Vow ASA: Additional 2,500-tonnes production facility at Follum to be transferred to Vow Green Metals
Vow ASA (“Vow” or “the Company”) is in discussions with Vow Green Metals about the potential sale of a 2,500 tonnes biocarbon production facility at Follum, Norway, featuring a Biogreen line. Construction is underway for completion in the third quarter of 2023.
Market trends, increased demand, and requests from the industry encouraged Vow to start construction of the production facility. Other Biogreen testing and pilot plants are already operating in France and the UK, and a pilot plant for microwave-assisted pyrolysis has been in operation at Lindum in Norway since 2020. These plants have been instrumental in Vow’s development and marketing of pyrolysis-based recycling of materials.
Vow Green Metals is currently constructing a 10,000-tonne full-scale biocarbon production plant at Follum. This plant is scheduled for completion by mid-2024. For Vow Green Metals and its current and prospective partners and customers in the metallurgical industry, early access to large quantities of biocarbon is very important for testing and qualification of advanced biocarbon as a reduction agent.
On this background, Vow and Vow Green Metals have started discussions regarding a possible transfer of the NOK 50-60 million production facility from Vow to Vow Green Metals. A final agreement has yet to be concluded.
Independently of the above, Vow and Vow Green Metals are also discussing the sale of a large-scale pyrolysis reactor currently being built by Vow subsidiary C.H. Evensen. This unit is included in Vow Green Metals’ plans for doubling the production capacity at Follum to 20,000 tons of biocarbon per year.
Vow ASA owns 30.4% of the shares and it is the largest shareholder in Vow Green Metals AS, and transactions that involve the companies are conducted by applicable related party transaction practice.
For more information, please contact:
Henrik Badin, CEO, Vow ASA
Tel: + 47 90 78 98 25
Erik Magelssen, CFO, Vow ASA
Tel: +47 928 88 728
Vow and its subsidiaries Scanship, C.H. Evensen, and Etia are passionate about preventing pollution. The company’s world-leading solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries.
Advanced technologies and solutions from Vow enable industry decarbonization and material recovery. Biomass, sewage sludge, plastic waste, and end-of-life tires can be converted into clean energy, low-carbon fuels, and renewable carbon that replace natural gas, petroleum products, and fossil carbon. The solutions are scalable, standardized, patented, and thoroughly documented, and the company’s capability to deliver is well-proven.
The company is a cruise market leader in wastewater purification and the valorization of waste. It provides technology and solutions which enable industries to transition towards a fossil-free future by converting biomass and waste into valuable resources and clean energy. The company also has strong niche positions in food safety and robotics, and in heat-intensive industries with a strong decarbonizing agenda.
Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange(ticker VOW).
This information is subject to the disclosure requirements pursuant to sections 5-12 of the Norwegian Securities Trading Act.
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