Vow Green Metals today announced results for the second half of 2024. The second half of 2024 was marked by progressing the large-scale Hønefoss facility with buildings and infrastructure largely in place, key equipment installed, and NOK 344 million green loan debt financing secured.
Subsequently, in January 2025, Vow Green Metals signed a supply agreement for the remaining available production capacity at the large-scale Hønefoss facility with Finnish stainless steel giant, Outokumpu. Complementing the supply agreement signed with Elkem in 2024, 100 percent offtake from the plant is secured for the coming years.
In April 2024, the Company announced a strategic process to raise capital. Since then, Vardar and Skagerak Energi have invested NOK 70 million in Vow Green Metals AS. The Company is pursuing strategic and financial options with promising dialogues, which are expected to conclude in May, in line with current bridge financing.
If longer-term liquidity or financing is not obtained by May, 2025, additional capital or a renewed bridge financing is required.
Main developments
• First shipment of product delivered to customer for qualification
• Loan agreement for the large-scale Hønefoss facility (“VGM Operatør AS”) with DNB, 50 percent guaranteed by Eksfin, of NOK 344 million was signed in July
• Construction work at the large-scale Hønefoss facility progressed throughout the second half of 2024. Installation of process equipment commenced in October with mechanical completion of several larger installations in December, including the pyrolysis reactors
• Vardar acquired an additional 8 percent stake in the large-scale Hønefoss facility, holding a total of 33 percent of the shares in the project with Vow Green Metals holding the remaining 67 percent of the shares
• Vow Green Metals announced the Eiktyr project, a large-scale 30,000 tons project as part of a circular green industry cluster at Orkland, central Norway
• Zoning plan for the Viken Park project approved by the city council in December 2024. A minority of the city council have notified that they will appeal against the decision. Processing of such appeal is expected to be completed by the end of Q2 2025
• The Company is in the process of securing long-term financing, as announced in the first half of 2024.
Subsequent events:
• 100 percent offtake secured from the Hønefoss facility with biocarbon supply agreement for the remaining 25 percent production capacity signed with Finnish stainless steel giant, Outokumpu
• As announced on February 18, 2025, the Company secured bridge financing with a short-term loan of 15 MNOK with DNB ASA and the extension of the duration of a 5 MNOK revolving credit facility with Sparebank 1 Sør-Norge ASA
“Accelerating the development of our large-scale Hønefoss facility has been our main focus in 2024. I’m proud to note the passing of several key milestones and look forward to welcoming key stakeholders to Hønefoss to see it firsthand. While the plant is shaping up, our commercial efforts are materializing and we experience an increased recognition of the importance of our industry and products,” said Chief Executive Officer of Vow Green Metals, Cecilie Jonassen.
Invitation for investor call
Company management is available for short one-to-one calls between 09.30-11.00 CET on 28 February. Please send an email to mathias.reierth@vowgreenmetals.com to book a slot.
Second half 2024 financials
Vow Green Metals recorded an operating loss for the second half of 2024 of NOK 17.7 million, with employee and other operating expenses being the material items. Employee costs were NOK 15.7 million for the period, of which NOK 8.7 million were capitalized as directly attributable to project under development, giving a net employee expense of NOK 7 million recorded in the profit and loss statement.
Total assets were NOK 437.1 million with cash and cash equivalents NOK 70.5 million.
ENDS
The report and presentation for the second half-year of 2024 are attached, and also available on www.vowgreenmetals.com/investors/results-and-presentations
For further information, please contact:
Mathias Nilsen Reierth, Director of Corporate Affairs and Commercial, Vow Green Metals AS
Tel: + 47 988 05 724
Email: mathias.reierth@vowgreenmetals.com
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 largest shareholder and technology partner, Vow ASA, which provides access to competence and capabilities acquired through decades of industrial innovation.
Read more: www.vowgreenmetals.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.