Vardar acquires an additional 8 percent stake in the large-scale Hønefoss project

28 Oct 2024 08:50 CET

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.

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

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

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation article 7 and is subject to the disclosure requirements
pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading
Act. This stock exchange announcement was published by Mathias Nilsen Reierth,
Director of Corporate Affairs and Commercial, Vow Green Metals AS, on 28 October
2024 at CET 08:50.

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