Vow ASA — Board/Management Information 2025

Feb 5, 2025

Vow ASA appoints Gunnar Pedersen as New CEO

Vow ASA appoints Gunnar Pedersen as New CEO

Oslo, 5 February 2025 - Vow ASA is pleased to announce the appointment of Gunnar

Pedersen as its new Chief Executive Officer, effective no later than 1 August

2025.

Gunnar Pedersen brings extensive leadership experience from the maritime and

industrial sectors. He is currently Executive Vice President, Automation &

Control at Kongsberg Maritime, and he has worked within the Kongsberg Group

since 2002. Throughout his tenure, he has held several senior positions,

including Executive Vice President, Technology at Kongsberg Maritime and Senior

Vice President, Software and Services at Kongsberg Oil & Gas

Technologies/Kongsberg Digital.

"The Board looks forward to welcoming Gunnar Pedersen to Vow. With his extensive

maritime and industrial expertise, we are confident that he will lead the

company into its next phase of strengthening operational efficiency and

restoring profitability. In addition to driving long-term value creation, he

will continue to ensure a relentless customer focus," said Thomas Borgen, Chair

of the Board of Directors.

"I have followed Vow with great interest for some time and look forward to

becoming part of the team. The company is a valued provider of technology and

solutions across multiple industries, particularly in the cruise sector. This

represents an excellent platform for further and sustainable value creation,"

said Gunnar Pedersen.

CFO stepping down

Unrelated to the coming change of CEO, Chief Financial Officer (CFO), Tina

Tønnessen, has decided to step down. She will remain in the job until the end of

June this year. A search for her successor is underway.

Ms. Tønnessen has held this position since May 2023. As a member of Vow's

executive team, she has played a key role in a comprehensive refinancing of the

company, which was successfully completed at the end of 2024.

"The Board of Directors appreciates Tønnessen's contribution to the company, and

we are grateful that she will stay on until the end of June," said Thomas

Borgen.

"My time in Vow has been rewarding in so many ways. It has been a privilege to

work with CEO Henrik Badin and the rest of the Vow team. Vow now holds a much

better financial position, supported by a robust investor base and a strong

market position. I therefore believe this is the right time for me to pursue new

opportunities," Tina Tønnessen said.

About Vow ASA

Vow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate about

preventing pollution. The company's world-leading solutions convert biomass and

waste into valuable resources and generate clean energy for a wide range of

industries.

Advanced technologies and solutions from Vow enable industry decarbonisation and

material recovery. Biomass, sewage sludge, plastic waste and end-of-life tyres

can be converted into clean energy, low carbon fuels and renewable carbon that

replace natural gas, petroleum products and fossil carbon. The solutions are

scalable, standardised, patented, and thoroughly documented, and the company's

capability to deliver is well proven.

The company is a cruise market leader in wastewater purification and

valorisation of waste. It provides technology and solutions which enable

industries to transition towards a fossil-free future by converting biomass and

waste into valuable resources and clean energy. The company also has strong

niche positions in food safety and robotics, and in heat-intensive industries

with a strong decarbonising agenda.

Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange

(ticker VOW).

For inquiries directed to the Chairman of the Board, Thomas Fredrick Borgen,

please contact:

Malena Morsbach

Chief of Staff

Vow ASA

+47 91875565

malena.morsbach@vowasa.com

Vow ASA | Renewable energy (https://www.vowasa.com/)