Vow Green Metals, a leading developer of production facilities for biocarbon and
other carbon-neutral products, today signed agreements with Vardar AS, a
regional renewable energy producer with operations and ownership within
bioenergy, CCU, wind, solar and hydropower, to invest up to NOK 100 million in
Vow Green Metals and its large-scale biocarbon production facility at Hønefoss.

The NOK 100 million investment from Vardar will be split equally between Vow
Green Metals AS and 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 investment agreement, Vardar will give a loan of NOK 50
000 000 (the "Loan") to Vow Green Metals. Vardar has the option to subscribe for
shares in Vow Green Metals for a six months' period and use the Loan as a
contribution in kind to settle the subscription consideration. The subscription
price in the option agreement will be the lowest of (i) NOK 3.20 per share, and
(ii) five days volume weighted average price (VWAP) plus a 30 percent premium.

Furthermore, Vardar intend to become an equity partner in VGM Operatør AS, the
Hønefoss plant, with an investment of NOK 50 000 000,-. The investment (share
subscription) will be completed when an offtake agreement for biocarbon from the
production facility at Hønefoss has been signed. 

The strategic investment aligns well with Vardar and Vow Green Metals'
commitment to accelerate renewable energy production and emissions reduction at
industrial scale. 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. 

"We are delighted to welcome Vardar as a strategic partner. Vardar has a broad
approach and commitment to accelerating the green transition, they play a
central role in the energy system at Hønefoss and are an essential partner to
realize the full potential of our large-scale production facility in the area,"
said Chief Executive Officer of Vow Green Metals, Cecilie Jonassen.

Vardar operates the district heating network in the Hønefoss region through its
subsidiary Vardar Varme AS and distributes the thermal energy at Treklyngen
Industrial Park where Vow Green Metals' large-scale biocarbon production
facility is under development. In relation to the ongoing infrastructure work on
the plot of the facility, Vardar Varme has invested in district heating pipes
connecting the production plant to its district heating network, enabling annual
energy offtake of up to 70 GWh from the facility. Vow Green Metals' large-scale
biocarbon production facility will become one of Europe's largest, with its
20,000 tons production capacity and abatement potential of 100,000 tons of
fossil CO2 p.a.

"Today's signing of the investment agreement with Vow Green Metals is a
testament to our mission to contribute to increasing access to renewable energy
and sustainable reduction of fossil emissions. We are looking forward to being a
partner and contributor to bolster Vow Green Metals' efforts in building a new
green industry further and are especially excited to take part in the
large-scale project in our backyard," said Chief Executive Officer of Vardar,
Robert Olsen. 

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. 

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation article 7 and is subject to the disclosure requirements
pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading
Act. This stock exchange announcement was published by Mathias Nilsen Reierth,
Director of Corporate Affairs and Commercial, Vow Green Metals AS, on 27
November 2023 at CET 07:00.