Vow ASA ('Vow' or the 'Company') has secured NOK 320 million long-term financing from DNB, the bank, establishing a strong financial foundation for further innovation and project development in land-based industries.
The financing arrangement consists of a NOK 170 million term loan and a NOK 150 million revolving credit facility, both classified as "green financing" at attractive terms, and within the DNB Sustainable Product Framework. This framework includes a verification by DNV, the assurance and risk management company, and is based on the international Green Loan Principles (GLP).
"The new loan and credit facility will further bolster our efforts to grow our landbased business. In March this year we raised NOK 230 million in gross proceeds to the company through a private placement, and more recently we were awarded a NOK 81 million grant from Enova to support the building of a first biocarbon production plant at Follum in Eastern Norway," said Henrik Badin, Chief Executive Officer (CEO) of Vow.
Enova is a Norwegian state-owned enterprise established to promote a shift towards more environmentally friendly energy consumption and production. The plant at Follum is an important first for Vow Green Metals, a recently established subsidiary which will be demerged from Vow and listed as a separate company later this summer.
"We have now not only secured financing of Vow's involvement in Vow Green Metals' first stage development at Follum. We have also established a strong financial foundation for further expansion at Follum and innovation and project development activities in other land-based industries. Our pipeline is rife with interesting opportunity in a number of industry verticals, including CO2 neutral energy, metallurgy, and various forms of biomass conversion and valorisation," said Mr Badin.
For more information please contact
Henrik Badin, CEO, Vow ASA
Tel: + 47 90 78 98 25
Email: henrik.badin@vowasa.com
Erik Magelssen, CFO, Vow ASA
Tel: +47 928 88 728
Email: erik.magelssen@vowasa.com
About Vow
Vow and its subsidiaries Scanship and Etia are passionate about preventing pollution. The company's 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.
With advanced technologies and solutions, Vow turns waste into biogenetic fuels to help decarbonise industry and convert plastic waste into fuel, clean energy, and high-value pyro carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company's 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).
This information is subject to the disclosure requirements pursuant to section 5 - 12 of the Norwegian Securities Trading Act.
