Saga Pure ASA, formerly known as Saga Tankers, has taken a 21.4 % stake in Bergen Carbon Solutions AS (BCS), a company that has developed a technology for converting CO2 to carbon nanofibers.
The investment saw Saga Pure commit to subscribe for NOK 30 million ($3.4 million) in a gross NOK 40 million private placement of new shares.
“With the increasing global focus on reducing CO2-emissions, the world needs innovative solutions, both to capture, but preferably also utilizing the CO2 as a resource. The technology BCS has developed transforms CO2 into valuable carbon nanofibers, and as such truly a sustainable solution for the long run,” says Bjørn Simonsen , CEO of Saga Pure.
“We’re excited to join as shareholders in BCS, and look forward to having an active ownership role in the company as the technology now is being scaled up for commercial operations.”
BCS’ process of converting CO2 into high-value carbon nanofibers uses significantly less electricity than conventional production methods, and is currently the only technology that can produce CNF with zero emissions, according to Saga Pure.
The nanofibers combine high strength and low weight with exceptional heat and electricity conductivity, and are used in sectors such as aerospace, automotive, sports, electronics, construction, energy, and others.
Today’s global annual market for CNF is estimated to be approximately $400 million per year, and expected to increase by 10% per year going forward.
BCS will use the net proceeds from the private placement to build a commercial scale production unit, strengthen the company’s working capital and for general corporate purposes.
The investment is being announced on the back of Saga Tankers’ rebranding and investments into renewable energy sectors.
As a result, the company said it would divest non-core assets and change its name to Saga Pure ASA.
Under the strategy, Saga invested NOK 55 million ($ 5.9 million) in Everfuel A/S, an integrated green hydrogen fuel company aiming to capitalize on the EUR multi-billion hydrogen heavy-duty fuel market now opening up in Europe.