Vow ASA — Share Issue/Capital Change 2021

Feb 25, 2021

Vow ASA : Contemplating spin off and subsequent listing of Vow Green Metals

Vow ASA : Contemplating spin off and subsequent listing of Vow Green Metals

Inspired by strong interest for Vow's solutions for the metallurgical industry,

a growing demand for industry decarbonising and recent strategic agreements, Vow

ASA is currently contemplating to spin off Vow Green Metals as a new and

separate entity.

Vow Green Metals will build, own, and operate plants that produce high value

biocarbon and CO2 neutral gas for metallurgical industries. The company's shares

will be distributed to current Vow shareholders, and the company will aim for

listing before summer of 2021.

"With the launch of Vow Green Metals, we will be accelerating the green

transition in the metallurgical industry, as our biocarbon will replace fossil

coke as a reducing agent in metallurgical processes. We will also produce CO2

neutral gas and other low-carbon fuels", says Henrik Badin, CEO of Vow ASA.

Vow Green Metals' first plant is currently being planned at Follum in Eastern

Norway for completion in 2022, pending financing and final investment decision.

Vow has already secured agreements with forest owner Viken Skog and municipal

waste company Lindum to supply forest waste and waste wood respectively as

feedstock, and agreements with metals giant Elkem and district heating company

Vardar to deliver biocarbon and CO2 neutral gas.

The plant at Follum will be designed and built by Vow, which will also provide

the processing equipment. This will add between NOK 200 million and NOK 250

million to Vow ASA's Landbased order backlog when the new company is spun off

and listed.

"Demand for biocarbon is expected to increase significantly in the next few

years, driven partly by increasing CO2 taxation and corporate net zero

strategies. The demand for biocarbon in Norway alone is estimated at 400 000

tonnes annually by 2030. For comparison, initial capacity at Follum will be

10 000 tonnes per year. Our plans for Vow Green Metals include further expansion

in the Nordics as well as larger production facilities to meet industry needs

across Europe," Badin says.

He notes that in addition to Elkem, Vow has recently signed co-operation

agreements with ArcelorMittal, the world's largest steel producer, the global

energy company Repsol and Betula Energy, a start-up company in Norway.

According to earlier plans and announcements from Vow, the Follum plant and the

company's biocarbon initiatives were part of Vow Industries. This is a separate

legal entity, which will remain wholly owned and part of Vow ASA, and act as an

incubator for other potential spin-offs in the future.

For further queries, please contact:

Henrik Badin - CEO Vow ASA

Tel: + 47 90 78 98 25

Email: henrik.badin@vowasa.com

About Vow ASA

In Vow and our subsidiaries Scanship and Etia we are passionate about preventing

pollution. Our advanced technology and world leading solutions purify wastewater

and convert biomass and waste into valuable resources and generate clean energy

for a wide range of industries, which as part of their own transition are

looking for low carbon fuels, carbon neutral energy, decarbonised gas, and

biocarbon.

We have delivered technology to a wide range of industries for many years. Our

solutions are scalable, standardized, patented, and thoroughly documented, and

our capabilities are well proven in concrete projects and deliveries.

In 2020, Vow established Vow Industries. This subsidiary will build, own, and

operate plants that deliver industry decarbonisation as a service, thereby

accelerating the green transition within waste and biomass valorisation and

energy production.

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

(ticker VOW).

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.