About early production line

With its production capacity of 2,500 tons of biocarbon, Vow Green Metals’ early production line at Hønefoss will accelerate the Company’s commercial operations by enabling the delivery of industrial volumes of biocarbon to established partners and product samples to mature new markets and relationships with industrial offtakers. The production facility employs a Biogreen pyrolysis reactor, which operates solely on electric power. This is the same technology that will be installed in the first phase of the Company’s largescale plant at Hønefoss. The facility entered operations in the first quarter of 2024, after a period of cold and hot commissioning, testing and identifying improvements which will reduce the cost and lead-time of future projects

About Hønefoss

Vow Green Metals’ large-scale biocarbon facility at Hønefoss, Eastern-Norway, set to become one of Europe’s largest, will have a total production capacity of more than 20,000 tons of biocarbon and an abatement potential of 100,000 tons of fossil CO2 p.a. The first phase of the biocarbon facility will have an annual production capacity of 10,000 tons of biocarbon. Vow Green Metals is co-owning the project together with Vardar AS, a regional renewable energy producer with operations and ownership within bioenergy, CCU, wind, solar and hydropower, located in the Hønefoss. Vow Green Metals holds 75 percent of the shares in the project, and Vardar AS holds the remaining 25 percent of the project SPV holding all assets, rights and obligations related to the large-scale biocarbon production facility at Hønefoss. The project is now under construction with the first phase of the project (10,000 tons of production capacity) fully financed with NOK 344 million green loan debt financing from financial partner, DNB, with a 50 percent loan guarantee by Eksfin, the official Export Credit Agency of Norway. The governmental enterprise Siva has signed a forward contract for the purchase of buildings and infrastructure related to the project totalling ~152 million, and a leaseback agreement. Vow Green Metals has signed 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. In line with Vow Green Metals’ commercial strategy, the company retains the remaining available volumes, exceeding 5,000 tons, to further mature and develop collaborations with other industrial offtakers to meet the increasing demand for biocarbon. Vow Green Metals is working closely with other partners co-located at the Treklyngen industrial park and has signed a long-term energy offtake agreement securing offtake of all excess energy produced from the production facility at Hønefoss.

About Viken Park

The Viken Park biocarbon production facility is located at Viken Park in Fredrikstad Eastern Norway, a green-field industrial park. The energy produced from pyrolysis gas at Vow Green Metals’s production facility will become the backbone of the energy generation on-site. High-value energy will be sold to a district heating company, and low-value heat will be consumed by Vow Green Metals. This large-scale project will supply the Viken Park area with bioenergy while producing biocarbon and bio-oil for industrial use, making it a key project in ensuring zero emissions industries in the area. As an important step to mature the project, Vow Green Metals has entered several strategic partnerships with the signing of Letter of Intents for feedstock and CCU and energy offtake for the large-scale production facility at Viken Park.

About Eiktyr

Located at Eiktyr Industrial Park at Orkland, central Norway, the Eiktyr 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. 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.

Scaling a new biobased industry

Vow Green Metals has ongoing projects and projects under development with a combined annual production capacity exceeding 80,000 tons of biocarbon. Based on a buid-own-operate model, the Company expects to grow its portfolio of key projects to a production capacity of 200,000 tons by 2028.