1H 2022 – Solid market drivers and project pipeline

26 Aug 2022 07:00 CEST

Vow Green Metals AS (“Vow Green Metals”)

Vow Green Metals: 1H 2022 – Solid market drivers and project pipeline

Lysaker, 26 August 2022 –Vow Green Metals AS (“Vow Green Metals”) reports high
and increasing interest for its main products: biocarbon and CO2 neutral energy
driven by strong regulatory and commercial drivers. Projects with a combined
annual production of around 400.000 tonnes of biocarbon have been identified,
and work on the Follum plant continues with good progress.

For the first half of 2022 Vow Green Metals had an operating loss (EBITDA) of
NOK 6.69 million as expected, mainly employee and other operating expenses. Net
loss after financial items was NOK 6.84 million.

Total non-current assets on 30 June 2022 was NOK 60.7 million and consists of
process equipment delivered for the Follum plant, offset by ENOVA grant
drawdown. Total assets were 137.5 million, and the cash position was NOK 76.0
million.

Total equity after retained earnings was NOK 134.3 million and total equity and
liabilities amounted to NOK 137.5 million.

1H 2022 highlights:

Signed Letter of Intent with a global producer of non-ferrous metals with a
potential of 50,000 tonnes of biocarbon production.

European projects in discussion totalling 400,000 tonnes of biocarbon.

Natural gas prices have increased dramatically in the period and Europe is
facing an energy crisis. This has strengthened the markets pull for our
pyrolysis gas even further as is now business critical for European Industry to
have energy diversification and be more energy self-sufficient.

The CO2 emission cost (EUA) has reached an all-time high level, currently at 98
Euro/ton and is expected by analyst to increase even further going forward.


The company continues to see a high and increasing interest for its main
products: biocarbon and CO2 neutral energy driven by strong regulatory and
commercial drivers.

“We see an increased need for energy from potential industry partners at the
Follum location which could lead to a ramp up of our planned production from
10,000 tonnes to 20,000 tonnes biocarbon at the Follum plant. A potential
doubling of capacity will significantly improve economy of scale at a marginally
higher CAPEX cost, says Cecilie Jonassen, CEO in Vow Green Metals”.

Cecilie Jonassen, Chief Executive Officer and Lars Mårdalen, Chief Financial
Officer, will host a virtual presentation and Q&A at 08:00 CET today.

The presentation will be available via the following link,
https://channel.royalcast.com/landingpage/hegnarmedia/20220826_7/

The presentation replay will be made available shortly after the live event.

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: +47 911 077 02
Email: lars.mardalen@vowgreenmetals.com
About Vow Green Metals

Vow Green Metals AS builds, owns, and operates 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 the
Continuing Obligations for Issuers of Shares in accordance with Oslo Rule Book
II - Issuer Rules.

More information:
Access the news on Oslo Bors NewsWeb site

569782_220826 Vow Green Metals 1st Half 2022.pdf
569782_Vow Green Metals 1st half 2022 report.pdf