Vow ASA (“Vow”) is pleased to inform that Enova has confirmed a grant of up to NOK 80.7 million to support Vow’s project for industrial production of biocoal for metallurgical industry at Follum in Eastern Norway. The grant is another important step towards final investment decision for the project.
Enova is a Norwegian state-owned enterprise established to promote a shift towards more environmentally friendly energy consumption and production, as well as the development of energy and climate technology.
“We are very enthusiastic and grateful for Enova’s decision. By awarding this grant, Enova will be playing an important role in the promotion of technology that will help metallurgical industry decarbonize,” said Henrik Badin, CEO of Vow ASA.
The plant at Follum will be owned and operated by Vow Green Metals, currently a wholly owned subsidiary of Vow. As previously informed, a demerger of Vow Green Metals is planned with subsequent listing, likely before summer this year. As part of this plan, Vow has already provided NOK 150 million in funding to Vow Green Metals.
The plant at Follum will be designed and built by Vow, which will also provide the processing equipment. This will add more than NOK 200 million to Vow’s order backlog when Vow Green Metals is spun off, and which will convert into revenues for Vow over the next 12-18 months.
Vow’s ambition for Vow Green Metals goes far beyond the plant at Follum. Demand for biocarbon is expected to increase significantly in the next few years, driven partly by increasing CO2 taxation and corporate net zero strategies. The demand for biocarbon in Norway alone is estimated at 400 000 tonnes annually by 2030. For comparison, initial capacity at Follum will be 10 000 tonnes per year.
“Our plans for Vow Green Metals include further expansion in the Nordics as well as larger production facilities to meet industry needs across Europe,” Badin said.
For further queries, please contact:
Henrik Badin - CEO Vow ASA
Tel: + 47 90 78 98 25
About Vow ASA
In Vow and our subsidiaries Scanship and Etia we are passionate about preventing pollution. Our advanced technology and world leading solutions purify wastewater and convert biomass and waste into valuable resources and generate clean energy for a wide range of industries, which as part of their own transition are looking for low carbon fuels, carbon neutral energy, decarbonised gas, and biocarbon.
We have delivered technology to a wide range of industries for many years. Our solutions are scalable, standardized, patented, and thoroughly documented, and our capabilities are well proven in concrete projects and deliveries.
In 2020, Vow established Vow Industries. This subsidiary will build, own, and operate plants that deliver industry decarbonisation as a service, thereby accelerating the green transition within waste and biomass valorisation and energy production.
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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