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
o First shipment of product delivered to customer for qualification
o 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
o 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
o 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
o 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
o 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
o The Company is in the process of securing long-term financing, as announced in
the first half of 2024.
Subsequent events:
o 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
o 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.