Vow ASA: Service Agreement Signed for First Large-scale Carbon Refinery® Project in the Caribbean

Oslo, 5 September 2024 – Vow ASA (ticked OSE: VOW) has signed service agreements to participate in a front-end engineering and design (FEED) study for a large-scale Carbon Refinery® project in the Caribbean. The agreements, which are entered into with Circon Energy LLC (Circon) and its sister company ReCO2, LLC (ReCO2), respectively, are extensions of a cooperation agreement signed last year (see stock exchange announcement 28 November 2023).

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This FEED is for the first of potentially multiple plants under development by Circon and ReCO2. The first plant will deploy 12-19 lines of Vow equipment, and process various feedstocks into low-carbon fuels, biochar and recovered carbon black, all without any direct emissions.

“We are extremely excited to see that the project is developing and progressing with our dedicated partners at Circon and ReCO2. It has been a long time coming, but we are finally taking the next step towards realising this first project in the Caribbean,” said Henrik Badin, CEO of Vow ASA.

With Vow’s pyrolysis reactor inside, the Carbon Refinery® will be processing feedstock sourced from organic components of municipal solid wastes, plastics, end-of-life tires, storm debris, wood, and agricultural wastes into low-carbon fuels, biochar, recovered carbon black, and other coproducts.

“Circon is excited about this milestone and to have Vow as a valued partner through our development process and now for our final engineering preparations to execute this project” said David L. Duren. “Our engagement with Henrik and his leadership team has been vital in advancing these projects. Vow’s technology and expertise outpaces global sentiment for “green ideas” and delivers true impact. With our recent funding and Vow’s full engagement, Circon is rapidly advancing its Caribbean projects. These projects will deliver sustainable social, financial, and technical consequences, with meaningful and measurable results. When most companies only promise to do good things, Vow is helping Circon to deliver credible solutions.”