Vow ASA, technology provider for industry decarbonization, has signed a strategic memorandum of understanding with a world leading manufacturing company to build biogas production plant to reduce CO2 emissions from metallurgical processes.
The two companies will cooperate on engineering, business modelling and financing of a dedicated biogas plant for an industrial facility in continental Europe, with the aim to have the plant operational in 2022. According to the customer, which is one of the biggest globally, this will be the first dedicated biogas plant in industry sector.
The biogas will be made using Vow's patented 'Biogreen' pyrolysis technology, which involves heating sustainable biomass at extremely high temperatures. The gases emitted during this process are then captured and processed into biogas, which will directly replace the use of natural gas in the metallurgical plant. By-products such as bio-coal will also be created during the process, directly replacing the use of fossil coal.
"We are very excited and committed for this cooperation, which is entirely in line with our decarbonization strategy. The agreement confirms our relevance for major industry players seeking to become CO2 neutral. Our view is long term, and by bringing expertise and technology together, we are about to position Vow for future growth in the metal production and processing industry" says the CEO of Vow ASA Henrik Badin.
The customer has informed Vow that they will announce the agreement, which they consider to be of great strategic significance, in January 2021.
For further queries, please contact
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 and CO2 neutral 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).
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.