Published 4.07.2025
Photo: Bård Gudim/Vow Green Metals
HitecVision has formally completed its acquisition of Vow Green Metals, becoming the company’s new majority shareholder. This strategic move significantly enhances Vow Green Metals’ ability to scale operations and realize its ambition of becoming a leading European producer of biocarbon.
The company is now entering a new phase focused on building an integrated industrial platform for biocarbon production – a product with strong potential to reduce emissions in broad set of industries and specifically the process industry. Vow Green Metals will going forward have full ownership of its future production facilities.
HitecVision made a public offer for Vow Green Metals on 16 May. By the close of the offer period on 23 June, HitecVision, through its entity Midas Industri AS, had secured a 91.4 percent acceptance rate. The company’s shares were last traded on Euronext Growth Oslo on 27 June, with formal delisting expected by 4 July.
Vardar AS and Skagerak Energipartner AS will continue as shareholders and co-owners alongside HitecVision in the further development of the company.
The new owners will support the company’s strategy to realize full production capacity at the large-scale facility under construction in Hønefoss and to develop additional production facilities. Vow Green Metals currently has several ongoing projects, including projects under development at Viken Park in Østfold and Eiktyr Industrial Park in Orkland, where the company, in collaboration with local partners, plans to build large-scale biocarbon production facilities. The ambition is to build several new plants with a target of reaching a combined production capacity of 200,000 tons of biocarbon by 2030.
“This is great news for everyone supporting sustainable industry and local job creation. With a strong, long-term ownership group behind us, we are better positioned to realize our growth ambitions and build a profitable new green industry. This marks an exciting new chapter for Vow Green Metals,” said Cecilie Jonassen, CEO of Vow Green Metals.
Backed by long-term industrial owners
With approximately EUR 9 billion under management, HitecVision is a leading private equity investor in the energy sector. Its portfolio includes companies such as biogas producer St1 Biokraft, district heating provider Hafslund Celsio, and offshore wind company Vårgrønn. Together with Vardar and Skagerak Energipartner, HitecVision brings growth capital and deep industrial expertise to Vow Green Metals.
New board appointed
A new board of directors has been appointed:
- Jan Arve Haugan (Chair) – an experienced industry executive with background from Hydro, Kværner, and the Aker group.
- Christian Kronstad (Board Member) – Senior Partner at HitecVision with a background in infrastructure, renewables, and green industry investments.
“Vow Green Metals represents the emergence of a new Norwegian industrial sector with strong growth potential and an important role in the green transition. Biocarbon is a key product in delivering emission cuts in the process industry, and we are now building on a solid industrial foundation — with the competence and execution capacity to scale this further,” said Jan Arve Haugan, Chair of Vow Green Metals.
Biocarbon: A key climate solution
Biocarbon has been recognized by the Norwegian Environment Agency as a key climate mitigation measure. In the agency’s recent knowledge base for 2025, the substantial potential to reduce fossil-based emissions using biocarbon is underlined. According to the agency, increased use of biocarbon could reduce emissions by more than 1.4 million tonnes of CO₂-equivalents by 2030, and more than 1.6 million tonnes by 2035. The potential is primarily based on the substitution of fossil coal in metallurgical industries.
Vow Green Metals holds a leading position as a supplier of biocarbon to the metallurgical industry and has signed long-term supply agreements with major industrial players, including Elkem, one of the world’s leading producers of silicon-based materials, and Finnish steel giant Outokumpu.
“We invest in companies that combine industrial value creation with measurable climate impact. Vow Green Metals is a prime example. With strong demand and clear growth potential, the company is well-positioned to become a green industrial heavyweight. We’re fully committed to supporting this journey,” said Christian Kronstad, Senior Partner at HitecVision.
