Vow

What Vow does

Vow ASA is a publicly listed Norwegian industrial-technology group (Oslo Børs: VOW) that designs, engineers and delivers proprietary systems for converting biomass, sewage sludge, plastic waste, end-of-life tyres and onboard ship waste into clean energy, biochar and renewable carbon. It operates through three Business Units: Maritime Solutions (the Scanship brand — Advanced Wastewater Purification, Electrically Assisted Pyrolysis, and the Scanship Thermal Treatment Process, with 400+ systems installed on 175 cruise ships), Industrial Solutions (Etia/Biogreen screw-conveyor pyrolysis, CHE 5t rotary-drum pyrolysis, C.H. Evensen industrial heat-treatment furnaces, and Safesteril steam sterilization), and a dedicated Aftersales unit delivering spare parts, approved chemicals, service agreements and training across the global installed base. Headquartered in Oslo with engineering and manufacturing in Tønsberg, Fredrikstad, Compiègne and Gdynia, plus a U.S. chemicals/service operation in Miami, the group employs 242 people across 17 nationalities and seven offices.

Vow makes money primarily through engineered-to-order capital equipment sold directly to major European shipyards, cruise operators and industrial buyers, with disclosed per-contract values ranging from EUR 1.5M (ETIA plastic-to-fuel services) and EUR 3.4M (cruise retrofit) up to NOK 500M multi-vessel newbuild packages. Projects are typically preceded by Front-End Engineering Design (FEED) studies (Murfitts, Circon/ReCO2, Vow Green Metals) and are followed by multi-year delivery, commissioning and aftersales commitments, producing a project-equipment-plus-recurring-service revenue model. The Maritime segment carries the highest concentration of large multi-year contracts (deliveries extending to 2031–2032) and is the principal EBITDA contributor, while the Industrial Solutions segment is more diversified by geography and application but has been the source of recent profitability pressure (Q3 2025 EBITDA negative NOK 28.5M).

Financially, Vow reported FY2024 revenue of NOK 1,018.2M (+11% YoY) — its first year above NOK 1 billion — with EBITDA before non-recurring items of NOK 61.1M, a record NOK 1,680M order backlog at year-end, and an all-time-high NOK 1,449M backlog at Q3 2025. The company executed a fully underwritten NOK 250M rights issue in December 2024 to repair liquidity and amended DNB covenants in May 2025 (facility extended to Q3 2027, guarantees raised to NOK 100M). In 2025–2026, a new leadership team led by CEO Gunnar Pedersen (ex-Kongsberg Maritime) restructured the group into three P&L-owned Business Units and launched a profit improvement programme, while continuing to land major cruise newbuild orders (EUR 27M, EUR 29.6M, EUR 13.8M + options) and pivoting Industrial Solutions towards higher-value pyrolysis applications such as tyre recycling, plastic-to-fuel and biocarbon production.

Name

Vow

Legal name

Vow ASA

Website

https://vowasa.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

101–250 employees

Short description

Vow ASA is a Norwegian-listed industrial-technology group that designs and delivers proprietary pyrolysis, wastewater-purification and heat-treatment systems for cruise operators, shipyards, and industrial customers, complemented by a global aftersales network.

Ownership category

akta.pro rank

Product category

Industrial environmental technology and cleantech equipment

NAICS

Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing (333413), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)

SIC

Industrial & Commercial Fans & Blowers & Air Purifing Equip (3564), Refuse Systems (4953)

akta.pro primary industry

Medical / Infectious Waste Treatment & Disposal (Autoclave + Incineration + Final Disposal) (EUAIACAJ)

akta.pro secondary industry

Biomass & Waste-to-Energy Plant EPC (EUAEAAAI)

Keywords

• Waste-to-energy systems
• Maritime wastewater purification
• Industrial pyrolysis equipment
• Heat treatment furnaces
• Continuous steam sterilization

