Blastr Green Steel and Cargill Metals sign MOU for supply of green steel and to advance decarbonization of the ferrous supply chain

OSLO,Norway,Oct 17,2022 --Cargill's metals business andBlastr Green Steel AS ("Blastr"),a developer of decarbonized steel supply,have agreed to work together to supply steel made without use of fossil fuels in the Nordic region to meet growing global demand for green steel. Both companies share an ambition to drive significant reductions of carbon emissions in the steel industry.

Under the Memorandum of Understanding ("MoU"),Blaster and Cargill Metals plan to combine the skills of both companies to accelerate the development of projects that enable significant carbon savings to the global steel industry. Cargill Metals brings expertise in raw materials sourcing,and Cargill's global capabilities in ocean transportation and logistics,as well as development of green products for market,risk management and financing facilities. Blastr contributes its industrial decarbonization expertise,entrepreneurial business skills,track record and access to capital within green energy and CO2 abatement. Blastr also brings regional knowledge of sites,opportunities and local support.

Cargill's ambition is to develop world leading projects in the green steel supply chain through the expedient development of initial production and then incrementally expand capacity based on market demand.Separately,independent market analysis suggests a market shortfall in supply,with global demand for low carbon steel likely to increase from below 5mt in 2021 to 200mt in 2030,with European demand increasing to nearly 40mt by that date,driven by automotive and construction sectors1.

"Solving the decarbonization challenge of the steel industry requires new and innovative partnerships," said Lee Kirk,Managing Director,Cargill Metals,"We are thrilled to partner with Blastr and collaborate on bringing meaningful carbon reduction to this vital to abate sector. It brings us one step closer to our goal of shaping a responsible and sustainable ferrous supply chain that helps the world thrive."

"Ensuring the long-term supply of raw materials at required quantity and quality is crucial for providing green steel to the market with an absolute minimum of CO2 emissions through the entire value chain," said Dag Moxnes,CEO at Blastr. "Cargill offers a unique combination of access to regional raw materials,expertise,network and logistics solutions,which brings us a long step closer to realizing our joint Nordic green steel project."

The next phase of the cooperation will focus on final technology selection,access to green power,location and the final mix of products. Teams from Blastr and Cargill Metals will collaborate on sustainable supply chains,speed to market,technology risks and constraints,and on raising capital to finance the project development.

1Source: MineSpans

About Blastr

Blastr aims to decarbonize the steel industry,by creating an integrated green steel producer leveraging Nordic advantages. By utilising local raw materials and fossil free energy and applying a circular economy thinking throughout the value chain,we aim to cut the CO2 emissions of our end products by 95%. We will establish production facilities in the Nordic Region,with its ambitious political energy transition agenda,deep ice-free ports giving access to the attractive European markets,and highly qualified workforce. The Blastr green steel project is expected to be one of the largest industry start-ups in the Nordic region.

Blastr is founded and backed by Vanir Green Industries ("VGI"),a Nordic investment company that invests in,develops and scales green,robust and profitable businesses needed to accelerate the energy transition. VGI is established by Tore Ivar Slettemoen,one of the founders of Freyr Batteries (NYSE: FREY),and managed by a team of experienced professionals with deep industrial competence and a genuine drive to build a more sustainable future. Our focus areas are onshore and offshore wind development,carbon capture,usage and storage,energy storage and deep decarbonisation of existing industries. For more information,visit blastr.no.

About Cargill

Cargill helps the world's food system work for you. We connect farmers with markets,customers with ingredients and families with daily essentials—from the foods they eat to the floors they walk on. Our 155,000 team members around the world innovate with purpose,empowering our partners and communities as we work to nourish the world in a safe,responsible,sustainable way.

From feed that reduces methane emissions to waste-based renewable fuels,the possibilities are boundless. But our values remain the same. We put people first. We reach higher. We do the right thing. It's how we've met the needs of the people we call neighbors and the planet we call home for 157 years—and how we'll do so for generations to come. For more information,visit Cargill.com and our News Center.

About Cargill Metals

Headquartered in Singapore,Cargill's metals business provides value-add services and solutions along the global ferrous supply chain. Combining over 150 years track record of risk management in global commodities markets with more than 40 years unique insights in the ferrous industry,we provide our customers the support they need to thrive. We connect iron ore miners around the world with steel mills in key markets and provide a broad range of services from technical marketing to customized risk management solutions along the supply chain including to end users of steel.

With around 130 dedicated experts,an established global network and hubs in China,Singapore,U.K. and Vietnam to serve our customers,Cargill operates across over 25 ports and more than 50 warehouses globally,providing physical and financial solutions to over 2,500 customers in 40 countries.Each year we move around 50 million tons of physical iron ore and 6 million tons of physical steel globally. For more information,visit Cargill Metals or Cargill.com.