Quantafuel confidently moves forward into next phase
Today, Quantafuel released its Q3 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.
Quantafuel’s large-scale global implementation is well under way; a move made possible by the second-generation (Mk II) process built on all learnings from Skive combined with the long experience of our strategic partners.
This quarter, we can report new milestones at Skive, both in terms of operating costs, capacity, and stability. At the same time, we continue to focus on improvements, testing and gaining valuable knowledge and learnings, as these are incorporated in the Mk II design. We have also improved the offtake agreement for our products. Combined with our ongoing cost-reduction program, we maintain that positive cash flow from Skive is expected within this year.
“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.
In the UK, Quantafuel is making steady progress both in Sunderland and on three additional sites. We have engaged financial advisors CBRE as the funding development agent to secure the required equity for the UK projects, out of which Quantafuel will retain a minority share but maintain control of the IP and lead the partnership in terms of the strategy to Build-Own-Operate.
“It’s only been a year since we announced our plans for Sunderland. Today we are looking at three additional sites, so things are moving fast. We are experiencing a strong governmental support for our activities in the UK and feedstock is readily available. At the same time, with CBRE, we are testing out a new ownership strategy where Quantafuel retains a minority share which is less equity intensive on Quantafuel’s part. This demonstrates flexibility in raising funds at Group or project levels, as well as flexibility in ownership share for the next stage of growth. We have some very exciting times ahead of us,” Rosenløv says.
For further queries, please contact:
Lars Rosenløv, CEO +47 93018040
Christian Bekkevold Nilsen, CFO + 47 90277833
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, IR, on 15 November 2022 at CET 07:00.