Oslo, 4 November 2021
Vow Green Metals (Euronext Growth, Oslo: VGM) has decided to undertake extended stability assessments at the site where the company's biocarbon plant at Follum is planned to be built. As a consequence, start-up of production from the plant will change. Other than postponed revenues, the new timeline will not have significant adverse impact on the project and the company's finances.
The decision follows soil investigations carried out by a third party in an adjacent area. Quick clay has not been detected either in the Vow Green Metals area or in nearby areas, but it is necessary to make further assessments of the stability of the soil in the area before obtaining a so-called framework permit from local authorities.
The new surveys are expected to take place in the first quarter of 2022, but the company is aiming to accelerate this schedule. Further progress of the project will depend on the results of the soil surveys.
“We have high ambitions for Follum and are making every effort to secure a successful execution of the project. At Follum, we will be producing biocarbon that will support the metal industry in its efforts to decarbonize by reducing emission of CO2, the greenhouse gas. Initially, the plant will have an annual capacity of 10,000 tonnes of biocarbon, which will make it the largest of its kind in Europe,” says Cecilie Jonassen, CEO of Vow Green Metals.
Vow Green Metals recently confirmed the agreement with Vow ASA for the delivery of engineering services, project management and process equipment to the factory at Follum. This work continues, and the equipment is currently being produced for delivery during the first half of 2022 according to the original plan.
For more information, please contact:
Lars Mårdalen, CFO, Vow Green Metals AS
Tel: +47 91 10 77 02
Email: lars.mardalen@vowgreenmetals.com
About Vow Green Metals AS
Vow Green Metals AS build, own, and operate plants that produce high value biocarbon for the metallurgical industry. In order to decarbonise the metallurgical industry, there is a growing global interest in large scale pyrolysis plants, motivated by both environmentally friendly treatment methods for waste and for the production of biocarbon. Vow Green Metals AS aims to provide solutions for the metallurgical industry and to meet the growing demand for industry decarbonising.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.