Quantafuel

Following a formal offer for acquisition of Quantafuel AS in February, Viridor has successfully become a majority shareholder of the company.

This acquisition reflects Viridor’s ambition to lead innovation in the plastics recycling sector and deliver full circularity in all four major plastics by 2025.

Viridor CEO, Kevin Bradshaw commented: “We are delighted that Viridor has become a majority stakeholder in Quantafuel. This acquisition is an important step on Viridor’s growth journey to build a truly circular plastics economy. We see the opportunity for many exciting future developments and together will help build a world where nothing goes to waste.”

Quantafuel CEO, Terje U. Eiken commented: “We have landed on a strong industrial and financial solution for Quantafuel. We are excited to be part of creating an even stronger polymer business in Viridor, which now includes chemical recycling. Together we will lead innovation within the plastics recycling sector.”

Read more in the link below 👇

https://lnkd.in/gfYyn2Pm

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Quantafuel's CEO Lars Rosenløv encourages remaining shareholders to accept Viridor’s offer:

Quantafuel will welcome Viridor as controlling shareholder following the decision by Viridor to acquire close to 80% of the shares in Quantafuel already committed by accepting shareholders. All conditions for the offer are met or waived and steps are now being taken to delist the company. The offer from Viridor remains open for shareholders who still haven’t accepted until Friday 28th April. Following the expiry of the offer period, the liquidity and share price will be highly uncertain. Remaining shareholders are therefore encouraged to accept the offer while it is still available.

"We are about to reach completion of the offer process, which is why it is important for me to remind all remaining shareholders that the final extension of the offer period is this Friday. I encourage you all to accept Viridor’s offer. The trading volume and the market price for the share will be more uncertain once Viridor have completed their takeover and become our controlling shareholder. Existing shareholders must expect that the company will need substantial further capitalisation in near term,” says Quantafuel’s CEO Lars Rosenløv.

Read more here: https://lnkd.in/dHhAEWgW

🔊 This afternoon, Quantafuel released its fourth quarter results. It has been both a challenging and a rewarding quarter; Delayed positive cash flow from operations combined with required funding of ongoing and future projects have resulted in the need of a financing solution by mid-Q2. At the same time, we have had good progress with our pipeline projects and we’ve continued to reach new milestones at our plant in Skive.

Since October, we have executed a broad process to secure a fundament for growth through a long-term financing solution in preparation of a second generation (MK II) roll-out. The feedback we have received has been positive and encouraging, supporting what we’ve been saying all along: We are a global leader within chemical recycling of plastic waste.

Today, the strategic review is concluded and we can now share the news that the UK-based recycling and waste management company Viridor has announced a formal offer to acquire all of Quantafuel’s outstanding shares for NOK 1.058 million. The offer from Viridor is unanimously recommended by Quantafuel’s Board of Directors and management group.

“We see Viridor’s cash offer as the best available option that resolves both the need for short-term financing as well as providing robust foundations for the company’s portfolio of growth projects. Viridor is a good fit and is, just like Quantafuel, determined to play a leading role in transforming the waste sector towards circularity. Plastic waste is one of our time’s most pressing environmental challenges and chemical recycling is key to help solve this. I’m glad that Viridor is eager to position Quantafuel for future growth and take on the next chapter of the company’s journey,” says Quantafuel’s CEO Lars Rosenløv.

Click on the links below for full press releases:

https://www.quantafuel.com/media #/pressreleases/quantafuel-concludes-its-strategic-review-with-proposed-acquisition-by-viridor-3236552
https://www.quantafuel.com/media #/pressreleases/quantafuel-concludes-its-strategic-review-with-proposed-acquisition-by-viridor-3236552
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🔊 Our plans to build a series of chemical recycling plants for plastic waste across the UK are moving on swiftly after planning permission has been granted for our first UK operation. Last night, Sunderland City Council gave the go-ahead for a new plant to be built on land at the Port of Sunderland. 🎉🎉

✅ The plant will take mixed plastic waste from across the north of England that would otherwise have been incinerated or disposed of in landfill
✅ It will create over 100 permanent jobs
✅ Construction is expected to get underway later this year, with the plant opening in 2025

Winifred Patricia Johansen, Director of Quantafuel Sunderland, says: “We’re very pleased to have secured planning permission and thank Sunderland City Council for sharing in our ambition to create a long-term, sustainable alternative to incineration and landfill for dealing with plastics.”

“We’re hoping to open similar plants across the UK but chose Sunderland as our first development as the port provides an ideal location, both for development of the plant and easy export by ship, and the city has a good, skilled workforce to draw on,” she continues.

