Vow ASA: Order received to double production capacity at VGM’s Follum factory
30 September 2023 - 12:00PM
Vow ASA: Order received to double production capacity at VGM’s
Follum factory
On September 30th, 2023, Vow ASA announced that it has
received an order from Vow Green Metals
AS to enhance the production capacity at
their biocarbon production plant in
Hønefoss, Norway.
This order is an extension of the equipment order received in
October 2021, resulting in a new total contract value of NOK 332
million.
In addition to some modification on the original equipment
order, the expansion will involve the addition of a new process
line, effectively doubling the factory's capacity. This will enable
the production of up to 20,000 tons of biocarbon annually.
The increased capacity is made possible by utilizing
self-sufficient renewable gas to power the new reactor technology
developed and manufactured by Vow's subsidiary, C. H. Evensen
Industriovner AS. This ensures that the expanded capacity remains
within the site's power supply limits.
Henrik Badin, CEO of Vow ASA, expressed enthusiasm for this
solution, emphasizing its ability to enhance efficiency,
significantly increase capacity, and potentially accelerate the
scale-up for Vow Green Metals.
The equipment included in this order is expected to be delivered
in 2024 and will be reported as part of Vow's Industrial
segment.
It is important to note that the Follum plant will be
constructed, owned, and operated by Vow Green Metals AS, in which
Vow ASA holds 50.173.890 shares.
For more information, please contact:
Henrik Badin, CEO, Vow ASATel: +47 90 78 98 25E-mail:
henrik.badin@vowasa.com
Tina Tønnessen, CFO, Vow ASATel: +47 406 39 556E-mail:
tina.tonnessen@vowasa.com
About Vow
Vow and its subsidiaries Scanship, C.H. Evensen and Etia are
passionate about preventing pollution. The company's world leading
solutions convert biomass and waste into valuable resources and
generate clean energy for a wide range of industries.
Advanced technologies and solutions from Vow enable industry
decarbonisation and material recovery. Biomass, sewage sludge,
plastic waste and end-of-life tyres can be converted into clean
energy, low carbon fuels and renewable carbon that replace natural
gas, petroleum products and fossil carbon. The solutions are
scalable, standardised, patented, and thoroughly documented, and
the company's capability to deliver is well proven.
The company is a cruise market leader in wastewater purification
and valorisation of waste. It provides technology and solutions
which enable industries to transition towards a fossil-free future
by converting biomass and waste into valuable resources and clean
energy. The company also has strong niche positions in food safety
and robotics, and in heat-intensive industries with a strong
decarbonising agenda.
Located in Oslo, the parent company Vow ASA is listed on the
Oslo Stock Exchange (ticker VOW).
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
Vow ASA (TG:213)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Vow ASA (TG:213)
Historical Stock Chart
Von Jun 2023 bis Jun 2024