Skive progress on track for full production capability
Quantafuel’s third quarter is characterised by a strong focus on Skive. Improvements and preparation for the ongoing upgrade work are leading the way to Proof-of-Concept and full production capability around year-end. In addition, notable progress has been made on the project pipeline in preparation for roll-out.
“We are pleased to report that the Skive turnaround is on track. We have some exciting weeks ahead of us and once the installation of the new equipment is complete, the plant should be ready for Proof-of-Concept as a key step towards full production capability,” says Quantafuel’s Chief Operating Officer Terje Eiken.
The Skive modifications are on schedule and on budget. While awaiting these modifications, important tests leading the way towards stable production have been completed and consequently, production volumes Q3 2021 have been marginal.
Skive has proven its capability to deliver commercial products. With stable, continuous production subsequent Proof-of-Concept, completed tests and commercial deliveries confirm that the output from Skive has the quality and mix to meet expected volume and prices. Parallel development work in cooperation with BASF is focusing on improvements to enhance light fraction yield and quality.
At Kristiansund, Quantafuel is developing a unique plant with combined mechanical and chemical recycling. We are on track with expanding the mechanical line, which will double the mechanical recycling capacity from 10,000 tonnes to 20,000 tonnes per year.
Quantafuel is experiencing a strong interest for its products, also from traditional refineries, replacing fossil feeds. The company is well positioned to capitalise on these opportunities based on its process and technology toolbox. Also on the mechanical sorting- and recycling side, Quantafuel is seeing strongly increasing payments for receiving plastic waste, as well as sales prices significantly above its budgets.
In September, Quantafuel announced its expansion into the UK, adding this exciting market to its portfolio of international projects.
Quantafuel’s new CEO Lars Rosenløv joined the company on 1st November. Rosenløv has spent most of his 30-year career at Equinor ASA where he has held executive positions in delivering and operating complex international refineries and petrochemical plants.
“I am thrilled to be part of the Quantafuel-family. I have already visited Skive and I believe this is the right time to start preparing for the next chapter for this fantastic company, transitioning from a start-up to an international industrial player together with my colleagues,” says Rosenløv, who has headed up the biggest industrial sites in Norway for several years.
As of 30 September 2021, Quantafuel had total equity of NOK 1,148 million and a cash position of NOK 379 million. The forecasted Skive CAPEX of NOK 610 million remains unchanged from last quarterly report.
Please see the attached Q3 2021 report and Q3 2021 presentation for full financial figures, including details on Quantafuel’s operations and projects.
A webcast including Q&A will be hosted by CEO Lars Rosenløv, COO Terje U. Eiken, CCO Chris Lach and CFO Kristian Flaten at 09:00 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:
channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20211111_1
For further queries, please contact:
Lars Rosenløv, CEO +47 93018040
Kristian Flaten, CFO +47 95092322
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 Kristian Flaten, CFO, on 11 November 2021 at CET 07:00.