Vow Green Metals, a leading developer of production facilities for biocarbon and other carbon-neutral products, has secured leasing financing for the production equipment included in the "Early Production Line" at Hønefoss. With its production capacity of 2,500 tons of biocarbon p.a., this facility will accelerate Vow Green Metals' commercial operations by enabling the company to deliver industrial volumes of biocarbon to established partners and provide product samples to mature new market segments and relationships with industrial offtakers. The leasing financing is withSpareBank 1 SR-Bank and totalsNOK 37.4 mill, excluding VAT. This secures financing for the entire production equipment for the facility. "We are very happy to haveSpareBank 1 SR-Bank as a financing partner for Early Production Line. With this, we are now able to qualify our products to several industry verticals beyond the metallurgical verticals Ferrosilicon and Silicon", saysCecilie Jonassen , CEO of Vow Green Metals. InNovember 2023 , the first biocarbon was successfully produced from this facility and Vow Green Metals is currently in the process of ramping-up production. The early production line employs a Biogreen pyrolysis reactor, which is identical to the equipment which will be installed in Phase 1 of the large-scale Hønefoss project. The large-scale facility will become one ofEurope's largest, with its 20,000 tons production capacity and abatement potential of 100,000 tons of fossil CO2 p.a. ENDS For further information, please contact:Jan Halvard Aas Møller , CFO,Vow Green Metals AS Tel: + 47 901 15 375 Email: jan.moller@vowgreenmetals.com About Vow Green Metals Vow Green Metals' strategy is to be a leading producer of biocarbon and other carbon-neutral products that enable the green transition in hard-to-abate industries. We are on a mission to accelerate the world's transition to renewable materials by offering green alternatives to replace fossil reduction agents in the metallurgical industry. The core of our business is to build, own and operate biocarbon production plants using state-of-the-art pyrolysis technology to turn biomass and biomass waste-streams into our core product, biocarbon. Our biocarbon production process also creates other valuable products like bio-oil and bioenergy. With our standardized solutions, unique access to proprietary technology, and a growing global pipeline of projects, we are upholding our first-mover position in a growing market where speed and scale will be determining factors. Vow Green Metals is building a new biocarbon industry on the shoulders of its main owner and technology partner,Vow ASA , which provides access to competence and capabilities acquired through decades of industrial innovation. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Click here for more information
© Oslo Bors ASA, source