Innovation Norway, the government's instrument for innovation and development of Norwegian enterprises and industry, has awarded grants and loans to Scanship AS, a subsidiary of Vow ASA, to further commercialize the application of its patented pyrolysis technology for chemical recycling of plastic waste.
The loans and grants, a total of NOK 19.4 million will be used to build a plant in Norway to demonstrate the conversion of plastic waste into energy.
"We are grateful for the continuous support from Innovation Norway in developing technologies to enhance circular economy and for climate change mitigation," says Henrik Badin, CEO of Vow ASA.
He adds that the support from Innovation Norway will accelerate Vow's efforts to commercialize its unique technology to valorize syngas from pyrolysis reactors, which is a key component in Vow's existing product and technology portfolio. This add-on technology will further optimize energy utilization by gas purification and liquid fuel production.
Plastic waste is a large and growing problem around the world, especially in developing countries, but also in industrialized economies. By converting non-reusable plastic into liquid fuel and hydrogen, Vow's solutions are becoming an increasingly relevant part of industry's response to EU's plastic waste recycling and hydrogen strategies.
Henrik Badin - CEO
Tel: +47 90 78 98 25
About Vow ASA
In Vow and our subsidiaries Scanship and Etia we are passionate about preventing pollution. Our 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.
Our ambitions go further than this. With our advanced technologies and solutions, we turn waste into biogenetic fuels to help decarbonize industry and convert plastic waste into fuel, clean energy and high-value pyro carbon.
Our solutions are scalable, standardized, patented and thoroughly documented, and our capability to deliver is well proven. They are key to end waste and stop pollution.
Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW from 13 January 2020). The Vow group has 120 employees in Norway, France, Poland and the US.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.