(GLOBE NEWSWIRE via COMTEX) --
Vow ASA (OSE: VOW) is pleased to note that its customer Vow Green Metals (VGM) today confirmed that it has secured lease financing with SpareBank 1 SR-Bank (SR-Bank) for its Early Production Line at Honefoss.
With the leasing arrangement confirmed, Vow will receive payment for its deliveries to the Early Production Line, and free up in excess of NOK 40 million in cash in the second quarter this year. Working capital will be reduced with a similar amount.
As previously informed, the Early Production Line has the capacity to produce 2,500 tonnes of biocarbon per year. First biocarbon was produced in November 2023, and the plant is currently in the process of ramping up production.
For more information, please contact:
Henrik Badin, CEO, Vow ASA
Tel: +47 90 78 98 25
Email: henrik.badin@vowasa.com
Tina Tonnessen, CFO, Vow ASA
Tel: +47 406 39 556
Email: 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 recycling. 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 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).
The information is such that Vow ASA is required to disclose in accordance with the EU Market Abuse Regulation. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
COMTEX_452056864/2241/2024-05-08T06:27:29
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