Headquarters

HQ city

Lysaker

HQ country

Norway

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Maritime equipment sales (newbuilds and retrofits): One-time equipment/project revenue from sale of Scanship AWP, EAP, and STTP systems to shipyards and cruise operators for newbuild and retrofit cruise vessels. Large-ticket contracts (EUR 3.4M to EUR 29.6M per vessel; NOK 500M multi-ship deals) with deliveries stretching across multiple years (2025–2031).
2. Industrial equipment and pyrolysis plant sales: One-time project revenue from sale of pyrolysis reactors (CHE 5t, Biogreen), C.H. Evensen heat-treatment furnaces, and Safesteril sterilization systems, often preceded by FEED studies and followed by commissioning and spare-parts supply. Includes pilot/trial units and large-scale plant deliveries (e.g., Vow Green Metals Follum reactor, Circon Caribbean Carbon Refinery, hydrocarbon-company plastic-to-fuel units).
3. Aftersales (spare parts, chemicals, service, training): Recurring lifecycle revenue from the Aftersales business unit: original spare parts packages, approved chemicals for AWP and biowaste systems, on-site inspections, preventive/corrective maintenance, remote support, system upgrades, training, and tailored service agreements for the global installed base of 400+ Scanship, 4,500+ C.H. Evensen, and 150+ Safesteril installations.
4. FEED studies and engineering services: Front-End Engineering Design (FEED) contracts and service agreements for prospective industrial customers (e.g., Murfitts Industries end-of-life-tyre pyrolysis plant, Circon/ReCO2 Carbon Refinery in the Caribbean), representing project-development service revenue that often converts into larger equipment orders.
5. Maintenance, spare-parts, and training contracts tied to equipment sales: Long-tail services and supply agreements (e.g., ETIA's EUR 1.5M services & supply agreement with an international hydrocarbon company for plastic-to-fuel units, including a six-month trial, maintenance support, spare parts, and training) bundled with pyrolysis technology deployments.

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels7 records

Core offering

Vow ASA designs, manufactures, and sells engineered capital equipment that converts waste streams (biomass, sewage sludge, plastic waste, end-of-life tyres, and onboard ship waste) into valuable resources (biochar, biocarbon, pyrolysis gas/oil, recovered carbon black) and clean energy. Through its Scanship brand it delivers integrated clean-ship solutions - advanced wastewater purification and waste-to-energy systems - to cruise newbuilds and retrofits; through C.H. Evensen, Etia (Biogreen/CHE 5t), and Safesteril it delivers industrial pyrolysis reactors, heat-treatment furnaces, and sterilization systems; and a dedicated Aftersales unit supplies spare parts, chemicals, service, and training to the global installed base.

Product overview

Vow ASA offers a platform-plus-modules architecture built around three Business Units (Maritime Solutions, Industrial Solutions, Aftersales) and a portfolio of acquired and developed brands/products. Maritime Solutions is delivered through the Scanship sub-brand, anchored by the Scanship AWP (Advanced Wastewater Purification) system and Electrically Assisted Pyrolysis (EAP) for onboard waste handling, alongside the Scanship Thermal Treatment Process (STTP). Industrial Solutions combines the Circular Solutions division (pyrolysis technologies CHE 5t and Biogreen) with the Heat Treatment division (C.H. Evensen industrial furnaces and Safesteril sterilization systems). Etia is the French technology company acquired in 2019 that develops the Biogreen pyrolysis technology, and Vow Automation is a joint venture with Controlpartner that builds advanced automation and digitized control systems tailored to Vow's industrial and maritime technologies. The Aftersales business unit provides global lifecycle support (spare parts, service, chemicals, technical expertise) across both Maritime Solutions and Industrial Solutions installations, functioning as a unified customer interface throughout the full system lifecycle.

Differentiator

Problem solved

Functional benefit

Brands

• Scanship: Maritime solutions brand that purifies wastewater, converts waste into valuable resources, and generates clean energy for cruise ships, aquaculture, and land-based industries. Over 400 systems installed on 175 cruise ships.
• C.H. Evensen
• Etia
• Safesteril
• Vow Automation

