Vow ASA: Vow subsidiary CHE awarded contract in Sweden

Vow ASA ("Vow") subsidiary C.H. Evensen Industriovner AS ("C.H. Evensen"), a specialist in heat treatment solutions, has been awarded a large order for advanced technology to Uddeholm, a leading Swedish metals manufacturer. The contract has a value of ca. NOK 24 million and takes C.H. Evensen’s order backlog to a total of NOK 155 million.

The order is for converting four heat treatment furnaces from fossil gas operations to electric operations. The furnaces are used for heat treatment of various steel products. C.H. Evensen has previously delivered two similar electric furnaces to Uddeholm, in 2021 and 2022, respectively.

Uddeholm is on an ambitious journey to fossil-free production and climate neutrality. By 2030 Uddeholm will have fossil-free production. C.H. Evensen furnaces play an important role in this.

"Our customers have become increasingly interested in making the shift from fossil energy sources to renewable electric power. We are offering flexible solutions, which offer the possibility of powering heat-intensive processes with sustainable energy,” said Henrik Wulff, managing director of C.H. Evensen.

C.H. Evensen develops, designs, and produces industrial furnaces and equipment for a variety of heat treatment processes and applications, including world leading technology for electric hot dip galvanising, an industrial process that protects metal from corrosion.

"With energy costs remaining high and a growing demand for decarbonisation, Vow’s state-of-the-art technology is seen as instrumental in improving cost efficiency. We are pleased to continue our close relationship with Uddeholm, and proud to be part of its ambitious journey to become climate neutral,” said Henrik Badin, CEO of Vow ASA.

The C.H. Evensen contract will be booked as order intake in the first quarter 2023 in Vow's Landbased segment.

For more information, please contact:

Henrik Badin, CEO, Vow ASA
Tel: + 47 90 78 98 25
Email: henrik.badin@vowasa.com

Erik Magelssen, CFO, Vow ASA
Tel: +47 928 88 728
Email: erik.magelssen@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.