Vow Green Metals AS

Major Shareholding Notification • Oct 28, 2024

Vardar acquires an additional 8 percent stake in the large-scale Hønefoss project

Vardar acquires an additional 8 percent stake in the large-scale Hønefoss project

Vow Green Metals, a leading developer of production facilities for biocarbon and other carbon-neutral products, today signed an agreement with Vardar AS, a regional renewable energy producer with operations and ownership within bioenergy, CCU, wind, solar and hydropower, to acquire an additional 8 percent ownership stake in the large-scale biocarbon production facility at Hønefoss.

Following the transaction, valued at NOK 10 million, Vardar will hold 33 percent of the shares in VGM Operatør Holding AS, a subsidiary of Vow Green Metals, holding all assets, rights and obligations related to the large-scale biocarbon production facility at Hønefoss. Vardar, which is one of Vow Green Metals’ largest owners, will take a long-term active role in the development of the project alongside Vow Green Metals which will hold the remaining 67 percent of the shares.

With the announced agreement, Vow Green Metals and Vardar further strengthen their industrial collaboration at Hønefoss where the two parties already have realized significant synergies. Earlier this year the two companies announced the signing of a long-term energy offtake agreement securing offtake and utilization of all excess energy produced at the large-scale facility at Hønefoss.

“Originating and developing projects into interesting investment opportunities for new and existing partners is a key part of our strategy to create value and grow our business. We are happy to strengthen our co-ownership in the large-scale Hønefoss facility with Vardar, a company with a long-term commitment to realizing the green transition and a solid legacy as an enabler of green industrial development in the region,” said Chief Executive Officer of Vow Green Metals, Cecilie Jonassen.

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.

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

Jan Halvard Aas Møller, CFO

Vow Green Metals AS.

Tel: + 47 901 15 375

Email: jan.moller@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 28 October 2024 at CET 08:50.