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Second half-year results 2023 – key strategic targets met

February 15th, 2024

Vow Green Metals today announced results for the second half of 2023 demonstrating significant strategic achievements and progress in key industrial projects.

Main developments:

The early production line at Hønefoss: First biocarbon successfully produced in November

Regional energy producer Vardar committed to a strategic investment of NOK 100 million in Vow Green Metals split equally between the project company for the local large-scale project at Hønefoss and the listed parent company Hønefoss large-scale phase 1 and 2 (20,000 tons in total):

  • The project is progressing well with infrastructure and related excavation work completed in December
  • Governmental enterprise Siva will invest NOK ~152 million in Vow Green Metals’ large-scale biocarbon production at Hønefoss with the signing of a forward contract for the purchase of buildings and infrastructure, and related leaseback agreement
  • Additional agreement for the delivery of pyrolysis technology signed with technology partner, Vow ASA. New total contract value is NOK 332 million
  • NOK 7,841,779 of the ENOVA grant was drawn in July 2023 (NOK 34,422,711 remaining for the large-scale facility at Hønefoss under the ENOVA grant)

Viken Park (30,000 tons): Project moving forward according to plan with the commencement of a pre-study for a plant with potential production capacity of 30,000 tons

Jan Halvard Aas Møller was appointed new CFO of Vow Green Metals in December 2023, effective from February 2024. In addition, Vow Green Metals has strengthened its metallurgical competence with two new hires and bolstered the Company’s ability to develop projects and maintain efficient operations of its plants with four new hires including operative staff and managing director of biocarbon projects in Norway

Subsequent events:

Long-term supply agreement for the annual delivery of 15,000 tons of biocarbon signed with Elkem 4 January 2024

“We are looking back at some extraordinary months, probably the most demanding and rewarding half-year we have had so far. Thanks to our dedicated team we have managed to reach significant strategic milestones, most notably the signing of our first large-scale supply agreement, the entering of strategic financial partnerships while at the same time ensuring industrial progress with a successful first biocarbon production at Hønefoss,” said Chief Executive Officer of Vow Green Metals, Cecilie Jonassen.

“During the fall of 2023 we noted a shift in the interest for biocarbon from the metallurgical industry with large contracts being signed by several key industrial players in the Nordics. When building a new green industry, speed and scale are determining factors. We believe in collaboration as one of the key strategic levers to rapidly scale up the biocarbon industry and are happy to see that commercial partnerships across value chains are bearing fruits,”.

Second half 2023 financials

Vow Green Metals recorded an operating loss for 2023 of NOK 23.9 million, with employee- and other operating expenses being the material items. Employee costs were NOK 18.2 million for the period, of which NOK 8.7 million were capitalized as directly attributable to project under development, giving a net employee expense of NOK 9.4 million recorded in the profit and loss statement. Other operating expenses were NOK 14.5 million, of which NOK 8.8 million were to consultants. Consultants were used as a transitory measure to cover key positions. Total assets were NOK 183.2 million, of which NOK 126.2 million relates to the biocarbon plant at Hønefoss. Cash and cash equivalents were NOK 41.3 million, with an unused bank overdraft of NOK 10.0 million.


Company Address

Lilleakerveien 2B 0283 Oslo Norway

Org. nr. 926 589 989

Business Inquiries

Cecilie Jonassen
Chief Executive Officer (CEO)
+47 954 201 26

© Vow Green Metals 2024