Latest news with #HitecVision
Business Recorder
20-05-2025
- Business
- Business Recorder
WGC-TotalEnergies CEO will propose lifting force majeure on Mozambique LNG project
BEIJING: TotalEnergies plans to propose to the Mozambique government to lift the force majeure on its liquefied natural gas (LNG) project there and plans to resume construction by mid-summer, CEO Patrick Pouyanne said on Tuesday. TotalEnergies sells 50% stake in Polish biogas company to HitecVision The French energy major is also looking at reducing the capital expenditure of its Papua LNG project by 20%-25%, he told Reuters on the sidelines of the World Gas conference.
Yahoo
16-05-2025
- Business
- Yahoo
Vow ASA – Vow supports proposed new strategic ownership of VGM with undertaking to tender its shares in the company
NOT FOR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, HONG KONG, NEW ZEALAND, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR REQUIRE PRIOR APPROVAL Vow ASA ("Vow" or the "Company") refers to the stock exchange announcement made earlier today by Vow Green Metals AS ("VGM") and Midas Industri AS, a newly incorporated Norwegian private limited liability company indirectly owned by HitecVision New Energy Fund 2 SCSp, regarding a contemplated recommended voluntary cash offer to acquire all of the issued and outstanding shares except for the shares owned by certain shareholders that will roll their shares, outside of the offer in VGM (the "Offer"). VGM has been an important customer for Vow. Its pioneering production plant in Norway was the first industry scale application of Vow's pyrolysis technology for production of advanced biocarbon, which can replace fossil carbon in the production of various metals. VGM has since secured off-take agreements with metal companies for its entire current production the transaction Vow holds 50,173,890 shares in VGM, representing 24.74% of the total issued and outstanding shares in VGM. Vow has undertaken to irrevocably accept the Offer for all its shares. To finance the costs relating to VGM's termination with Obligo, Vow has agreed to provide a 22.5 million convertible loan with a 10% PIK interest to VGM maturing on 1 August 2025 with a right for VGM to convert the loan to shares at NOK 0.40 per share if the Offer does not materialize. Vow will finance the loan by way of a loan from DNB in the same amount. Further, Vow has accepted a reduced offer price for its shares in the Offer of NOK 0.70. In connection with the Offer, the Company has agreed to provide a guarantee of NOK 10 million on behalf of VGM relating to a new bridge financing facility with DNB Bank ASA. For more information about this and other details about the Offer, please see the stock exchange announcement made earlier today by VGM. DNB Carnegie is acting as financial advisor to Vow, while Wikborg Rein is acting as the Company's legal advisor. This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Cecilie Brænd Hekneby (CFO), at the date and time as set out further information, please contact: Jonny Hansen, Interim CEO, Vow ASA Tel: +47 901 891 81 Email: Brænd Hekneby, CFO, Vow ASA Tel: +47 992 93 826 Email: Vow ASA 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 recovery. 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 provides technology and solutions which enable industries to transition towards a fossil-free future by converting biomass and waste into valuable resources and clean energy. The company 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).Forward Looking Statements All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. Actual results may differ materially from those expected or projected in the forward-looking statements. The Company undertakes no responsibility or obligation to update or alter forward-looking statements for any reason. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Business Recorder
14-05-2025
- Business
- Business Recorder
TotalEnergies sells 50% stake in Polish biogas company to HitecVision
PARIS: TotalEnergies said on Wednesday it had signed an agreement to sell 50% of Polish biogas producer Polska Grupa Biogazowa to Norwegian investment company HitecVision. The French energy company said the sale agreement represented an enterprise value of 190 million euros ($213.6 million). The deal will help Polska Grupa Biogazowa to continue growth in Poland where biogas is developing rapidly, Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies said in a statement. Erlend Ellingsen, CEO and Managing Partner of HitecVision, said the companies had complementary skills that they would put to use for 'scaling' PGB significantly over the next few years through greenfield projects as well as M&A. European Union rules allow countries and companies to count biogas as green energy alongside wind and solar and mandate its use via quotas, notably in the transport sector. Last year, Total sold a 10% stake in its BioNorrois biogas unit to sugar maker Crystal Union. The French company aims to produce 100 Terawatt-hours (TWh) worth of biogas by 2030, up from 1.2 TWh in 2024. Biogas is chemically similar to natural gas drilled out of the ground but is made from animal waste and crop residue. The HitecVision deal is subject to governmental and other regulatory approvals.
Bloomberg
14-05-2025
- Business
- Bloomberg
TotalEnergies to Sell 50% Stake in Polish Biogas Unit to HitecVision
TotalEnergies SE agreed to sell a 50% stake in its Polish biogas production business to Norwegian investment firm HitecVision AS as part of the oil major's strategy to boost return on its renewables investments. The planned stake sale in Polska Grupa Biogazowa at an enterprise value of €190 million ($214 million) is subject to government and regulatory approval, TotalEnergies said in a statement on Wednesday. Bloomberg reported earlier this week that the French firm was working on the sale of interests in its Polish and French renewable gas.
Reuters
14-05-2025
- Business
- Reuters
TotalEnergies agrees to sell 50% of Polish biogas firm PGB to Norway's HitecVision
GDANSK, May 14 (Reuters) - TotalEnergies ( opens new tab has signed an agreement with Norwegian investment company HitecVision to sell 50% of Polish biogas producer Polska Grupa Biogazowa, the French oil major said on Wednesday. The deal to sell half of PGB, which TotalEnergies acquired in 2023, has been given an enterprise value of 190 million euros ($213.6 million), the company said in a statement. The transaction is subject to governmental and other regulatory approvals. ($1 = 0.8896 euros)
