Elkem sells Canadian biocarbon business to CHAR Tech, enters five-year supply agreement

20 Apr 2026 14:23 CEST

Oslo, 20 April 2026

Elkem ASA ("Elkem") today announced the agreement to sell its biocarbon business
in Saguenay, Québec in Canada, including the physical pilot and demonstration
production facility, and proprietary technology, to CHAR Technologies Ltd.
("CHAR Tech"). As part of the agreement, CHAR Tech will supply Elkem with 62,500
tonnes of biocarbon over five years.

The Saguenay, Québec, facility was initially built in 2022 as a pilot and
demonstration facility, where Elkem developed its proprietary biocarbon pellet
process to meet the specific needs of ferrosilicon production in electric arc
furnaces.  Most recently, the facility produced volume for an industrial test of
biocarbon, which was successfully used in Elkem Métals electric arc furnace,
located nearby.  The site is now poised for commercial upgrades to produce up to
15,000 tonnes per year of pelletised biocarbon.  Once upgraded, the facility
will then process CHAR Tech's raw biochar into biocarbon pellets suitable for
heavy industrial decarbonisation, with a specific focus on supporting
ferrosilicon production.

Biocarbon use remains a pilar in Elkem's decarbonisation strategy. Through the
five-year supply agreement, Elkem secures a reliable source of biocarbon for its
Canadian and European smelters from CHAR Tech's expanding production platform,
which is equipped with the technology, capacity, and commercial infrastructure
to deliver at scale.

"Elkem's strategy centres on leveraging technology-driven solutions and
pioneering R&D to advance industrial decarbonisation. Transferring our biocarbon
operations in Saguenay to CHAR Tech is an important milestone, allowing us to
scale our validated biocarbon process and ensure consistent supply for our
global operations. This partnership strengthens Elkem's commitment to producing
silicon-based products with the lowest possible carbon footprint, directly
supporting our ESG goals and delivering lasting value for our customers and
shareholders," said Charles Tremblay, Elkem's Chicoutimi plant manager in
Canada.

For further information, please contact:

Odd-Geir Lyngstad, VP Finance & Investor Relations
Tel: +47 976 72 806
Email: odd-geir.lyngstad@elkem.com

Marianne Stigset, VP Corporate Communications & Public Affairs
Tel: +47 411 88 482
Email: marianne.stigset@elkem.com

About Elkem ASA
With a strong track record since 1904, Elkem is one of the world's leading
providers of advanced silicon-based materials shaping a better and more
sustainable future. The company develops silicones, silicon products and carbon
solutions by combining natural raw materials, renewable energy and human
ingenuity. Elkem has been awarded top score of A on Forests and Water Security,
and B on Climate Change from CDP. Elkem is listed on the Oslo Stock Exchange
(ticker: ELK), where the company is also included in the ESG
Index. www.elkem.com

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