Vow Green Metals (the "Company"), a leading developer of production facilities
for biocarbon and other carbon-neutral products, and Vardar AS, a regional
renewable energy producer with operations and ownership within bioenergy, CCU,
wind, solar and hydropower, today announce that Vardar will become an equity
partner in the large-scale Hønefoss project following its recent execution of a
NOK 50 million investment, subscribing for shares in VGM Operatør AS (the
"Investment"). The Investment makes Vardar a significant partner in the project,
holding 25 percent of the shares, and entails a capital injection of NOK 50
million in VGM Operatør to accelerate the development of the first phase of the
project. 

Reference is made to the Company's stock exchange announcement dated 27 November
2023 regarding Vardar's strategic investment in Vow Green Metals, specifically
their intention of becoming an equity partner of VGM Operatør AS, a wholly owned
subsidiary of Vow Green Metals, holding all assets, rights and obligations
related to the large-scale biocarbon production facility at Hønefoss. 

Under the terms of the signed agreement, the Investment was contingent upon the
passing of defined industrial and commercial milestones, most notably the
signing of an offtake agreement from the project. In January, Vow Green Metals
announced the signing of a long-term supply agreement for the annual delivery of
15,000 tons of biocarbon to Elkem, one of the world's leading providers of
advanced silicon-based materials.  

The large-scale biocarbon production facility at Hønefoss will become one of
Europe's largest, with its 20,000 tons production capacity (10,000 tons in the
first phase) and abatement potential of 100,000 tons of fossil CO2 p.a. The
parties expect to see significant synergies from the collaboration, including
utilization of the parties' combined competence and capabilities within energy
production, thermal heat distribution and utilization, and biomass sourcing and
handling. 

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 

     

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.