Vow ASA — Capital/Financing Update 2024

Aug 29, 2024

Vow ASA: Amendments of covenants and efforts to strengthen the balance sheet

Vow ASA: Amendments of covenants and efforts to strengthen the balance sheet

Oslo, 29 August 2024: Reference is made to the report for the first half-year of

2024 being published today. It follows from said report that Vow ASA (the

"Company") requires amended covenants in its existing NOK 575 million debt

facility with DNB Bank ASA in order to avoid a covenant breach in Q3 or Q4

2024. The Company has agreed amended debt facilities with improved covenant

headroom subject to (i) agreement on final documents, and (ii) strengthening of

the Company's balance sheet by raising new equity amounting to a minimum of NOK

125 million.

The Company is currently operating on the basis of an ambition to raise up to

NOK 150 million in new equity to improve the Company's liquidity position in

order to execute on the current orderbook as well as on new growth initiatives

and strengthen the balance sheet by way of debt prepayments in order to

facilitate an amended debt facility agreement with improved covenant headroom.

Based on discussions with the lender, it is expected that an amended loan

agreement has the amended covenants as further described in the report for the

first-half year of 2024.

As part of the amended bank facility, the Company is scheduled to repay NOK

42.5 million for the remaining of 2024.

The Company has undertaken preliminary soundings in the market and continues to

explore the possibility of carrying out a raise of new equity to satisfy the

required strengthening of the Company's balance sheet. The Company is also

considering other ways to strengthen its financial position.

The Company has engaged DNB Markets, a part of DNB Bank ASA, and Pareto

Securities AS to assist with the efforts to strengthen the Company's balance

sheet.

For further information about the financials of the Company, reference is made

to the half-year report of 2024.

For more information, please contact:

Henrik Badin, CEO, Vow ASA

Tel: +47 90 78 98 25

Email: henrik.badin@vowasa.com

Tina Tønnessen, CFO, Vow ASA

Tel: +47 406 39 556

Email: tina.tonnessen@vowasa.com

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 recycling. 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 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).

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act. This stock exchange

announcement was published on instructions by Tina Tønnessen, CFO, at the date

and time as set out above.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act