Vow ASA: Contract wins in heat intensive sector

Oslo/Fredrikstad, 6 March 2024: Vow ASA (OSE: VOW) subsidiary C.H. Evensen continues to prove its relevance in the heat intensive industry sector, this by being awarded NOK 30 million of contracts to undisclosed blue chip recurring customers in Europe.

The bidding activity continues to be high in Vow’s Heat Solutions division, and the order backlog within this division now stands at around NOK 110 million of which a substantial part will convert to revenue in 2024 with robust margins.

Faced with high costs for energy and emissions, companies in heat intensive industries are intensifying their efforts to decarbonise. Electrification of heating processes is becoming increasingly relevant and therefore popular.

For C.H. Evensen this has meant more than doubled revenue in two years, from NOK 59 million in 2021 to NOK 121 million in 2023.

For more information, please contact:

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

Tina Tønnessen, 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 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).

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.