Oslo, 28 April 2026 - Elkem has been awarded NOK 87 million by Enova to develop
industrial biocarbon solutions that can increase the share of renewable carbon
used at Norwegian smelters. The project, which has a total budget of NOK 242
million and runs until 2028, could enable emission reductions of up to 0.5
million tonnes of CO?.

"Biocarbon is one of the most important levers available for reducing emissions
from silicon production," says Grim Terje Øberg, project manager at Elkem. "To
increase its use at scale, we need biocarbon products that are tailored for our
large, high-temperature furnaces."

Carbon is a critical input when converting quartz into silicon, and Elkem has
for several years worked to replace fossil coal with biocarbon derived from
charcoal, wood chips and briquettes made from by-products of the forestry and
wood industries.

Today, biocarbon accounts for around 25 per cent of carbon use at Elkem's
Norwegian smelters. The company's ambition to double this share by the end of
2030 will require new biocarbon products better suited to industrial silicon
production.

The Enova-supported project will address this through testing and development
across the value chain. Between 2026 and 2028, Elkem will test different types
of biomass from various producers, including Norwegian start-ups, through
laboratory work, pilot trials and industrial testing at its five Norwegian
smelters. Improved solutions for the safe and efficient handling of biocarbon at
industrial plants will be developed in parallel.

If successful, the project will enable Elkem to reduce its fossil CO? emissions
by up to 0.5 million tonnes per year and may contribute to a more mature and
competitive global value chain for industrial biocarbon.

"We greatly appreciate Enova's support, which enables us to advance our climate
efforts while developing competitive solutions needed by both Elkem and the
wider process industry," Øberg concludes.

Replacing half of the fossil carbon used by silicon and ferrosilicon producers
worldwide with biocarbon could reduce global fossil CO? emissions by more than
20 million tonnes annually.

Biocarbon is a key pillar of Elkem's long-term climate and environmental
strategy and an important step towards the company's target of net zero
emissions by 2050. Elkem applies strict requirements for responsible sourcing,
and all biocarbon must be FSC-certified or traceable to sustainable forestry.
The company holds a CDP A rating for Forests, reflecting its commitment to high
standards and strong supply chain control.

For further information, please contact:
Marianne Stigset
VP Corporate Communications & Public Affairs
Tel: +47 411 88 482
E-mail: marianne.stigset@elkem.com

About Elkem
With a strong track record since 1904, Elkem is one of the world's leading
providers of advanced silicon-based materials shaping a better and more
sustainable future. The company develops silicones, silicon products and carbon
solutions by combining natural raw materials, renewable energy and human
ingenuity. Elkem has been awarded top score of A on Forests and Water Security,
and B on Climate Change from CDP. Elkem is listed on the Oslo Stock Exchange
(ticker: ELK), where the company is also included in the ESG
Index. www.elkem.com