Vow ASA – Completes sale of French subsidiary Ascodero
21 December 2023 - 6:07PM
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:
henrik.badin@vowasa.com
Tina Tønnessen, CFO, Vow ASA Tel: +47 406 39 556 Email:
tina.tonnessen@vowasa.com
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.
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