Elkem sells Canadian biocarbon business to CHAR Tech, enters five-year supply agreement

Oslo, 20 April 2026

Elkem ASA ("Elkem") today announced the agreement to sell its biocarbon business in Saguenay, Québec in Canada, including the physical pilot and demonstration production facility, and proprietary technology, to CHAR Technologies Ltd. ("CHAR Tech"). As part of the agreement, CHAR Tech will supply Elkem with 62,500 tonnes of biocarbon over five years.

The Saguenay, Québec, facility was initially built in 2022 as a pilot and demonstration facility, where Elkem developed its proprietary biocarbon pellet process to meet the specific needs of ferrosilicon production in electric arc furnaces.  Most recently, the facility produced volume for an industrial test of biocarbon, which was successfully used in Elkem Métals electric arc furnace, located nearby.  The site is now poised for commercial upgrades to produce up to 15,000 tonnes per year of pelletised biocarbon.  Once upgraded, the facility will then process CHAR Tech's raw biochar into biocarbon pellets suitable for heavy industrial decarbonisation, with a specific focus on supporting ferrosilicon production.

Biocarbon use remains a pilar in Elkem's decarbonisation strategy. Through the five-year supply agreement, Elkem secures a reliable source of biocarbon for its Canadian and European smelters from CHAR Tech's expanding production platform, which is equipped with the technology, capacity, and commercial infrastructure to deliver at scale.

"Elkem's strategy centres on leveraging technology-driven solutions and pioneering R&D to advance industrial decarbonisation. Transferring our biocarbon operations in Saguenay to CHAR Tech is an important milestone, allowing us to scale our validated biocarbon process and ensure consistent supply for our global operations. This partnership strengthens Elkem's commitment to producing silicon-based products with the lowest possible carbon footprint, directly supporting our ESG goals and delivering lasting value for our customers and shareholders," said Charles Tremblay, Elkem's Chicoutimi plant manager in Canada.

For further information, please contact:

Odd-Geir Lyngstad, VP Finance & Investor Relations Tel: +47 976 72 806 Email: odd-geir.lyngstad@elkem.com

Marianne Stigset, VP Corporate Communications & Public Affairs Tel: +47 411 88 482 Email: marianne.stigset@elkem.com

About Elkem ASA With a strong track record since 1904, Elkem is one of the world's leading providers of advanced silicon-based materials shaping a better and more sustainable future. The company develops silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy and human ingenuity. Elkem has been awarded top score of A on Forests and Water Security, and B on Climate Change from CDP. Elkem is listed on the Oslo Stock Exchange (ticker: ELK), where the company is also included in the ESG Index. www.elkem.com