence in this area. So in order to summarize, technology development progressing well with faster test cycle, stable operations and improved process understanding. We have strengthened our internal capabilities performing now full in house testing for both raw materials and batteries, reducing our dependencies of external laboratories, that’s important.

Progress on battery applications in both current LFP chemistry and future sulfur battery technologies with our material now under testing at leading global battery manufacturers. We have showed financial discipline, and it remains strong with the company maintaining a low and controlled burn rate. And finally, strategic direction more focused on securing technology agreements with the right industrial partner within both the CCU and the battery material technology space. So that concludes my presentation. So now we’re opening up for Q and A.

Thank you.

Fradar Khoeknes, Moderator, Bergen Carbon Solutions: Thank you, Alf. Today’s Q and A session will be moderated by Fradar Khoeknes, CEO in BCS. The first question received is, is the HUCAMS agreement still ongoing?

Odst Remsenes, CEO, Bergen Carbon Solutions: As the sharp listener have maybe noticed, we haven’t talked with too much about HUCAMS. We have a current agreement with HUCAMS ongoing. It will expire in September if it’s not extended. And the basis for this agreement is multiple carbon nanotubes accordance with conventional specifications, specifications to CNT as it’s made today, fossil. And as we have communicated now a number of times, we are on some of these areas not meeting the specifications.

We have said that now many times. But at the same time, our continuous development work has verified that our CNT have unique characteristics and which could be more relevant for all the battery chemistries. So in in essence, we are putting less importance to meeting all the conventional CNT specifications represented by the Hukams agreement. They have learned a lot through the agreement. But through our battery lab, we are seeing the performance and the results of testing into battery chemistry with our CNT, and that gives us much more.

We have a unique product made differently than in the others, and it adds special characteristics to certain battery chemistries. And this is, of course, extremely important learning for us during the last year.

Fradar Khoeknes, Moderator, Bergen Carbon Solutions: What would you say is the most important next step in VCS development?

Odst Remsenes, CEO, Bergen Carbon Solutions: I mean, we will continue our technology development and conclude on the platform base. And we are aiming to secure a technology agreement with, as I said, a partner which can offer both CO2 emissions as well as competence in the battery material space. And we talk to many, and but we need to do some more work on the technology development where we are progressing that too much.

Fradar Khoeknes, Moderator, Bergen Carbon Solutions: Since CNT is already widely adopted into different battery chemistries, why is the in house coin cell lab as important for you? Especially if you are delivering on requirements, isn’t it just a drop in replacement product?

Odst Remsenes, CEO, Bergen Carbon Solutions: I mean, we we finalized the battery lab during last year. It has proved to be very, very important. We see the results and the performance of the different chemistries through our battery testing. And I’m repeating myself, I mean, we are making unique product with unique characteristics, and it adds certain values to some of the battery chemistries. So we will just do more of that.

And we have just strengthened the team in the battery lab actually for getting more speed on this work.

Fradar Khoeknes, Moderator, Bergen Carbon Solutions: The technology development has obviously, this is the question, Mark. But the technology development has taken more time than the company previously has expected. When do you think the company is ready to start moving towards the market?

Odst Remsenes, CEO, Bergen Carbon Solutions: We as I would say, you know, repeating myself, we need to mature the technology. We need to team up with the right players. And this clearly has taken longer time than what we have anticipated, which is quite common for technology development companies, and we continue that route.

Fradar Khoeknes, Moderator, Bergen Carbon Solutions: And one question from the online audience here. Who is the commercial? Who is the undisclosed commercial player?

Odst Remsenes, CEO, Bergen Carbon Solutions: There’s a reason for why it’s undisclosed. So it’s undisclosed.

Fradar Khoeknes, Moderator, Bergen Carbon Solutions: Okay. Thank you. That concludes the pre received questions, and we are opening up for questions from the audience.

Audience Member: Thank you. So I noticed that the battery package, you can save half a ton by going from LPF LFP to to the sulfur.

