Vow ASA ("Vow", ticker OSE: VOW) has entered into an agreement with an undisclosed North American renewable energy company to deliver a complete biocarbon production system within the United States valued at USD 27 million.
This is the largest single landbased contract signed to date by Vow, and a breakthrough for Vow technology in landbased applications in the US. Engineering of this industry scale system starts immediately. Timing of subsequent stages in the project are pending government permits and final design.
"In Vow we have been fortunate to work with great entrepreneurial minds in the cruise industry for decades, inventing technologies for cleaner oceans. We are now embarking on a similar journey with landbased industries in the US, aiming at converting waste and biomass into renewable energy and biocarbon for many industrial applications," said Henrik Badin, CEO of Vow ASA.
According to the agreement, Vow will deliver four state-of-the-art BioGreen lines with full upstream and downstream processing, including systems for storage, drying, shredding of feedstock, and cooling and bagging system.
The project currently under development is the first of its kind for Vow in the US, and a key strategic opportunity to make economic and environmental impact in the US market.
The biocarbon produced in the plants will be used in several markets currently under development by an expert team assembled by the new US partner. In addition to direct revenue for the biocarbon, the partnership will produce carbon credits.
In Europe, Vow is currently in the process of delivering similar equipment for an advanced biocarbon production plant at Follum, an industrial site near Oslo, Norway.
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, C.H. Evensen 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 at Lysaker outside 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.
