NEWS

Vow Green Metals (the “Company”), a leading developer of production facilities for biocarbon and other carbon-neutral products, and Vardar AS, a regional renewable energy producer with operations and ownership within bioenergy, CCU, wind, solar and hydropower, today announce that Vardar will become an equity partner in the large-scale Hønefoss project following its recent execution of a NOK 50 million investment, subscribing for shares in VGM Operatør AS (the “Investment”). The Investment makes Vardar a significant partner in the project, holding 25 percent of the shares, and entails a capital injection of NOK 50 million in VGM Operatør to accelerate the development of the first phase of the project.

Reference is made to the Company’s stock exchange announcement dated 27 November 2023 regarding Vardar’s strategic investment in Vow Green Metals, specifically their intention of becoming an equity partner of VGM Operatør AS, a wholly owned subsidiary of Vow Green Metals, holding all assets, rights and obligations related to the large-scale biocarbon production facility at Hønefoss.

Under the terms of the signed agreement, the Investment was contingent upon the passing of defined industrial and commercial milestones, most notably the signing of an offtake agreement from the project. In January, Vow Green Metals announced the signing of a long-term supply agreement for the annual delivery of 15,000 tons of biocarbon to Elkem, one of the world’s leading providers of advanced silicon-based materials.

The large-scale biocarbon production facility at Hønefoss will become one of Europe’s largest, with its 20,000 tons production capacity (10,000 tons in the first phase) and abatement potential of 100,000 tons of fossil CO2 p.a. The parties expect to see significant synergies from the collaboration, including utilization of the parties’ combined competence and capabilities within energy production, thermal heat distribution and utilization, and biomass sourcing and handling.

ENDS

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 enable 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.