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Siva to invest NOK 152 million in Vow Green Metals’ large-scale biocarbon production at Hønefoss

November 22nd, 2023

Vow Green Metals, a leading developer of production facilities for biocarbon and other carbon-neutral products, today signed agreements with governmental enterprise, Siva Eiendom Holding AS (“Siva”), related to the buildings and infrastructure for the large-scale 20,000 tons biocarbon facility under development at Hønefoss, Norway. The two parties have signed a forward contract for the purchase of buildings and infrastructure, and a leaseback agreement (the “Transaction”).

Siva will purchase the buildings and related infrastructure at the completion of construction for NOK 151 552 230, which constitutes the combined property value under the terms of the forward contract. VGM Operatør AS, a wholly owned subsidiary of Vow Green Metals, will lease the buildings and related infrastructure from Siva to operate its biocarbon production facility. The company will produce biocarbon and other carbon-neutral products enabling large-scale decarbonization of hard-to-abate industries.

Vow Green Metals’ large-scale biocarbon facility at Hønefoss, set to become one of Europe’s largest, will have a total production capacity of more than 20,000 tons of biocarbon and an abatement potential of 100,000 tons of fossil CO2 p.a. Siva facilitates growth and development in industry and business in Norway with a particular focus on accelerating green industries, and only a few projects every year is granted with an investment agreement from the governmental enterprise.

“This is great news for all those who are cheering for new green industries. Our large-scale project at Hønefoss has been carefully reviewed along several parameters by Siva's experts, and with this signing, Siva is not only putting its stamp of quality on the project, but they are also putting a stamp of quality on an entire new green industry,” said Chief Executive Officer of Vow Green Metals, Cecilie Jonassen.

“Vow Green Metals came to us with an impressive project combining a robust business case, significant climate effects and positive ripple effects for society at large. We are excited to be part of building a new green industry with a great potential” said Chief Executive Officer of Siva, Jan Morten Ertsaas.

Under the terms of today’s signed agreements, the Transaction is carried out as follows:

Vow Green Metals Follum AS, a wholly owned subsidiary of VGM Operatør AS, in which Vow Green Metals AS holds 100 percent of the shares, will be the owner and construction client of the above-mentioned buildings and infrastructure. When the construction is completed, Siva will acquire 100 percent of the shares of Vow Green Metals Follum AS for NOK 151 552 230, taking over the ownership and obligations associated with the relevant buildings and related infrastructure under the terms of the signed forward contract. VGM Operatør AS has signed a long-term lease agreement for the buildings and infrastructure with Vow Green Metals Follum AS, which will become a wholly owned subsidiary of Siva following the Transaction. The Transaction will be completed when the construction of the buildings and related infrastructure in question is finalized and necessary permits and agreements for feedstock and biocarbon offtake are in place.


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

Cecilie Jonassen, CEO, Vow Green Metals AS Tel: +47 954 20 126 Email: cecilie.jonassen@vowgreenmetals.com

Jan Morten Ertsaas, CEO, Siva SF. Tel: +47 90 91 35 85 Email: jan.morten.ertsaas@siva.no

Please also find attached the press release from Siva ( in Norwegian).

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.

About Siva (The Industrial Development Corporation of Norway) Siva is a governmental corporation and national instrument founded in 1968. The company operates under the Norwegian Ministry of Trade and Industry, and is part of the national incentive structure for innovation. Siva’s extensive network includes 39 business parks, 33 incubators, five Catapult centers, 71 innovation companies, and 40 real estate companies (2022). Learn more at www.siva.no.


Company Address

Lysaker Torg 12 1366 Lysaker NORWAY

Org. nr. 926 589 989

Business Inquiries

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

© Vow Green Metals 2021