Saga Pure ASA: Private placement in Bergen Carbon Solutions and listing on Euronext Growth
(Oslo, 22 March 2021) Saga Pure ASA (Saga, OSE: SAGA) has entered into agreements to subscribe for NOK 15 million in a private placement in Bergen Carbon Solutions AS (Bergen Carbon Solutions). The company contemplates raising NOK 80 million in new equity and intends to apply for trading on Euronext Growth Oslo.
“Bergen Carbon Solutions uses innovative, patented and award-winning technologies to produce carbon nanofibers from captured CO2. The production is emission free and we look forward to continue to support the team in the commercialization of this truly unique technology as a listed entity,” says Bjørn Simonsen, CEO of Saga and member of the Board of Directors of Bergen Carbon Solutions.
Reference is made to the stock exchange release 11 December 2020 regarding Saga Pure’s subscription of NOK 30 million in a NOK 40 million private placement of new shares in Bergen Carbon Solutions. The Board of Directors of Bergen Carbon Solutions has entered into a mandate agreement with Fearnley Securities AS and Norne Securities AS in connection with a NOK 80 million share offering in the company and a contemplated subsequent stock exchange introduction on Euronext Growth Oslo.
Saga Pure has entered into agreements to subscribe for and be allocated shares for NOK 15 million in the share offering.
Bergen Carbon Solutions uses innovative, patented and award-winning technologies to produce carbon nanofibers (CNF) from captured CO2. CNF is lighter than plastic, stronger than steel, leads electricity better than copper and has a broad range of application areas. The product is also emission free.
The key company highlights include:
Utilizing captured CO2 to produce carbon nanofiber
The core of BCS’s business is turning CO2 into valuable materials The CO2 is used to produce CNF, a material lighter than plastic, stronger than steel and leading electricity better than copper The CNF produced is emission free, in contrast to traditional methods where 1 kg of CNF results in 600 kg+ CO2 Award-winning technology to produce CNF at lowest cost
BCS has developed a production method with significantly lower energy consumption; 50 kWh vs. 1400 kWh per kg for traditional methods Operational track record since summer 2020 at BCS' test factory, with high quality CNF produced Production method verified by DNV-GL Strategic parts of the production process are patented Underdeveloped market with immense growth potential
The global CNF market is expected to grow by 20-40% yearly towards 2024 CNF is today used for a variety of applications such as additive to composite materials, batteries, supercapacitors and solar desalinations New application areas are continuously being developed. Bergen Carbon Solutions will use the net proceeds from the private placement to build a commercial scale production unit, strengthen the company's working capital and for general corporate purposes.
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