Quantafuel confirms Skive timeline towards full production capability
Quantafuel’s Skive plant moves steadily towards commercial production by running each of the operational lines at high load for three to five days at a time, proving the technical capability of our process and systems. In mid Q4 2021, the Skive plant will undergo upgrades allowing for stable, long-term commercial production.
The latest developments at Skive prove Quantafuel’s capability to recycle consumer plastic waste into chemical products, thereby reducing the consumption of virgin oil and closing the circular economy loop.
“We are making good progress and are confident that we have the knowledge and experience to reach our goals at Skive. We are working on removing the last known obstacle preventing long-term stable production. Together with our industrial partners we have concluded on the right equipment to solve this issue, and installation will take place during the Q4 turnaround. Despite delays, the many learnings we’ve acquired are key for us to maintain a lead position in shaping the chemical recycling market for plastic,” says Quantafuel’s interim CEO Terje Eiken.
After installation of the new equipment, Quantafuel is confident in reaching desired production stability, enabling Proof-of-Concept around year-end and thereafter full production capability.
“We understand and appreciate the high interest from our dedicated shareholders and I would like to underline that we are 100% dedicated to creating value for them, as well as for making a difference for the environment,” says Eiken.
“We are very grateful for the strong support from our three strategic partners. The dedicated support team working closely with our teams in Oslo and at Skive, sharing best practice within plant design, operation and maintenance, is invaluable,” continues Eiken.
Please see the attached Q2 2021 report and Q2 2021 presentation for full financial figures, including details on Quantafuel’s operations and projects. The Skive plant capex forecast is adjusted from NOK 581 million to NOK 610 million due to the extended project execution period as well as the purchase of equipment. As of 30 June 2021, Quantafuel had total equity of NOK 933 million and a cash position of NOK 495 million.
A webcast including Q&A will be hosted by interim CEO & COO Terje U. Eiken, CCO Dr. Christian Lach and CFO Kristian Flaten at 08:00 CET today. The presentation will be held in English, and a recorded version of the webcast will be made available on our webpage after the presentation.
Link to webcast:
www.quantafuel.com/ir
channel.royalcast.com/landingpage/hegnarmedia/20210831_3/
For further queries, please contact:
Kristian Flaten, CFO +47 95092322
André Moe Bakke, IR +47 98663072
About Quantafuel | https://quantafuel.com
Quantafuel is a technology-based energy company converting waste plastics back into low-carbon synthetic oil products replacing virgin oil products. Quantafuel is establishing, operating and owning dedicated plastic-to-liquid (PtL) plants and plans to establish several plants throughout Europe and beyond.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by André Moe Bakke, Investor Relations, on 31 August 2021 at CET 07:00.