Vow ASA – Completes sale of French subsidiary Ascodero
Vow (OSE:VOW) has successfully completed sale of Ascodero, a specialised robotics company owned by Vow’s French subsidiary ETIA.
It is the expectation of both Vow and the buyer, that Ascodero’s unique potential for growth can be more easily realised under the new ownership.
“With this transaction, Vow frees up management capacity and financial and other resources which will be directed towards its core markets in industrial decarbonisation and the circular economy, markets with a significant unmet demand for our technology going forward,” says Henrik Badin, CEO of Vow ASA.
Ascodero has for the main part operated as a self-contained entity within the Vow group. For the first nine months of this year Ascodero constitutes approximately three percent of group revenue. Net cash proceeds from the transaction after repayment of debt are expected to be around EUR 1.8 million. The transaction will result in an accounting gain which will be booked in the fourth quarter of 2023.
For more information, please contact:
Henrik Badin, CEO, Vow ASA
Tel: +47 90 78 98 25
Email: [email protected]
Tina Tønnessen, CFO, Vow ASA
Tel: +47 406 39 556
Email: [email protected]
About Vow
Vow and its subsidiaries Scanship, C.H. Evensen 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.
Advanced technologies and solutions from Vow enable industry decarbonisation and material recycling. Biomass, sewage sludge, plastic waste and end-of-life tyres can be converted into clean energy, low carbon fuels and renewable carbon that replace natural gas, petroleum products and fossil carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company’s capability to deliver is well proven.
The company is a cruise market leader in wastewater purification and valorisation of waste. It also has strong niche positions in food safety and robotics, and in heat-intensive industries with a strong decarbonising agenda. Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).
The information is such that Vow ASA is required to disclose in accordance with the EU Market Abuse Regulation. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
