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February 17th, 2023
Vow ASA ("Vow" or "the Company") is in discussions with Vow Green Metals about the potential sale of a 2,500 tonnes biocarbon production facility at Follum, Norway, featuring a Biogreen line. Construction is underway for completion in the third quarter 2023.
Market trends, increased demand and requests from industry encouraged Vow to start construction of the production facility. Other Biogreen testing and pilot plants are already operating in France and in the UK, and a pilot plant for microwave assisted pyrolysis has been in operation at Lindum in Norway since 2020. These plants have been instrumental in Vow's development and marketing of pyrolysis-based recycling of materials.
Vow Green Metals is currently constructing a 10,000-tonnes full scale biocarbon production plant at Follum. This plant is scheduled for completion by mid-2024. For Vow Green Metals and its current and prospective partners and customers in the metallurgical industry, earlier access to large quantities of biocarbon is very important for testing and qualification of advanced biocarbon as a reduction agent.
On this background, Vow and Vow Green Metals have started discussions regarding a possible transfer of the NOK 50-60 million production facility from Vow to Vow Green Metals. A final agreement has yet to be concluded.
Independently of the above, Vow and Vow Green Metals are also discussing the sale of a large-scale pyrolysis reactor currently being built by Vow subsidiary C.H. Evensen. This unit is included in Vow Green Metals' plans for doubling the production capacity at Follum to 20,000 tons of biocarbon per year.
Vow ASA owns 30.4% of the shares and it is the largest shareholder in Vow Green Metals AS, and transactions that involve the companies are conducted in accordance with applicable related party transaction practice.
For more information, please contact:
Henrik Badin, CEO, Vow ASA Tel: + 47 90 78 98 25 Email: firstname.lastname@example.org
Erik Magelssen, CFO, Vow ASA Tel: +47 928 88 728 Email: email@example.com
Vow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate about preventing pollution. The company's world leading solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries.
Advanced technologies and solutions from Vow enable industry decarbonisation and material recovery. Biomass, sewage sludge, plastic waste and end-of-life tyres can be converted into clean energy, low carbon fuels and renewable carbon that replace natural gas, petroleum products and fossil carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company's capability to deliver is well proven.
The company is a cruise market leader in wastewater purification and valorisation of waste. It provides technology and solutions which enable industries to transition towards a fossil-free future by converting biomass and waste into valuable resources and clean energy. The company also has strong niche positions in food safety and robotics, and in heat-intensive industries with a strong decarbonising agenda.
Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange(ticker VOW).
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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