HitecVision has completed a majority share acquisition in Vow Green Metals, a Norwegian biocarbon supplier to the metallurgical industry, including Outokumpu, Kallanish notes.
The company is now entering a new phase focused on building an “integrated industrial platform for biocarbon production – a climate solution with strong potential to reduce emissions in the process industry”, Vow Green Metals notes.
HitecVision, through its entity Midas Industri AS, made a public offer for Vow Green Metals and secured a 91.4% acceptance rate. The biocarbon producer’s last day of trading on the Euronext Growth Oslo exchange was 4 July.
Vardar AS and Skagerak Energipartner AS will continue as shareholders and co-owners alongside HitecVision in the further development of the company.
The new owners will support the company’s strategy to realise full production capacity at the large-scale facility under construction in Hønefoss and to develop additional production facilities, Vow Green Metals notes.
Vow Green Metals has several ongoing projects, including projects under development at Viken Park in Østfold and Eiktyr Industrial Park in Orkland, where the company, in collaboration with local partners, plans to build large-scale biocarbon production facilities. The firm’s target is 200,000 tonnes/year of biocarbon production by 2030.
Jan Arve Haugan has been appointed chair of Vow Green Metals.
According to the Norwegian Environment Agency, increased use of biocarbon could reduce emissions by more than 1.4 million tonnes of CO2-equivalents by 2030, and more than 1.6mt by 2035. The potential is primarily based on the substitution of fossil coal in metallurgical industries.
Adam Smith Austria
