NEWS

Vow Green Metals (the “Company”), a leading developer of production facilities for biocarbon and other carbon-neutral products, and Vardar AS, a regional renewable energy producer with operations and ownership within bioenergy, CCU, wind, solar and hydropower, have signed a long-term energy offtake agreement securing offtake of all excess energy produced from the production facility at Hønefoss.

Vardar operates the district heating network in the Hønefoss region through its subsidiary Vardar Varme AS and distributes thermal energy at Treklyngen Industrial Park where the large-scale biocarbon production facility is under development.

In relation to the completed infrastructure work on the plot of the facility, Vardar Varme invested in district heating pipes connecting the production plant to its district heating network, enabling energy offtake under the terms of the signed energy offtake agreement. Vow Green Metals is expecting to deliver about 45 GWh from the facility on an annual basis.

The large-scale biocarbon production facility at Hønefoss 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

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.