Reference is made to the stock exchange announcement 25.04.2024. Vow Green Metals, a leading developer of production facilities for biocarbon and other carbon-neutral products, has signed terms for bank financing of its large-scale Hønefoss project with DNB, guaranteed 50% by Eksfin. This means that the 10,000 tons first phase of the large-scale biocarbon facility under development, including buildings and civil works for the 20,000 tons phase 2 is fully financed. The financing plan includes equity investments from Vow Green Metals, Vardar, Enova and SIVA.
The DNB loan amount will be NOK 344 million in total, split into NOK 144 million as a construction loan and NOK 200 million as construction loan which will be converted to a term loan when the facility is in operation. The terms include a 50 percent loan guarantee from Eksfin (the official Export Credit Agency (ECA) of Norway).
“The metallurgic industry is a major source of CO2 emissions, and we are on a mission to help the industry solve this problem by producing climate friendly biocarbon for the use in their production processes. Having reached a complete financing plan for the first phase of our project at Hønefoss is a major milestone on this journey,” says Cecilie Jonassen, CEO at Vow Green Metals.
The remaining CAPEX for the second phase of the Hønefoss facility is expected to be financed during the second half of 2024 through governmental grant, additional debt facilities or equity capital.
Civil works of the large-scale facility at Hønefoss has started and is progressing according to plan.
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
Cecilie Jonassen, CEO, Vow Green Metals AS.
Tel: + 47 954 20 126
Email: cecilie.jonassen@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 considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading Act.
This stock exchange announcement was published by Peder Poulsson, Director Project Finance, , Vow Green Metals AS, on 11 July, 2024 at CEST 20:45.