Vow ASA: Vow secures long-term funding to expand operations for large-scale industry projects
Vow ASA (“Vow”, ticker OSE: VOW) has secured NOK 620 million long-term financing with DNB, Norway’s largest financial services group, providing a strong financial foundation and support to Vow’s planned growth.
"Over the past few years, Vow has become a key partner and provider of technology to large energy companies and process industry. They expect us to provide solutions that allow them to transform their business models, adapt to new regulatory requirements, environmental standards, and climate concerns, and adopt circular solutions. In order to meet their expectations, Vow will continue to grow,” said Henrik Badin, CEO of Vow ASA.
The debt package consists of a NOK 380 million term loan, a NOK 160 million overdraft facility and a NOK 80 million trade finance facility. It will be used to refinance existing loans and support the company’s planned growth and working capital needs. The financing facilities are at attractive terms, similar to those offered in 2021.
The term loan will be classified as "green financing" within the DNB Sustainable Product Framework. This framework includes a verification by DNV, the assurance and risk management company, and is based on the international Green Loan Principles (GLP).
“We appreciate the partnership with DNB. By making such green financing available for us, they support our contribution to the energy transition and transformation of industry. We also consider this a recognition of the work that our team is doing to make our own operations more sustainable,” said Mr. Badin.
For more information, please contact:
Henrik Badin, CEO, Vow ASA
Tel:
Email:
Tina Tønnessen, CFO, Vow ASA
Tel:
Email:
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.
Cruise ships on every ocean have Vow technology inside which processes waste and purifies wastewater. Fish farmers are adopting similar solutions, and public utilities and industries use our solutions for sludge processing, waste management and biogas production on land.
With advanced technologies and solutions, Vow turns waste into biogenetic fuels to help decarbonise industry and convert plastic waste into fuel, clean energy, and high-value pyro carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company's capability to deliver is well proven. They are key to end waste and stop pollution.
Located at Lysaker outside 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.
