Vow Green Metals, a leading producer of biocarbon and other carbon-neutral
products, today signed a 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 agreement comes into force when the first large-scale biocarbon volumes are
delivered and the ongoing qualification process to ensure an optimized and
competitive product is successfully completed. The supply agreement has a
duration of five years with an option for a further five-year extension of the
contract.

The volumes will be delivered from Vow Green Metals' large-scale 20,000 tons
production plant under development at Hønefoss, set to become one of Europe's
largest, with an abatement potential of 100,000 tons of fossil CO2 p.a. In line
with Vow Green Metals' commercial strategy, the company retains the remaining
available volumes, exceeding 5,000 tons, to further mature and develop
collaborations with other industrial offtakers to meet the increasing demand for
biocarbon. 

"Today we celebrate a major milestone in our efforts to build a new green
industry as we are demonstrating that biocarbon is a commercially mature
product. This supply agreement with Elkem paves the way for biocarbon production
for the metallurgical industry to play an important role in the green
transition, said Chief Executive Officer of Vow Green Metals, Cecilie Jonassen. 

"Elkem aims to be part of the solution to combat climate change - and to be one
of the winners in the green transition. Our mission is to provide advanced
silicon-based materials shaping a better and more sustainable future, and we
have a climate roadmap which aims to reduce emissions towards net zero while
growing our business. Replacing fossil carbon sources with biocarbon in our
smelting operations is a key potential for reducing our fossil CO2 emissions,
and this supply agreement with Vow Green Metals is part of our efforts to
develop competitive sourcing of biocarbon. Our aim is to increase our share of
biocarbon to 50 percent by 2030 globally," said Elkem's Senior Vice President
for Silicon Products, Inge Grubben-Strømnes.

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. 

About Elkem
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 helps its customers
create and improve essential innovations like electric mobility, digital
communications, health and personal care as well as smarter and more sustainable
cities. With a strong track record since 1904, its global team of more than
7,300 people has a joint commitment to stakeholders: Delivering your potential.
In 2022, Elkem achieved an operating income of NOK 45.9 billion and CDP ratings
of A- on climate and forest. Elkem is listed on the Oslo Stock Exchange (ticker:
ELK), where the company is also included in the ESG Index. www.elkem.com

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 4 January
2024 at CET 07:00.