Responding to rapidly changing and growing demand from current and potential customers in landbased industries, Vow ASA has through its subsidiary Scanship AS entered into an agreement to acquire all shares in C. H. Evensen Industriovner AS. The agreed purchase price is NOK 50 million.
Established in Norway in 1937 and currently ranking as a leader in its field in the Nordic, C.H. Evensen has earned a well-deserved reputation as trusted partner and supplier of technology and solutions for high-temperature industrial processes.
Its product range for industries to lower emissions and improve operational efficiencies comprises heat treatment furnaces and ovens, hot-dip galvanizing solutions, and green technology based on pyrolysis. Lately, the company has also developed solutions within a growing market for battery production and recycling. This makes it an excellent match with Vow’s pyrolysis-based circular carbon and CO2 neutral energy solutions.
Three important steps
“We are making three significant steps forward. We will have more and complementary technologies in our toolbox, we will significantly increase our capacity and ability to service a growing market and customer base, and we will gain access to new customers in new industry verticals and markets,” said Henrik Badin, CEO of Vow ASA.
Landbased industries across Europe are urgently searching for ways to reduce dependence on fossil carbon and secure access to carbon neutral energy. For many, replacing fossil products with advanced biocarbon and syngas produced from organic (biogenic) waste and renewable feedstock is the only viable alternative.
“This trend is evident in high-temperature industrial processes, for instance in traditional industries such as metal mills and manufacturing. Advanced biocarbon materials is also increasingly relevant for battery production and other emerging industries. And last but not least, tests are currently ongoing to qualify CO2 neutral syngas for the pan-European gas grid. This would open an entirely new chapter in the European energy market and for Vow ASA as technology provider,” said Mr. Badin.
Culturally and industrially aligned
With an installed base consisting of more than 4 200 systems worldwide, C.H. Evensen has a large and loyal customer base, which includes renowned names such as Elkem, Hydro, REC, BMW, Voestalpine, Raufoss, Speira, Thyssen and Aludyne. The company has 40 employees. It reported pre-audit NOK 57 million in total sales for 2021 and an adjusted EBITDA margin of 10.4%.
“We feel closely culturally and industrially connected to Vow and look forward to becoming part of a bigger group. We believe the added muscles will help us continue to grow in our current industry segments, and explore new opportunities, for instance within biocarbon and other advanced carbon materials,” said Henrik Johan Wulff, Managing Director of C.H. Evensen.
