Good morning, everyone, and welcome to our second quarter presentation. Today's agenda is quarterly summary, presentation of the company, the highlights in the last quarter, and then we're going to present our role in the interesting battery market before we sum up with an operational update. Before we start, there has been some major changes in our company lately, where Jon André Løkke has been appointed as our new chairman of the board. This is really exciting news for us, as he will contribute with his industrial experience and skillful management expertise. For those of you that doesn't know me, my name is Finn Blydt-Svendsen, and I am one of the founders of the company. Since the start, I have served the company in various roles. I was our first chairman of the board, and now I am our chief operating officer and CEO until further notice.
Bergen Carbon Solutions is now entering a new phase in the development of the company, and I'm really proud to present Jon André Løkke.
Thank you very much, Finn, for that very kind introduction. It's really an honor to be involved with the Bergen Carbon Solutions. I was elected as the Chairman in May, but as many of you know, I was fully occupied with Nel Hydrogen until the end of, till the end of June, beginning of July, and where I transitioned from the CEO of Nel Hydrogen to now a board member of Nel Hydrogen. As a background, I've been involved in industry all my life, mostly renewable related. I was 10 years in solar, and the last seven years I've been in Nel Hydrogen, the CEO of Nel Hydrogen. I'm honored and happy to take on this challenge as the Chairman of Bergen Carbon Solutions. It is, in my mind, one of the most exciting green related, green space companies in Norway.
I think it will make an impact and have an important role in the total challenge we have now with energy and climate and all of those elements. I can tell you immediately that I, as a principle, never get engaged in something which is fossil. It needs to be meaningful. It needs to be something that contributes to the transition, energy transition, or that helps the globe move forward and not backwards. As you know already, today, carbon nanomaterials are made from natural gas, from fossil solutions, and they emit a lot of carbon when you produce it. Now, through this technology and through this company, we can produce in a green way, in a completely green, renewable way.
Not only that, we can also capture CO2 and turn CO2 into a valuable product, help our clients to manage their CO2 emissions, which I think is really great. That's only the direct way we can help. Indirectly, you know, we will contribute to make, you know, potentially make batteries faster and better and lighter, make aluminum stronger and lighter. That's just a few examples. Then there is obviously also already an existing market for this material, which is today relying, unfortunately, on something fossil and which really needs a green solution. Hopefully we can contribute as a company to those things. The question then becomes, what can I contribute with into Bergen Carbon Solutions? I think, you know, as I said, I've been in industry all my life. I've been in renewables.
Most importantly, I've been involved in a number of enterprises, which has gone from small scale to large scale, from domestic to international, you know, gone through this industrialization cycle. I think maybe that's one of the areas where I can contribute the most, is to contribute to the industrialization and scale-up and help the management team, which is already extremely competent and great to do that. I can obviously also help to build the organization. Really build a strong team in Bergen Carbon Solutions that can take on this, incredibly exciting market and do it in an efficient and fast way, which will create value. I also think that I can contribute to discussions around strategy and commercially things. And, you know, last but not least, the equity story, the financing of the company.
I've been very fortunate and to be involved in with the capital market for many years always working with listed companies. So that's certainly an area where I hope I'll be able to contribute. As you know, we've been through the summer vacation. I've had some good discussions with the team already. We've had some meetings, but and I've been to Bergen to visit. On Thursday and Friday this week I will spend the entire day and the evening together with the team. Really, I hope to drill deeper into all of the various topics that this great company is involved in to learn how I can contribute.
We, at the end of the day, hope to create a lot of shareholder value. That's what it's all about. Thank you, Finn, for the introduction. I'll see you in just a few days. Good luck with the rest of the presentation. Thank you.
