Cambi ASA

M&A Activity • Mar 25, 2025

Cambi signs contract expanding the delivery scope for the Veas project in Norway

Asker, Norway, 25 March 2025

Reference is made to Cambi's stock exchange notice from 6 July 2023 regarding a construction contract including a thermal hydrolysis process (THP) system for Veas, Norway's largest wastewater treatment plant.

Cambi has now signed a medium-sized contract expansion for the ongoing project, reflecting Veas' continued focus on solutions for sustainable and energy-efficient wastewater sludge treatment.

The additional scope includes a process to remove ammonium from effluent water coming from the anaerobic digestion process by recovering nitrogen into valuable ammonium sulphate. Cambi will also deliver a backup electrical steam boiler integrated with the THP delivery.

Cambi's CEO, Per Lillebø, commented: "We are pleased to extend our collaboration with Veas, leaders in sustainable wastewater sludge management. This project demonstrates how forward-thinking utilities can unlock additional value through integrated solutions. By leveraging Cambi's technology and expertise, Veas is further strengthening its ability to recover resources, enhance biogas production, and contribute to restoring the health of the Oslo fjord."

The contract illustrates Cambi's ability to increase the scope of its THP delivery projects when and where the organisation has the capacity and know-how to do so at acceptable risk. Cambi has successfully taken on additional scope beyond its core thermal hydrolysis technology in several recent and ongoing projects, particularly in Scandinavia, and plans to continue doing so.

Cambi applies different commercial terms for this delivery, which mainly consists of third-party equipment and has a gross margin lower than that of THP technology delivery contracts.

The overall project continues to progress well, with the updated project schedule setting the full scope delivery for the end of 2026.

For more information, please contact:

• Per Lillebø, CEO, per.lilleboe@cambi.com, +47 918 88 365
• Mats Tristan Tjemsland, CFO, mats.tjemsland@cambi.com, +47 920 67 094

Category	Small	Medium	Large	Major
NOK million	15-50	50-100	100-200	200+
Contract value		X

Note on contract amendment value:

About Cambi:

Cambi is a global supplier of biogas technology and solutions for wastewater treatment plants and anaerobic digestion facilities. Since 1992, Cambi has retained market leadership through continuous innovation and a robust portfolio of proven and patented technologies. With strong project delivery and customer support capabilities, the company has delivered many well-performing installations in 28 countries on six continents.

Cambi's thermal hydrolysis process increases renewable energy output, reduces operational costs, protects public health, and minimises greenhouse gas emissions. It is a future-proof solution suitable for all biosolids outlets, including land application and thermal processes such as drying, pyrolysis, and incineration. Thermal hydrolysis is compatible with all sludge and waste treatment regulations and can be integrated smoothly at new and existing anaerobic digestion sites.

Cambi is listed on Euronext Growth Oslo, a multilateral trading facility in Euronext, Europe's largest stock exchange platform. Find out more at cambi.com.