Vow ASA : Vow Green Metals appoints CEO and CFO

The Board of Vow Green Metals is pleased to confirm the appointment of Cecilie Jonassen and Lars Mårdalen as Chief Executive Officer (CEO) and Chief Financial Officer (CFO) respectively of the new company. The appointments are important steps towards the demerger and separate listing of Vow Green Metals later this year.

Established by and currently a wholly owned subsidiary of Vow ASA, Vow Green Metals is a pioneer in recycling of biomass and production of biocoal, a material which plays a crucial role in the ongoing decarbonising of metallurgical industry.

The company’s first production plant is being planned at Follum in Eastern Norway for completion in 2022. A letter of intent is already in place with the advanced materials company Elkem for delivery of biocoal from the Follum plant.

Most players in the metallurgical industry have committed to comprehensive decarbonising programmes in response to new regulation and expectations from investors and customers. Vow Green Metals has a firm ambition to help this industry reach their goals.

About Cecilie Jonassen

“Vow Green Metals’ new CEO Cecilie Jonassen has broad experience from valorising biomass on an industrial scale, and she shares our ambition on developing a company which will help entire industries decarbonise. There is no doubt she will be a valuable contribution to the company,” said Narve Reiten, Chair of both Vow ASA and Vow Green Metals.

In her current role, Cecilie Jonassen is Director of Operations Support in the Norwegian paper manufacturing company Norske Skog, where she has held various positions in Germany and Norway since 2005. A Norwegian originally from Fredrikstad, she has a Master of Science degree in chemical engineering from 2005 from NTNU, the Norwegian University of Science and Technology.

About Lars Mårdalen

“Lars Mårdalen has broad experience from financial transactions, structured finance and capital markets across several capital intensive industries. He will play an important role for the financial and strategic development of Vow Green Metals,” said Narve Reiten.

Lars Mårdalen comes from the position as CFO of Gram Car Carriers. He has held various positions in finance in Höegh LNG and the privately owned investment firm Kistefos. A Norwegian born in Kragerø, he has a Master of Science degree (siviløkonom) from 2002 from NHH, the Norwegian School of Economics and Business Administration.

“I very much look forward to working with them in their respective roles. They bring with them strong industrial competence and experience which will accelerate the development of Vow Green Metals. We will build a bridge between two traditional industries, the forest based industry which has been in decline for many years in Norway, and the thriving metals and advanced materials industries,” concluded Narve Reiten.

For more information please contact

Narve Reiten, Chair of Vow ASA and Vow Green Metals AS
Tel: +47 924 33 320
Email: nr@reitenco.no

Henrik Badin, CEO, Vow ASA
Tel: +47 907 89 825
Email: henrik.badin@vowasa.com

About Vow

Vow and its subsidiaries Scanship and Etia are passionate about preventing pollution. The company’s world leading solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries.

Cruise ships on every ocean have Vow technology inside which processes waste and purifies wastewater. Fish farmers are adopting similar solutions, and public utilities and industries use our solutions for sludge processing, waste management and biogas production on land.

With advanced technologies and solutions, Vow turns waste into biogenetic fuels to help decarbonise industry and convert plastic waste into fuel, clean energy, and high-value pyro carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company’s capability to deliver is well proven. They are key to end waste and stop pollution.

Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.