Elkem — Capital/Financing Update 2026

Apr 28, 2026

Elkem awarded NOK 87 million by Enova to enable scale-up of biocarbon in silicon production

Elkem awarded NOK 87 million by Enova to enable scale-up of biocarbon in silicon production

Oslo, 28 April 2026 - Elkem has been awarded NOK 87 million by Enova to develop

industrial biocarbon solutions that can increase the share of renewable carbon

used at Norwegian smelters. The project, which has a total budget of NOK 242

million and runs until 2028, could enable emission reductions of up to 0.5

million tonnes of CO?.

"Biocarbon is one of the most important levers available for reducing emissions

from silicon production," says Grim Terje Øberg, project manager at Elkem. "To

increase its use at scale, we need biocarbon products that are tailored for our

large, high-temperature furnaces."

Carbon is a critical input when converting quartz into silicon, and Elkem has

for several years worked to replace fossil coal with biocarbon derived from

charcoal, wood chips and briquettes made from by-products of the forestry and

wood industries.

Today, biocarbon accounts for around 25 per cent of carbon use at Elkem's

Norwegian smelters. The company's ambition to double this share by the end of

2030 will require new biocarbon products better suited to industrial silicon

production.

The Enova-supported project will address this through testing and development

across the value chain. Between 2026 and 2028, Elkem will test different types

of biomass from various producers, including Norwegian start-ups, through

laboratory work, pilot trials and industrial testing at its five Norwegian

smelters. Improved solutions for the safe and efficient handling of biocarbon at

industrial plants will be developed in parallel.

If successful, the project will enable Elkem to reduce its fossil CO? emissions

by up to 0.5 million tonnes per year and may contribute to a more mature and

competitive global value chain for industrial biocarbon.

"We greatly appreciate Enova's support, which enables us to advance our climate

efforts while developing competitive solutions needed by both Elkem and the

wider process industry," Øberg concludes.

Replacing half of the fossil carbon used by silicon and ferrosilicon producers

worldwide with biocarbon could reduce global fossil CO? emissions by more than

20 million tonnes annually.

Biocarbon is a key pillar of Elkem's long-term climate and environmental

strategy and an important step towards the company's target of net zero

emissions by 2050. Elkem applies strict requirements for responsible sourcing,

and all biocarbon must be FSC-certified or traceable to sustainable forestry.

The company holds a CDP A rating for Forests, reflecting its commitment to high

standards and strong supply chain control.

For further information, please contact:

Marianne Stigset

VP Corporate Communications & Public Affairs

Tel: +47 411 88 482

E-mail: marianne.stigset@elkem.com

About Elkem

With a strong track record since 1904, Elkem is one of the world's leading

providers of advanced silicon-based materials shaping a better and more

sustainable future. The company develops silicones, silicon products and carbon

solutions by combining natural raw materials, renewable energy and human

ingenuity. Elkem has been awarded top score of A on Forests and Water Security,

and B on Climate Change from CDP. Elkem is listed on the Oslo Stock Exchange

(ticker: ELK), where the company is also included in the ESG

Index. www.elkem.com