Vow ASA

Major milestone reached in Vow’s breakthrough US project

In May last year, Vow ASA (“Vow”, ticker OSE: VOW) entered into an agreement to deliver a complete biochar and renewable energy system valued at USD 27 million in the US. The project has now reached a significant milestone with all required permits obtained, detailed engineering of major equipment is largely complete, and the project has entered the procurement and construction phase.

This is the largest single contract signed by Vow to date and a significant breakthrough in circular biochar solutions. Equipment delivery will begin in the fourth quarter of 2023, and commissioning of the up to 6,000 tonnes per year biochar production plant is anticipated in early 2025.

The owner of the project is Quonset Soil Solutions, LLC (“QSS”), an affiliate of Green Development, LLC, which is based in the state of Rhode Island and a leading developer of large-scale renewable energy projects in the Northeast. Vow and Green Development have collaborated extensively since initially signing in May 2022 to provide detailed design and environmental impact analysis required to obtain air and building permits.

“In Vow we are fortunate to work with green entrepreneurs like Mark DePasquale and his team at Green Development. Together with similarly entrepreneurial minds in the cruise industry, we have invented technology for cleaner oceans. We are now doing the same for industries on land, ending waste, reducing atmospheric carbon dioxide and creating circularity,” said Henrik Badin, CEO of Vow ASA.

According to the agreement, Vow will deliver four state-of-the-art BioGreen pyrolysis reactors in addition to upstream material handling equipment and downstream energy production and emission control equipment. Green Development and the expert team of consultants they have assembled will act as the general contractor for building the facility.

“We worked with an international biochar consulting firm to create and apply an evaluation framework for choosing pyrolysis machinery for our new plant. Following a months-long evaluation of many vendors, it became clear to us that a Vow system is the ideal choice for QSS, ″ according to QSS CEO Mark DePasquale.

“Not only did the Vow technology emerge as superior to the other brands on our shortlist, but Vow has also proven to be a true partner, collaborating with us to ensure the optimal custom design for our needs,″ he added.

The biochar project will be the first of its kind in the US for both Vow and Green Development and is a key strategic opportunity to make economic and environmental impact in the US market.