Products and services

• Scanship AWP (Advanced Wastewater Purification) Multi-stage biological reactor with UV sterilization that treats all wastewater streams onboard passenger vessels (accommodation, laundry, galleys, food waste) and meets the most stringent maritime regulations including IMO MEPC 277(64), Baltic Sea, and Alaskan State waters. Sold to cruise shipyards and operators globally.
• Scanship Maritime Solutions (Scanship brand) Integrated maritime solutions for cruise ships, aquaculture, and land-based industries combining wastewater purification, electric pyrolysis-based onboard waste handling, and thermal treatment systems. More than 400 Scanship systems installed on 175 cruise ships worldwide.
• C.H. Evensen industrial heat treatment furnaces Customized industrial furnaces for heat treatment, hot-dip galvanizing, and decarbonization that can run on electricity, gas, or hybrid energy. Over 4,500 installations delivered in more than 50 countries since 1937; acquired by Vow in 2022.
• Etia Biogreen pyrolysis systems Electrically heated continuous pyrolysis system based on Spirajoule screw-conveyor technology providing precise temperature control (up to 1 tph / 7,500 tpy, up to 2.6 MWth) for advanced thermal processing of biomass residues and end-of-life tyres. Deployed in 40+ countries via the Etia subsidiary acquired in 2019.
• CHE 5t pyrolysis system High-capacity continuous pyrolysis system with a two-chamber rotary drum and self-sustaining pyrolysis gas heating, capable of up to 5 tph (40,000 tpy) throughput and 14 MWth heat production. Designed for large-scale biomass, sewage sludge, and biosolids processing with significant CO2 reduction via biochar production.
• Safesteril continuous steam sterilization systems Patented continuous steam sterilization and pasteurization system combining saturated steam, vacuum, and cooling to eliminate pathogens while preserving product integrity for spices, herbs, powders, and sensitive food/pharma ingredients. Fully automated and customizable with 150+ installations across 40 countries.
• Vow Aftersales (spare parts, chemicals, service, training) Dedicated global lifecycle support business unit providing original spare parts, approved chemicals, on-site inspections, preventive/corrective maintenance, remote technical support, system upgrades, training, and tailored service agreements for the global installed base of Vow/Scanship, C.H. Evensen, Etia, and Safesteril systems.
• Etia industrial pyrolysis and circular-solutions engineering services Environmental engineering and advanced thermal systems specialist developing and producing advanced thermal pyrolysis systems including Biogreen technology, converting biomass and waste into renewable products. Founded 1989, present in 40+ countries; acquired by Vow in 2019.
• Vow Automation control systems Joint venture between Vow ASA and Controlpartner developing advanced automation and digitized control systems tailored to Vow's industrial and maritime technologies. Headquartered in Tonsberg, Norway.
• Vow FEED studies and engineering services Front-End Engineering Design (FEED) contracts and engineering services for prospective industrial customers (e.g., Murfitts Industries end-of-life-tyre pyrolysis plant, Circon/ReCO2 Carbon Refinery in the Caribbean), often converting into larger equipment orders.

Quantifiable outcome

• Carbon-negative benefits and significant CO2 reduction through biochar production (CHE 5t and Biogreen pyrolysis systems)
• +4 more outcomes

Named customers14 records

Segments6 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Ten partnerships are on record, tiered major, core and minor.

• Kongsberg MaritimemajorStrategic or Co-development PartnerKongsberg Maritime is highlighted by Carnival Corporation as a key Norwegian cruise-decarbonization partner alongside Vow at the ZERO Conference in Oslo. Kongsberg Maritime is also the former employer of Vow's CEO Gunnar Pedersen (EVP Automation & Control) and board member Egil Haugsdal (former President of Kongsberg Maritime), indicating a deep ecosystem relationship in Norwegian maritime cleantech.
• Vow Green Metals (VGM)majorStrategic or Co-development PartnerVow is delivering a large pyrolysis reactor to VGM's Follum site in Q4 2025 and jointly conducting a FEED study for a doubled-capacity next phase. Vow had previously received settlement for the sale of its shares in VGM and repayment of a convertible loan in 2025 (NOK 35.1M proceeds used to repay the term loan).
• Murfitts IndustriescoreStrategic or Co-development PartnerMulti-year cooperation culminating in a FEED contract for a large-scale pyrolysis plant (target operational 2026) producing recovered Carbon Black (rCB), tyre pyrolysis oil (TPO), and syngas from end-of-life tyres. Murfitts is part of European Tyre Enterprise Limited (ITOCHU Corporation).
• Circon Energy LLC and ReCO2, LLCcoreStrategic or Co-development PartnerService agreements signed for a FEED study for the first large-scale Carbon Refinery® project in the Caribbean, deploying 12–19 lines of Vow pyrolysis equipment. Extension of a cooperation agreement originally announced on 28 November 2023.
• Leading international hydrocarbon company (unnamed)coreStrategic or Co-development PartnerPartnership and services & supply agreement with ETIA Ecotechnologies (EUR 1.5M) for plastic-to-fuel pyrolysis technology, including a six-month trial and the first unit shipment. The unnamed hydrocarbon company plans to deploy 10+ units in Africa and Latin America.
• ControlpartnermajorOEM/ Whitelabel/ Licensing PartnerJoint-venture partner with Vow ASA in Vow Automation (headquartered in Tønsberg, Norway), developing advanced automation and digitized control systems tailored to Vow's industrial and maritime technologies, building on a long-standing partnership.
• Carnival Corporation & plcmajorGTM or Marketing PartnerCarnival Corporation publicly highlighted Vow (alongside Kongsberg Maritime) as a key Norwegian partner at the ZERO Conference in Oslo, with 43 Norwegian suppliers and approximately $295 million in annual Norwegian economic impact. Carnival has achieved a 13% reduction in total GHG emissions since 2011 and is investing in LNG, biofuel, and shore power.
• Advokatfirmaet Thommessen ASminorImplementation/ SI/ Consulting PartnerLegal advisor to Vow ASA in connection with the Q4 2024 fully underwritten rights issue.
• Aon AssessmentminorImplementation/ SI/ Consulting PartnerRecruitment assessment partner used by Vow in early-stage objective screening for hiring.
• Innovation NorwayminorGTM or Marketing PartnerCarnival Corporation's leadership held meetings with political leaders and Innovation Norway to explore expanding access to alternative fuels and deeper collaboration with Norwegian institutions, relevant to Vow's Norwegian cleantech ecosystem.