Read the full press release here: https://lnkd.in/dJAkm6am
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👀 We are strengthening our finance department and are looking for a new colleague at our office in Oslo, Norway. Are you our new Head of Accounting with experience in group accounting from international companies? Do you want a job with purpose, where you have the chance to make a different for the 🌍? If the answer is yes, then we’d love to hear from you! Check out the link below 👇
https://65458.webcruiter.no/Main/Recruit/Public/4607929225?link_source_id=0
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💪 We’re proud to play an important role tackling the plastic waste problem in the Nordics, and particularly in Denmark. In order to reach EU’s recycling goals for plastic, chemical recycling and plastic sorting is crucial.

"We must make use of both mechanical and chemical recycling if we want a higher recycling rate in Denmark," says Quantafuel’s CEO Lars Rosenløv, to Børsen, in an article that highlights the plastic waste issue in Denmark. Chemical recycling complements mechanical since it can treat mixed and contaminated plastic waste that cannot be recycled mechanically.

Denmark’s largest plastic sorting plant, Resource, will be ready commissioned at the end of 2023. With its state-of-the-art high-tech sorting systems and 160,000-ton capacity, this will be a game-changer for making plastic waste into a valuable resource.

Read the full article here: https://borsen.dk/nyheder/baeredygtig/omdiskuteret-teknologi-vinder-frem

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Omdiskuteret teknologi vinder frem Der er store udfordringer med at få sorteret nok plastaffald til genanvendelse i Danmark. Men de seneste år er to selskaber vokset frem i Danmark me...

🔊 Today, we announced the establishment of Geminor Plastic, together with our partner Geminor. The establishment of the new company is in line with Quantafuel’s strategy to take a lead position in the value chain for plastic waste recycling.

Geminor Plastic will focus only on plastic waste fractions and build on years of experience trading waste fractions cross border with full traceability at competitive prices, supporting both Quantafuel and Geminor to become the leading player for plastic waste. The main focus will be on the Nordic markets and the UK.

“This move will make our effort more targeted on plastics, which will support the ongoing industrialisation of the company with full traceability though the value chain; from the waste bin to new plastic produced,” says Lars Rosenløv, CEO of Quantafuel.
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Read more here: https://www.quantafuel.com/media #/pressreleases/quantafuel-asa-and-geminor-as-have-established-geminor-plastic-3224488

We’re pleased to share the news that a feedstock agreement for the annual supply of at least 20,000 tons of Finnish household plastic waste has been secured for Resource Denmark, the country’s largest plastic waste sorting facility. For Resource, the annual value of the multi-year contract is in accordance with the company’s expectations.

The agreement with Finnish service company Lassila & Tikanoja (L&T) is the first of its kind for Resource Denmark, which will be a major contributor to reach plastic recycling goals in the Nordics once it is up and running. There is a great need for plastic waste sorting infrastructure. Resource is a game-changer for the plastic waste market and is expected to be commissioned at the end of 2023, capable of sorting up to 160,000 tons of mixed plastics waste annually into recyclable fractions. Read more here:
https://www.quantafuel.com/media #/pressreleases/plastic-feedstock-agreement-signed-between-resource-denmark-and-finnish-service-company-lassila-and-tikanoja-l-and-t-3224107
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Eurazeo

📖 👀 💡 It was a pleasure to have Norwegian engineering magazine Teknisk Ukeblad visiting us at Skive last month! Fresh off the press today, Quantafuel features in the Climate & Environment section where our Plant Director Rasmus Hvid Kærsgaard and COO Terje U. Eiken takes the readers on a guided tour of the plant. If you wonder how our Plastic-to-Liquid process works and what we are planning in the near future, read the full article below ⬇️
(Article only available in Norwegian.)

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Today, we released our third quarter results. We are pleased to report that the Skive improvement program is progressing well and that we are on track with the move into the next phase of our strategy.

“It has been a good quarter for Quantafuel thanks to everyone’s dedication and focused team effort. We are on track with our improvement program at Skive. At the same time, the work with the front-end engineering design study (FEED) for a Plastic-to-Liquid plant in Dubai together with Dubal Holding and BASF, is progressing well. It is rewarding to be working alongside such strong partners, as well as our preferred EPC partner Saipem,” says Quantafuel’s CEO Lars Rosenløv.

Quantafuel’s large-scale global implementation is well under way and we are doing our utmost to help tackle the plastic crisis. Last week, United Nations Secretary-General António Guterres said the world is on a “highway to climate hell with our foot still on the accelerator” in his opening remarks at COP27. The message is clear: Action must be taken now! We will continue to do our utmost to help tackle the plastic waste problem by upcycling it into valuable, circular products and hope more companies will join us on this important journey.

Read more here: https://www.quantafuel.com/media #/pressreleases/quantafuel-confidently-moves-forward-into-next-phase-3217514

You can see the presentation here: https://channel.royalcast.com/landingpage/hegnarmedia/20221115_1/ (available from 9am CET)

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