Vow Green Metals: Q3 2022: Pipeline of potential projects grows

Oslo, 31 October 2022 - Interest from blue-chip industrial players that seek to
partner with Vow Green Metals AS ("Vow Green Metals" or the "Company") are
steadily increasing in numbers, and the pipeline of potential projects continues
to grow. Concept studies are currently underway for more than 10 leading
industrial players in Europe and North America.

In October, Vow Green Metals announced that it is advancing the relationship
with the Norwegian company, Elkem, beyond an initial letter of intent with the
objective to develop a competitive reduction material for the metallurgical
industry. The parties will collaborate on the development, qualification and
testing of a biocarbon product formula which will make it possible for Elkem to
decarbonise its advanced material production processes.

Recently the company also added another concept study for an industrial park in
Norway, for which a 60 000-ton biocarbon plant is being envisaged. 

The project to build Europe's largest biocarbon plant at Follum is well
underway, and the Company is considering expansion to meet targets from
metallurgical industry to replace fossil carbon.

"Vow Green Metals has an efficient set up for building up a new industry and is
currently working on concept studies with a combined total annual production
capacity of 470 000 tons biocarbon. We see an increasing demand in Europe, where
our focus is on large sites with high energy intensity, and we have ongoing
studies with more than 10 leading industrial players," said Cecilie Jonassen,
CEO of Vow Green Metals AS.

"Global trends and shifts in energy markets, regulation, and economic realities,
encourage industry and energy providers to decarbonize. This creates an
increasing interest and momentum for our products, biocarbon and climate neutral
gas at large scale," Jonassen added.

Q3 financials
Total non-current assets as of 30 September was NOK 134 million and consists of
process equipment delivered for the Follum plan and cash.

Phase 1 at Follum is fully financed, with NOK 68 million in cash and remaining
NOK 42 million grant from Enova. 

Today at 08:00 CET, the company's CEO Cecilie Jonassen and CFO Lars Mårdalen
will present the results live. Participants are welcome to follow the
presentation via livestream. 

A recording of the session, which will be held in English, will be available on
www.vowgreenmetals.com after the event.

To register and join the webcast, please paste the following link into your
browser, click 'Attend' and register your e-mail: 
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20221031_1

For more information, please contact

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

Lars Mårdalen, CFO, Vow Green Metals AS
Tel: + 47 911 07 702
Email: lars.mardalen@vowgreenmetals.com

About Vow Green Metals AS
Vow Green Metals AS build, own, and operate plants that produce high value
biocarbon for the metallurgical industry. In order to decarbonise the
metallurgical industry, there is a growing global interest in large scale
pyrolysis plants, motivated by both environmentally friendly treatment methods
for waste and for the production of biocarbon. Vow Green Metals AS aims to
provide solutions for the metallurgical industry and to meet the growing demand
for industry decarbonising.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.