Oslo, 5 September 2024 | Vow ASA (ticker OSE:VOW) today announces that its subsidiary Scanship AS has signed a FEED (Front End Engineering Design) contract with Murfitts Industries, the leading end of life tyre recycling company.
The contract is the latest step in a programme which has seen the two companies co-operating on the development of a process to recover and re-use the raw materials from end of life tyres on a commercial scale. A major objective of the programme is to enable manufacturers to use the recovered material in the production of new tyres - helping to close the loop in a product lifecycle.
The new FEED contract will result in the design and construction plans for a large scale pyrolysis plant, with the expectation that this will be operational in 2026. The plant will produce recovered Carbon Black (rCB), which will be used in the production of new tyres; tyre pyrolysis oil (TPO), which can then be refined to produce sustainable fuels; and syngas, which can be converted to energy.
Extensive trials of the processes have shown that the recovered materials meet the high standards demanded by manufacturers for their products. They especially appeal to those companies who are looking to improve their own sustainability by re-using secondary materials in their products, replacing virgin material.
Mark Murfitt, CEO of Murfitts Industries, said: "We've been working with Vow for many years and this FEED contract represents a significant milestone in our co-operation. We have focused on developing a programme which is industry leading in the sustainable recovery of end of life tyres. The investment we're making in this next stage will deliver a plant which can meet the needs of manufacturers at a commercial scale. This is vital in giving them certainty, predictability and confidence in the quality and quantity of the recovered material."
Murfitts Industries is the largest tyre recycling company in the UK and is part of the European Tyre Enterprise Limited (ETEL). The ETEL group also include a large tyre retail company with operations in the UK, Netherlands and Italy, as well as a tyre wholesale and distribution network. ETEL's parent company is the ITOCHU Corporation, which is listed on the Tokyo Stock Exchange.
For more information, please contact
Henrik Badin, CEO, Vow ASA
Tel: + 47 90 78 98 25
Email: henrik.badin@vowasa.com
Tina Tønnessen, CFO, Vow ASA
Tel: +47 406 39 556
Email: tina.tonnessen@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.
Advanced technologies and solutions from Vow enable industry decarbonisation and material recycling. Biomass, sewage sludge, plastic waste and end-of-life tyres can be converted into clean energy, low carbon fuels and renewable carbon that replace natural gas, petroleum products and fossil carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company's capability to deliver is well proven.
The company is a cruise market leader in wastewater purification and valorisation of waste. It also has strong niche positions in food safety, and in heat-intensive industries with a strong decarbonising agenda.
Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
