NEWS

Vow Green Metals, a leading developer of production facilities for biocarbon and other carbon-neutral products, today signed an agreement with Vardar AS, a regional renewable energy producer with operations and ownership within bioenergy, CCU, wind, solar and hydropower, to acquire an additional 8 percent ownership stake in the large-scale biocarbon production facility at Hønefoss.

Following the transaction, valued at NOK 10 million, Vardar will hold 33 percent of the shares in VGM Operatør Holding AS, a subsidiary of Vow Green Metals, holding all assets, rights and obligations related to the large-scale biocarbon production facility at Hønefoss. Vardar, which is one of Vow Green Metals’ largest owners, will take a long-term active role in the development of the project alongside Vow Green Metals which will hold the remaining 67 percent of the shares.

With the announced agreement, Vow Green Metals and Vardar further strengthen their industrial collaboration at Hønefoss where the two parties already have realized significant synergies. Earlier this year the two companies announced the signing of a long-term energy offtake agreement securing offtake and utilization of all excess energy produced at the large-scale facility at Hønefoss.

“Originating and developing projects into interesting investment opportunities for new and existing partners is a key part of our strategy to create value and grow our business. We are happy to strengthen our co-ownership in the large-scale Hønefoss facility with Vardar, a company with a long-term commitment to realizing the green transition and a solid legacy as an enabler of green industrial development in the region,” said Chief Executive Officer of Vow Green Metals, Cecilie Jonassen.

Vow Green Metals’ large-scale biocarbon production facility will become one of Europe’s largest, with its 20,000 tons production capacity and abatement potential of 100,000 tons of fossil CO2 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

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