NEWS

As part of Vow Green Metals AS’ ambition to decarbonize the metallurgical industry, the company has entered into a Letter of Intent (LoI) with a global non-ferrous metal producer to reduce the carbon footprint of its manufacturing processes. Technology provider Vow ASA (“Vow”) is also part of the LoI.

According to the LoI, Vow Green Metals, Vow and a world leading producer of non-ferrous metals are committing to work together towards the development of an advanced and commercially competitive biocarbon product and could result in Vow Green Metals’ second biocarbon plant, and potentially several more to come.

“For Vow Green Metals, which specialise in building, owning and operating facilities for production of biocarbon based on sustainable feedstock, this new partnership is a perfect match. We take great pride in supporting this company on its journey towards sustainable production, and we are impressed with its clear targets and its commitment to act now,” said Cecilie Jonassen, CEO of Vow Green Metals.

As a first step, the parties have agreed to undertake a joint feasibility study for the purpose of evaluating the potential to develop a biocarbon for non-ferrous metals production. The parties will map feedstock supply chains and establish a business model for off-take of CO2 neutral gas which is also a product of the biocarbon production process. The biocarbon product will be made from sustainable feedstock such as forestry wood mass, biomass waste streams and other wood materials. Each party will carry their own cost in this initial stage.

Pending the successful completion of the study and the verification of the biocarbon, Vow Green Metals and Vow will together present an initial commercial proposal to the producer later this year.

The LoI consists of a plan to build a plant for 50.000 tonnes biocarbon by 2025 that may lead to an industrial build-up of biocarbon production over the next years.

Vow Green Metals is in the process of building its first biocarbon plant at Follum in Eastern Norway. This plant will have an initial capacity to produce 10.000 tonnes of biocarbon per year. The new plants for production of biocarbon to the undisclosed non-Ferrous metal producer would be based on similar technology.

The future biocarbon production facilities, as well as the business of producing biocarbon will be established by Vow Green Metals and owned by Vow Green Metals fully or partially, as decided by the company.

For more information, please contact

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

Lars Mårdalen, CFO, Vow Green Metals AS Tel: +47 911 07 702 Email: lars.mardalen@vowgreenmetals.com

About Vow Green Metals AS

Vow Green Metals AS build, own, and operate plants that produce high value biocarbon for the metallurgical industry. In order to decarbonise the metallurgical industry, there is a growing global interest in large scale pyrolysis plants, motivated by both environmentally friendly treatment methods for waste and for the production of biocarbon.

Vow Green Metals AS aims to provide solutions for the metallurgical industry and to meet the growing demand for industry decarbonising.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.