Vow Green Metals AS

Capital/Financing Update • May 5, 2023

Vow Green Metals: Update on strategic funding alternatives for scaling and realization of project pipeline

Vow Green Metals: Update on strategic funding alternatives for scaling and realization of project pipeline

Vow Green Metals AS (“Vow Green Metals” or the “Company”) is evaluating funding alternatives for scaling and realization of the Company’s growing project pipeline to meet an increasing interest in biocarbon. The Company plans to bundle its portfolio of large-scale biocarbon production plants and seeks to fund separate structures together with equity partners and debt facilities.

The Company has previously reported a global project pipeline totaling more than 600,000 tons of biocarbon production capacity. The pipeline consists plants of various sizes located in the Nordics, Europe and the US. As a result of high industrial activity and increased interest for biocarbon, Vow Green Metals aims to scale its operations fast to meet the demand for relevant volumes of biocarbon from the metallurgical industry.

“When embarking on a mission to build a new green industry, speed and scale are determining factors. With a lean organization and a first-mover position, we are keeping up the pace, which calls for reviewing available funding alternatives,” said Chief Executive Officer of Vow Green Metals, Cecilie Jonassen.

Discussions between Vow Green Metals and financial and industrial equity partners are progressing to ensure an accelerated realization of the Company’s project pipeline. Furthermore, dialogue with infrastructure funds, other financial investors and energy companies are currently ongoing, including evaluations of separate portfolio structures consisting of one or more large-scale biocarbon production plants.

“It is important for us to find long-term partners who share our ambition to scale fast. Our focus remains to produce relevant volumes of biocarbon for our clients in the metallurgical industry and secure a scalable, standardized roll-out of plants. With our standardized plant architecture and large-scale facilities under development, we expect to see a reduction in CAPEX and lead-time of our future biocarbon facilities,” Jonassen adds.

Financing update Follum plant

Vow Green Metals’ biocarbon production facility at Follum, Eastern Norway, is progressing well with an early production line ready to produce biocarbon at an industrial scale from the third quarter of this year. The Company expects to produce vast volumes of biocarbon from its first large-scale production facility, one of Europe’s largest, about 12 months later. A second phase, doubling the annual production capacity to 20,000 tons of biocarbon, is already under development.

The company has worked thoroughly with the project throughout this spring and is in process with banks and debt providers, as well as energy offtake partners and infrastructure investors to fund the facility. Process equipment for the Company’s Follum plant phase 1 is fully financed.

With reference to the Company’s stock exchange announcement dated 3 May, further insight to the financing strategy will be presented at Vow Green Metals’ company update on 9 May 08:30 CEST.

ENDS

For more 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 enables 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.