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Vow ASA: Vow signs LOI with possibility for technology supply to a 50 000 tonnes per year biocarbon plant

February 2nd, 2022

Vow ASA ("Vow") is joining forces with a global non-ferrous metal producer and Norway's Vow Green Metals AS in a move which could eventually lead to the construction of large biocarbon production facilities, where technology will be supplied by Vow ASA, and owned and operated by Vow Green Metals.

As a first step outlined in a letter of intent (LoI), the non-ferrous metals producer, Vow Green Metals, and Vow have agreed to undertake a joint feasibility study to evaluate the potential of developing an advanced and commercially competitive biocarbon product for the undisclosed client.

"We are thrilled with this opportunity to support a world leading non-ferrous metals producer with our technology in its efforts to decarbonise its business, and to work with Vow Green Metals to realise what could become this company's second biocarbon plant and several more. The undisclosed client has projected a demand to replace 50.000 tonnes of fossil carbon with biocarbon by 2025, a volume representing 5 times the capacity of Vow Green Metal's first plant at Follum, currently under construction. This LOI demonstrates the attractiveness of the combined value proposition that Vow Green Meals and Vow ASA brings to the metallurgical industry", said Henrik Badin, CEO of Vow ASA.

As part of the study, the parties will map feedstock supply chains and establish a business model for off-take of CO2 neutral gas which is also a product of the biocarbon production process. The biocarbon product will be made from sustainable feedstock such as forestry wood mass, biomass waste streams and other wood materials. Each party will carry their own cost in this initial stage.

Provided that the biocarbon product meets specifications, the LoI consists of a plan to build a plant with capacity to produce 50.000 tons per year of biocarbon, to be operational by 2025. There is further a possibility to substantially increase production capacity for this undisclosed client in following years.

Vow is currently in the process of producing and assembling equipment for Vow Green Metals' first biocarbon plant at Follum in Eastern Norway based on Vow's advanced pyrolysis technology. This plant will have an initial capacity to produce 10.000 tonnes of biocarbon per year. The new plants for production of biocarbon to the undisclosed client would be based on similar technology.

For more information, please contact

Henrik Badin, CEO, Vow ASA Tel: + 47 90 78 98 25 Email: henrik.badin@vowasa.com

Erik Magelssen, CFO, Vow ASA Tel: +47 928 88 728 Email: erik.magelssen@vowasa.com (erik.magelssen@vowasa.com)

About Vow Vow and its subsidiaries Scanship 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.

Cruise ships on every ocean have Vow technology inside which processes waste and purifies wastewater. Fish farmers are adopting similar solutions, and public utilities and industries use our solutions for sludge processing, waste management and biogas production on land.

With advanced technologies and solutions, Vow turns waste into biogenetic fuels to help decarbonise industry and convert plastic waste into fuel, clean energy, and high-value pyro carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company's capability to deliver is well proven. They are key to end waste and stop pollution.

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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BUSINESS INQUIRIES

Henrik Badin

Chief Executive Officer (CEO)

+47 90 78 98 25

henrik.badin@vowasa.com
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