Vow Green Metals, a leading developer of production facilities for biocarbon and
other carbon-neutral products, today signed agreements with governmental
enterprise, Siva Eiendom Holding AS ("Siva"), related to the buildings and
infrastructure for the large-scale 20,000 tons biocarbon facility under
development at Hønefoss, Norway. The two parties have signed a forward contract
for the purchase of buildings and infrastructure, and a leaseback agreement (the
"Transaction"). 

Siva will purchase the buildings and related infrastructure at the completion of
construction for NOK 151 552 230, which constitutes the combined property value
under the terms of the forward contract. VGM Operatør AS, a wholly owned
subsidiary of Vow Green Metals, will lease the buildings and related
infrastructure from Siva to operate its biocarbon production facility. The
company will produce biocarbon and other carbon-neutral products enabling
large-scale decarbonization of hard-to-abate industries. 

Vow Green Metals' large-scale biocarbon facility at Hønefoss, set to become one
of Europe's largest, will have a total production capacity of more than 20,000
tons of biocarbon and an abatement potential of 100,000 tons of fossil CO2 p.a. 
Siva facilitates growth and development in industry and business in Norway with
a particular focus on accelerating green industries, and only a few projects
every year is granted with an investment agreement from the governmental
enterprise.

"This is great news for all those who are cheering for new green industries. Our
large-scale project at Hønefoss has been carefully reviewed along several
parameters by Siva's experts, and with this signing, Siva is not only putting
its stamp of quality on the project, but they are also putting a stamp of
quality on an entire new green industry," said Chief Executive Officer of Vow
Green Metals, Cecilie Jonassen.

"Vow Green Metals came to us with an impressive project combining a robust
business case, significant climate effects and positive ripple effects for
society at large. We are excited to be part of building a new green industry
with a great potential" said Chief Executive Officer of Siva, Jan Morten
Ertsaas.
Under the terms of today's signed agreements, the Transaction is carried out as
follows:

Vow Green Metals Follum AS, a wholly owned subsidiary of VGM Operatør AS, in
which Vow Green Metals AS holds 100 percent of the shares, will be the owner and
construction client of the above-mentioned buildings and infrastructure. When
the construction is completed, Siva will acquire 100 percent of the shares of
Vow Green Metals Follum AS for NOK 151 552 230, taking over the ownership and
obligations associated with the relevant buildings and related infrastructure
under the terms of the signed forward contract. VGM Operatør AS has signed a
long-term lease agreement for the buildings and infrastructure with Vow Green
Metals Follum AS, which will become a wholly owned subsidiary of Siva following
the Transaction. The Transaction will be completed when the construction of the
buildings and related infrastructure in question is finalized and necessary
permits and agreements for feedstock and biocarbon offtake are in place. 

ENDS

For further information, please contact:  

Mathias Nilsen Reierth, Director of Corporate Affairs and Commercial, Vow Green
Metals AS.  
Tel: + 47 988 05 724  
Email: mathias.reierth@vowgreenmetals.com  

Cecilie Jonassen, CEO, Vow Green Metals AS
Tel: +47 954 20 126
Email: cecilie.jonassen@vowgreenmetals.com

Jan Morten Ertsaas, CEO, Siva SF.
Tel: +47 90 91 35 85
Email: jan.morten.ertsaas@siva.no
 
Please also find attached the press release from Siva ( in Norwegian).


About Vow Green Metals  
Vow Green Metals' strategy is to be a leading producer of biocarbon and other
carbon-neutral products that enable the green transition in hard-to-abate
industries. We are on a mission to accelerate the world's transition to
renewable materials by offering green alternatives to replace fossil reduction
agents in the metallurgical industry. The core of our business is to build, own
and operate biocarbon production plants using state-of-the-art pyrolysis
technology to turn biomass and biomass waste-streams into our core product,
biocarbon. Our biocarbon production process also creates other valuable products
like bio-oil and bioenergy. With our standardized solutions, unique access to
proprietary technology, and a growing global pipeline of projects, we are
upholding our first-mover position in a growing market where speed and scale
will be determining factors. Vow Green Metals is building a new biocarbon
industry on the shoulders of its main owner and technology partner, Vow ASA,
which provides access to competence and capabilities acquired through decades of
industrial innovation. 

About Siva (The Industrial Development Corporation of Norway)
Siva is a governmental corporation and national instrument founded in 1968. The
company operates under the Norwegian Ministry of Trade and Industry, and is part
of the national incentive structure for innovation. 
Siva's extensive network includes 39 business parks, 33 incubators, five
Catapult centers, 71 innovation companies, and 40 real estate companies (2022). 
Learn more at www.siva.no.