NEWS

Vow Green Metals, a leading developer of production facilities for biocarbon and other carbon-neutral products, has signed terms for bank financing of its large-scale Hønefoss project with DNB, guaranteed 50 percent by Eksfin. This means that the 10,000 tons first phase of the large-scale biocarbon facility under development, including buildings and civil works for the 20,000 tons phase 2 is fully financed. The financing plan includes equity investments from Vow Green Metals, Vardar, Enova and SIVA.

The DNB loan amount will be NOK 344 million in total, split into NOK 144 million as a construction loan and NOK 200 million as construction loan which will be converted to a term loan when the facility is in operation. The terms include a 50 percent loan guarantee from Eksfin (the official Export Credit Agency (ECA) of Norway).

“The metallurgical industry is a major source of CO2 emissions, and we are on a mission to help the industry solve this problem by producing climate friendly biocarbon for the use in their production processes. Having reached a complete financing plan for the first phase of our project at Hønefoss is a major milestone on this journey,” says Cecilie Jonassen, CEO at Vow Green Metals.

The remaining CAPEX for the second phase of the Hønefoss facility is expected to be financed during the second half of 2024 through governmental grant, additional debt facilities or equity capital.

Civil works of the large-scale facility at Hønefoss has started and is progressing according to plan.

For further information, please contact:

Jan Halvard Aas Møller, CFO, Vow Green Metals AS. Tel: + 47 901 15 375 Email: jan.moller@vowgreenmetals.com

Cecilie Jonassen, CEO, Vow Green Metals AS. Tel: + 47 954 20 126 Email: cecilie.jonassen@vowgreenmetals.com