Vow Green Metals AS ("Vow Green Metals") and its technology partner, Vow ASA
("Vow"), have today signed an agreement for the delivery of pyrolysis technology
to Vow Green Metals' large-scale biocarbon facility at Hønefoss, Norway. The
agreement is an addition to the equipment order placed in October 2021, and the
new total contract value is NOK 332 million. 

The agreement is a formalization of previously communicated plans to double the
production capacity through a phased development with a large-scale pyrolysis
reactor to be used in the second phase. The facility, 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.

The technology from Vow is well-suited for the second phase expansion, as it is
largely self-sufficient with power and less dependent on available grid
capacity. The phased expansion strengthens the business case of the production
facility and accelerates the scaling of a new industry for Vow Green Metals.

The equipment included in the change order is expected to be delivered in 2024.
The facility will be constructed, owned, and operated by Vow Green Metals, in
which Vow holds 50.173.890 shares.

ENDS

For further information, please contact: 
Cecilie Jonassen, CEO, Vow Green Metals AS 
Tel: +47 954 20 126 
Email: cecilie.jonassen@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 subject to the disclosure requirements pursuant to section 5
- 12 of the Norwegian Securities Trading Act.