Vow: Several positive announcements to round off the year - Nordea

Vow has announced several positive announcements so far in December across their product offerings. This morning, the company announced that Vow (through their subsidiary CH Evensen) has been awarded 5 large orders of advanced technology in December (with ThyssenKrupp being named as one of the customers). Here, the total orders have a combined value of NOK 57m, with the company noting strong backlog developments for CH Evenson given the backlog is now well over 2x the levels seen at the beginning of the year (NOK 130m vs NOK 58m). Furthermore, yesterday Vow and ETEL subsidiary Murfitts Industries (the largest collector and processor of end-of-life tyres in the UK) announced an agreement to recycle end of life tyres in Europe, North America. Vow will provide the equipment to valorise the tyres to recover carbon black, which makes up 30% of a tyre and is usually derived by cracking fossil oils. No specifics of economics or timing yet, but the global market is 30m tonnes end of life tyres generated globally, with the target markets representing around 8.6m tonnes (29% of global share), which implies around 300 industrial tyre recycling plants.