Vow ASA: Order received to double production capacity at VGM’s Follum factory
On September 30th, 2023, Vow ASA announced that it has received an order from Vow Green Metals AS to enhance the production capacity at their biocarbon production plant in Hønefoss, Norway.
This order is an extension of the equipment order received in October 2021, resulting in a new total contract value of NOK 332 million.
In addition to some modification on the original equipment order, the expansion will involve the addition of a new process line, effectively doubling the factory's capacity. This will enable the production of up to 20,000 tons of biocarbon annually.
The increased capacity is made possible by utilizing self-sufficient renewable gas to power the new reactor technology developed and manufactured by Vow's subsidiary, C. H. Evensen Industriovner AS. This ensures that the expanded capacity remains within the site's power supply limits.
Henrik Badin, CEO of Vow ASA, expressed enthusiasm for this solution, emphasizing its ability to enhance efficiency, significantly increase capacity, and potentially accelerate the scale-up for Vow Green Metals.
The equipment included in this order is expected to be delivered in 2024 and will be reported as part of Vow's Industrial segment.
It is important to note that the Follum plant will be constructed, owned, and operated by Vow Green Metals AS, in which Vow ASA holds 50.173.890 shares.
For more information, please contact:
Henrik Badin, CEO, Vow ASA
Tel:
E-mail:
Tina Tønnessen, CFO, Vow ASA
Tel:
E-mail:
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.