Thank you, Jon André. The financial results reflect that we are in a ramp-up phase with limited production before our full-scale factory is up and running. We ended the quarter with a cash balance of approximately NOK 320 million, and we have no debt. In the second quarter, we have delivered the last Diegel 2.0 t o our test facility, delivered a test module for the BIR project, made investment decision for our first full-scale factory, introduced multi-walled carbon nanotubes in the product portfolio, and as previously mentioned, made changes to the management and the board. Now some key facts about the company. There has been continuous development in the company since we started in 2016. We are now close to 40 highly educated and qualified people. That is part of our journey.
Since our listing on Euronext Growth last year, our team has reached multiple milestones and our organization has successfully attracted new talents. More recently, we hired a material technology expert, and we are also working on hiring a battery expert to support our industrial adoption. Our mission is to create highly valued carbon nanomaterials from CO2. Our product is lighter than plastic, stronger than steel with exceptional thermal and electrical conductivity. These properties will be transferred into other materials when combined correctly. The expected growth rate for carbon-based nanomaterials is really high in the upcoming years, but we have just seen the start. Our products are used as an additive into other materials, making them stronger, lighter, and more conductive.
Our goal is therefore to be a part of the green shift by the implementation of our product and reducing the demand for highly polluting materials into various existing applications. One of the key areas where carbon nanofibers and carbon nanotubes will play a major role is within batteries, something I will touch upon later in the presentation. Our technology is unique. We are feeding our production module with CO2. The carbon is then being electrochemically separated from the oxygen and transformed into nanocarbon. The raw product is then filtered to commercial-grade carbon nanofibers and nanotubes. Our electrochemical process is using significantly less energy than the conventional methods like the chemical v apor d eposition. The CVD process is also fueled by typically methane gas, which results in high CO2 emissions.
Less energy consumption combined with the use of CO2 as a feedstock as opposed to methane gives us a positive CO2 impact and a much more energy-efficient production than the traditional method. Higher global power prices will further strengthen this competitive advantage. Our carbon nanomaterials can be used to enhance the properties of many different materials to strengthen composites, improve batteries and fuel cells, a substitute to copper into electronics, and as an additive into different metals to increase the properties. To the highlights of the second quarter. Early July, our board decided that our first full-scale factory will be based in Høyanger. The Høyanger facility is an existing functional site where the most of the necessary infrastructure is already in place. This allows us to build our first factory with less risk than the greenfield project in Mosjøen.
The annual production capacity will still be 160 tons, with approximately NOK 90 million in reduced CapEx due to the fact that we don't need to build the infrastructure. The geopolitical development the last years has been affecting delivery times on building materials all over the world. By switching to Høyanger, we have almost eliminated this risk and allowed us to strengthen our focus on the core process. Carbon Development Solutions continues with full force in Mosjøen. The company has now hired its first material expert and the first material tests have been ordered. The first tests aim to implement CNF and CNT into aluminum alloy, which potentially could replace copper in many applications. CDS will be our hub for material technology research and testing. BCS holds 2/3 of CDS, and Mosjøen continues to be an attractive location for future potential expansion.
Before the summer, we were happy to announce that we are now able to produce multi-walled carbon nanotubes. The introduction of tubes is very exciting for us since it's opening up a new and larger market that we expect to be roughly seven times bigger than the CNF market. Since nanotubes is tubular, the surface area is higher compared with fibers. This gives nanotubes higher electrical conductivity, one of the key properties for use in battery applications. We have upscaled our test center to the guided volume of about 3 tons. This enables the test center to start the important R&D work to continue the development of our business, technology, and products. During the second quarter, we also delivered the CO2 direct capture module to BIR.
This is an important milestone in the Enova- funded project, which aims to utilize the CO2 directly from the pipe on the energy recovery plant. Since delivery, the commissioning has taken place, and we will continue to bring updates as the project moves forward. There has been changes in administration and strategic development the last period. We have been able to focus our work towards the core business of the company. We will now continue with full force to build our first full-scale factory in Høyanger, expand the range of utilization for our products, and continue the discussions with potential customers and partners. That's all for now and thank you for your attention.