Vow Green Metals AS

M&A Activity • Sep 18, 2024

Vow Green Metals announced a new large-scale project in Norway

Vow Green Metals announced a new large-scale project in Norway

Vow Green Metals today announced a new large-scale project, adding an annual production capacity of 30,000 tons of biocarbon to its portfolio of key projects. Located at Eiktyr Industrial Park at Orkland, central Norway, the project is part of a circular green industry supercluster together with five other industrial companies; Elinor Batteries, Norsk e-Fuel, Norsk Industriutvikling, Vala Bio and Green Move.

Today, the CEOs of the six companies met with the Norwegian Minister of Trade and Industry, Cecilie Myrseth, before formally signing a collaboration agreement at the regional industry and business conference, Thamskonferansen. The companies within the cluster will jointly develop green industries at scale while leveraging the industrial symbiosis and ecosystem at Eiktyr Industrial Park. Initial studies conducted by the six companies indicate significant synergies from utilizing energy and resources from the recovery and reuse of residual products.

The industrial establishment will enable up to 500,000 tons of annual emission reductions and create around 1,000 new local jobs. The aim is to ensure that all energy produced within the cluster will be utilized two times.

Vow Green Metals has completed a feasibility study for a large-scale biocarbon facility at Eiktyr Industrial Park with an annual production capacity of 30,000 tons of biocarbon and is currently entering a pre-study phase, maturing the project towards final investment decision (FID) by the end of 2025.

“At Vow Green Metals, we are producing biocarbon in Norway as we speak. We are proud to contribute to large industries, that are important to all of us, being able to speed up the transition from fossil coal to the use of biocarbon. In line with our expansion plans, we are continuously looking for attractive industrial sites that facilitate green industrial development in symbiosis with other industry players. For more than a year we have been working with Eiktyr industrial park and we are pleased to announce Eiktyr Industrial Park as the latest addition to our portfolio of key projects in Norway”, said CEO of Vow Green Metals, Cecilie Jonassen.

Vow Green Metals’ key projects portfolio now consists of four projects with a combined annual biocarbon production capacity exceeding 80,000 tons, making the company well-placed to reach its 2028 target of realizing projects with a combined production capacity of 200,000 tons:

• Hønefoss early production line (2,500 tons p.a.)

• Hønefoss large-scale project (20,000 tons p.a. -10,000 first phase)

• Viken Park (30,000 tons p.a.)

• Eiktyr Industrial Park (30,000 tons p.a.)

For further information, please contact:

Mathias Nilsen Reierth, Director of Corporate Affairs and Commercial, Vow Green Metals AS

Tel: + 47 988 05 724

Email: mathias.reierth@vowgreenmetals.com

About Vow Green Metals

Vow Green Metals’ strategy is to be a leading producer of biocarbon and other carbon neutral products that enables the green transition in hard-to-abate industries. We are on a mission to accelerate the world’s transition to renewable materials by offering green alternatives to replace fossil reduction agents in the metallurgical industry. The core of our business is to build, own and operate biocarbon production plants using state-of-the-art pyrolysis technology to turn biomass and biomass waste-streams into our core product, biocarbon. Our biocarbon production process also creates other valuable products like bio-oil and bioenergy. With our standardized solutions, unique access to proprietary technology, and a growing global pipeline of projects, we are upholding our first mover position in a growing market where speed and scale will be determining factors. Vow Green Metals is building a new biocarbon industry on the shoulders of its main owner and technology partner, Vow ASA, which provides access to competence and capabilities acquired through decades of industrial innovation.