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VGM secures leasing financing of the “Early Production Line” with SpareBank 1 SR-Bank
08th May, 2024
Back to News
08th May, 2024
Vow Green Metals, a leading developer of production facilities for biocarbon and other carbon-neutral products, has secured leasing financing for the production equipment included in the “Early Production Line” at Hønefoss. With its production capacity of 2,500 tons of biocarbon p.a., this facility will accelerate Vow Green Metals’ commercial operations by enabling the company to deliver industrial volumes of biocarbon to established partners and provide product samples to mature new market segments and relationships with industrial offtakers.
The leasing financing is with SpareBank 1 SR-Bank and totals NOK 37.4 mill, excluding VAT. This secures financing for the entire production equipment for the facility.
“We are very happy to have SpareBank 1 SR-Bank as a financing partner for Early Production Line. With this, we are now able to qualify our products to several industry verticals beyond the metallurgical verticals Ferrosilicon and Silicon”, says Cecilie Jonassen, CEO of Vow Green Metals.
In November 2023, the first biocarbon was successfully produced from this facility and Vow Green Metals is currently in the process of ramping-up production. The early production line employs a Biogreen pyrolysis reactor, which is identical to the equipment which will be installed in Phase 1 of the large-scale Hønefoss project. The large-scale facility will become one of Europe’s largest, with its 20,000 tons production capacity and abatement potential of 100,000 tons of fossil CO2 p.a.