HALF-YEAR 2023 PRESENTATION
24 Aug, 2023
The formula to unlock emissions reduction at industrial scale
SiO2 + C → Si + CO2
The formula to unlock emissions reduction at industrial scale
SiO2 + C → Si + CO2
Valorizing biomass and biomass waste streams
Spearheading the development of a rapidly growing biocarbon industry
Will be a leading producer of advanced biocarbon and other green products enabling low-cost renewable production at scale for metallurgical industry
First-mover advantage with growing global pipeline totalling more than 600,000 tons of biocarbon production capacity
Unique access to proprietary technology with secured IP rights to standardized plant architecture and biocarbon factory modules and
Main developments
Major milestones reached in all key projects
- All key projects progressing according to plan
- Process equipment for early production line installed
- Excavation work and infrastructure development at Follum underway
- Several gate reviews passed
Project pipeline expansion
50,000 tons of biocarbon production capacity added in Q2, the pipeline has been high-graded and is now totaling 620,000 tons
Organizational growth
Six new hires in the first half of 2023, strengthening Vow Green Metals' metallurgical expertise and operational capabilities
Financing
Mature dialogues and progress in negotiations with debt providers, equity partners and infrastructure investors to secure funding for new and existing projects. NOK 7.8 million of Enova grant drawn in July 2023, NOK 34.4 million remaining
Financials for first-half 2023
Financial review first-half 2023
- EBITDA for 1st half 2023 negative of 9.4 MNOK
- Employee expenses
- Other operating expenses
- Follum related expenses capitalised
- Total assets of 125.8 MNOK, of which
- 96.4 MNOK is process equipment under construction for the Follum plant, net of Enova grant
- Cash position of MNOK 10.3 (MNOK 18.1 when adjusted for the Enova grant received in July)
First industrial biocarbon production volumes expected in third quarter this year
- Capacity: 2,500 tons p.a. Planned operation: Q3 2023 Location: Hønefoss, Norway Partners: Vow ASA, Treklyngen industripark
- Planned commissioning and first biocarbon production starting in Q3 2023
- Providing significant synergies to the Follum project, improving ramp-up, operations and more
- Installation work largely completed
- First operator has started
Early production line Follum (phase 1 and 2) Viken Park
Capacity: 20,000 tons p.a. (10,000 first phase) Planned operation (phase 1): H2 2024 Planned FID (phase 2): H2 2023 Location: Hønefoss, Norway Partners: Vow ASA, Vardar Varme, Lindum, Treklyngen industripark
- Phase 1 progressing as planned with commissioning and first biocarbon mid-2024
- Most process equipment for phase 1 already delivered at site
- Negotiations for civil works and process equipment installation ongoing
- Joint infrastructure project progressing well
- Main study for phase 2 initiated accelerated process expected
- Managing director and the first three operators recruited
Capacity: 30,000 tons p.a. Planned FID: 2024 Location: Fredrikstad, Norway Partners: Vow ASA, Viken Park and unnamed companies at Viken Park
- Feasibility study completed
- Pre-study for a plant with 30,000 tons of biocarbon production capacity initiated
- Evaluating synergies with other companies to locate at Viken Park
Project data
Promising VikenPark project entering pre-study phase
Viken Park industrial area Our concept
- Set to become one of the largest and most innovative industrial areas in Europe
- Key focus to optimize industrial symbiosis and energy utilization
-
Great logistics with proximity to E6, Borg Harbour and Rolvsøy freight terminal
-
The concept has a planned production capacity of 30,000 tons of biocarbon p.a.
- Using the dual energy source C.H. Evensen reactor, provided by Vow
- Excess energy used by adjacent industrial companies
- Pre-study to further map the potential for stable feedstock supply, local energy offtake and industrial synergies
Breaking ground at Follum – building Europe's largest biocarbon production facility
Standardization efforts progressing to ensure speed and scale
Improved safety
Standardized processes capturing lessons learned
Reduced cost
Streamlined and efficient processes enabling cost-reduction
Reduced lead-time
Accelerated project development, procurement and installation
Implications for future production plants Vow Green Metals' standardized factory module
Growing global portfolio of large-scale biocarbon production plants
Strong value proposition to local partners
- Sawmills
- Offtake and higher value creation on sawmills' by-products
- Stable bioenergy based on material production (RED III)
- Industrial parks and district heating
- Stable bioenergy based on material production (RED III)
- We get access to well-suited areas with energy consumers
- Pulp and paper
- Stable bioenergy based on material production (RED III)
- Synergies in raw material sourcing
- Chemicals and metals
- Stable bioenergy based on material production (RED III)
- Possible green methane or hydrogen in the future
Pipeline
Norway: 200,000 tons Nordics: 130,000 tons Europe: 220,000 tons Other: 70,000 tons
Total pipeline
620,000 tons
Vow Green Metals add value to biocarbon investment portfolios
The value of reducing emissions is massive – enabling profitable biocarbon at competitive price levels
FORGING A NEW ERA FOR THE METALLURGICAL INDUSTRY