Scale indicators19 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Wärtsilä: Finnish large marine systems OEM (including Hamworthy) with a broad portfolio in marine wastewater treatment, environmental solutions, and cruise ship equipment. Competes head-on with Scanship in cruise wastewater (AWP) and onboard waste systems but at vastly larger scale and with a wider product offering across energy, propulsion, and lifecycle services.
• Alfa Laval: Swedish global supplier of heat transfer, separation, and fluid handling equipment with a significant marine and industrial portfolio including boilers, heat exchangers, and wastewater treatment. Vow's EVP Industrial Solutions (John Ivar Johannessen) previously held commercial and management positions at Alfa Laval, indicating direct personnel and competitive overlap with Vow's heat treatment and process equipment.
• TOMRA: Norwegian listed technology leader in collection, reverse vending, and sorting/recycling solutions for waste streams. Adjacent peer sharing Vow's Norwegian cleantech and circular economy positioning and customer base (waste managers, recyclers, municipalities).
• STERIS: Global leader in sterilization and infection control products and services for medical, pharmaceutical, and food industries. Broad incumbent overlapping with Vow's Safesteril subsidiary in continuous steam sterilization systems for food and pharma customers.

Direct peers

• Evac Group: Finnish provider of vacuum toilet, wastewater, and waste management systems for cruise ships, offshore, and buildings. Evac is one of the most direct Scanship competitors in the maritime wastewater purification and integrated waste handling space for passenger vessels.
• Quantafuel (now QAF Fuel Solutions): Norwegian chemical recycling / pyrolysis company converting mixed plastic waste into valuable products, headquartered in Oslo. Direct competitor to Vow/Etia in the plastic-to-fuel and waste-to-resource pyrolysis space and a fellow Norwegian listed cleantech peer.
• Pyrum Innovations: German pyrolysis technology company specializing in end-of-life tire pyrolysis producing recovered carbon black, pyrolysis oil, and gas. Direct competitor to Vow/Etia in the ELT pyrolysis vertical where Vow has signed the Murfitts/ITOCHU FEED partnership.
• Enviro Systems (Enviro): Swedish company with patented pyrolysis technology for end-of-life tires and rubber waste, producing recovered carbon black, oil, steel, and gas. Direct European peer to Vow/Etia's Biogreen in tire and rubber pyrolysis.
• Ipsen: Global supplier of industrial heat treatment furnaces for the aerospace, automotive, and energy industries. Direct competitor to Vow's C.H. Evensen subsidiary in customized industrial heat treatment furnaces, particularly as Vow targets decarbonization and electrification of heat treatment processes.

Emerging players

• Carbios: French biotech company developing enzymatic recycling processes for PET plastics and other bioprocesses. Thematic peer to Vow/Etia in circular economy and waste-to-resource chemistry with a partially overlapping French industrial customer base and partnership network.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/vowasa

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vow