Vow ASA: Vow subsidiary CHE awarded contract in Sweden

10 Feb 2023 07:20 CET

Vow ASA ("Vow") subsidiary C.H. Evensen Industriovner AS ("C.H. Evensen"), a
specialist in heat treatment solutions, has been awarded a large order for
advanced technology to Uddeholm, a leading Swedish metals manufacturer. The
contract has a value of ca. NOK 24 million and takes C.H. Evensen's order
backlog to a total of NOK 155 million.

The order is for converting four heat treatment furnaces from fossil gas
operations to electric operations. The furnaces are used for heat treatment of
various steel products. C.H. Evensen has previously delivered two similar
electric furnaces to Uddeholm, in 2021 and 2022, respectively.

Uddeholm is on an ambitious journey to fossil-free production and climate
neutrality. By 2030 Uddeholm will have fossil-free production. C.H. Evensen
furnaces play an important role in this.

"Our customers have become increasingly interested in making the shift from
fossil energy sources to renewable electric power. We are offering flexible
solutions, which offer the possibility of powering heat-intensive processes with
sustainable energy," said Henrik Wulff, managing director of C.H. Evensen.

C.H. Evensen develops, designs, and produces industrial furnaces and equipment
for a variety of heat treatment processes and applications, including world
leading technology for electric hot dip galvanising, an industrial process that
protects metal from corrosion.

"With energy costs remaining high and a growing demand for decarbonisation,
Vow's state-of-the-art technology is seen as instrumental in improving cost
efficiency. We are pleased to continue our close relationship with Uddeholm, and
proud to be part of its ambitious journey to become climate neutral," said
Henrik Badin, CEO of Vow ASA.

The C.H. Evensen contract will be booked as order intake in the first quarter
2023 in Vow's Landbased segment.


For more information, please contact:

Henrik Badin, CEO, Vow ASA
Tel: + 47 90 78 98 25
Email: henrik.badin@vowasa.com

Erik Magelssen, CFO, Vow ASA
Tel: +47 928 88 728
Email: erik.magelssen@vowasa.com


About Vow

Vow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate about
preventing pollution. The company's world leading solutions convert biomass and
waste into valuable resources and generate clean energy for a wide range of
industries.

Advanced technologies and solutions from Vow enable industry decarbonisation and
material recovery. Biomass, sewage sludge, plastic waste and end-of-life tyres
can be converted into clean energy, low carbon fuels and renewable carbon that
replace natural gas, petroleum products and fossil carbon. The solutions are
scalable, standardised, patented, and thoroughly documented, and the company's
capability to deliver is well proven.

The company is a cruise market leader in wastewater purification and
valorisation of waste. It provides technology and solutions which enable
industries to transition towards a fossil-free future by converting biomass and
waste into valuable resources and clean energy. The company also has strong
niche positions in food safety and robotics, and in heat-intensive industries
with a strong decarbonising agenda.

Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange
(ticker VOW).


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

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