News 11th April, 2024
VGM: Vardar offtake agreement and NOK 50 million investment
Vow Green Metals (the “Company”), a leading developer of production facilities for biocarbon and other carbon-neutral products, and Vardar AS, a regional renewable energy producer with operations and ownership within bioenergy, CCU, wind, solar and hydropower, have signed a long-term energy offtake agreement securing offtake of all excess energy produced from the production facility at Hønefoss. In addition, Vardar will become an equity partner in the large-scale Hønefoss project following its recent execution of a NOK 50 million investment, subscribing for shares in VGM Operatør AS (the “Investment”). The Investment makes Vardar a significant partner in the project, holding 25 percent of the shares, and entails a capital injection of NOK 50 million in VGM Operatør to accelerate the development of the first phase of the project.
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