NEWS

Vow ASA ("Vow") subsidiary C.H. Evensen Industriovner AS ("C.H. Evensen"), a specialist in heat treatment solutions, has been awarded two orders for a combined value of NOK 15 million.

The first order is for a high temperature furnace, to be delivered to Elkem Iceland's silicon smelter. This is a standard C.H. Evensen product, characterised by its high level of accuracy which improves the customer's preheating processes. Delivery is planned for autumn 2023.

Longstanding relation with Elkem

"We are happy that the Elkem group has once again chosen our technology, for the first time implementing it at its Iceland subsidiary. This new contract is a testament to the strong and longstanding relation between Elkem and C.H. Evensen, and reconfirms our position as a key supplier to large and energy- intensive process industries," said Henrik Wulff, Managing Director of C.H. Evensen AS.

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.

Automotive industry

The second order is for a Norwegian supplier of automotive parts. C.H. Evensen will deliver solutions for heat treatment of aluminium alloy, a key step in advanced processes used by the European automotive industry. Delivery is planned for February 2024.

"C.H. Evensen's materials technology builds on Norway's unique heritage and expertise in aluminium, and we are proud that leading European car brands will benefit from these solutions," said Henrik Badin, CEO of Vow ASA.

The two C.H. Evensen contracts have been booked as order intake in Vow's Landbased segment in the first quarter 2023. Delivery is planned for second half 2023 and first quarter 2024, respectively.

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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.