Odst Remsenes, CEO, Bergen Carbon Solutions: Sulfur. Mhmm.

Audience Member: Why is that? As as the sulfur is is an is a smaller part.

Odst Remsenes, CEO, Bergen Carbon Solutions: No. I mean, that is a very complex questions. And I mean, the the main response to this is that the importance of CNT I mean, the CNT is a conductive agent. It helps the interconnectivity of the battery, basically links all the particles. And this plays an more important role than this chemistry.

So we think that we shall try to communicate the importance of CNT into all new battery chemistries, especially the next generation ones, is getting more and more important. As I cannot answer particularly on the sulfur side why it’s like that, but it is like that.

Audience Member: But it should should mean quite a lot because Yeah.

Odst Remsenes, CEO, Bergen Carbon Solutions: It means a lot.

Audience Member: The environmental impact on an EV of saving half a ton is obviously And chargeability is also better then?

Odst Remsenes, CEO, Bergen Carbon Solutions: Yes, it really improved the battery’s performance in all aspects.

Audience Member: Would you say that you have a

Odst Remsenes, CEO, Bergen Carbon Solutions: There are still technical challenges to commercialize the sulfur battery as such. I mean, we’re not there tomorrow. But it is one of the candidates for future battery chemistries. And as I refer to this acquisition of Lytton into the Northvolt assets, and they are focusing on that sulfur battery solution.

Audience Member: Would you say that you have more of a competitive edge in lease sulfur?

Odst Remsenes, CEO, Bergen Carbon Solutions: The answer to that is absolutely yes. Yeah.

Audience Member: So you you have the ability to mature with the industry then?

Odst Remsenes, CEO, Bergen Carbon Solutions: Yeah. Because we think that over CNT, it could look like that over CNT acts better in that chemistry than other conventional CNT.

Audience Member: Okay. And also on the cost side, you’re more competitive?

Odst Remsenes, CEO, Bergen Carbon Solutions: I mean, that is too early to conclude. I would say that we could make it here. We make it in Europe. As I said, based upon that, we think that increased energy prices, CO2 prices going forward, we think that our product would be more and more competitive. But I mean, we still have to document and prove completely the cost base of our product.

It’s very much dependent of how much are we scaling up, where are we scaling up, etcetera.

Audience Member: So do you think you’re ready for a partner now then? And how will that be

Odst Remsenes, CEO, Bergen Carbon Solutions: Yes. But it needs to be the partner who is technology interested, They need to understand the technology. They think this is a direction which is attractive. We don’t have all the answers. But, I mean, we need to have that type of competence driven company to understand what we do, understand where we’re going.

Audience Member: And this could be scheduled like a sort of a funding and then a milestone payment, for instance?

Odst Remsenes, CEO, Bergen Carbon Solutions: Yes, it could be structured in many ways. But I think if you start with the low hanging fruit, they would test our material internally, come up with comment, get the technology dynamic discussion to develop this further. I mean, we’re not able to do all this ourselves. We need good qualified partners. Probably a boring answer, but that’s all it is.

Fradar Khoeknes, Moderator, Bergen Carbon Solutions: Okay. Do do we have more questions from the live audience?

Odst Remsenes, CEO, Bergen Carbon Solutions: With all this technology development, what kind of protection do you have for your intellectual property? Yes. I mean, we are working on several IP processes. So that is an ongoing activity. But we need to have an opinion about if this is worth pursuing.

Some of what we do has been done by others, but no one has really done it in the big in the scale we do. So I think in some areas, we can enable IP and follow that, and some other areas, there’s no point. But we are very much aware of this. And, of course, evaluation of a company like us, the IP situation is important.

Fradar Khoeknes, Moderator, Bergen Carbon Solutions: Thank you for the question. And what else? Okay. If not, that concludes the Q and A.

Odst Remsenes, CEO, Bergen Carbon Solutions: Tuck?

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