Date: June 23, 2023
Announcement no: 19
ISIN: DK0061676400
NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE "UNITED STATES"), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
WPU - Waste Plastic Upcycling A/S (“WPU”)
WPU are pleased to announce that WPU has made its first delivery of PtL, an innovative upcycled end-of-life plastic waste feedstock. This marks a key milestone for WPU in its mission to reduce the negative environmental impacts of end-of-life plastic waste and is a testament to our commitment to sustainability.
Under the offtake agreement between Vitol and WPU, Vitol is granted the right to procure and redistribute PtL that is produced using the WPU advanced upcycling technology.
Global Head of Naphtha trading at Vitol, Tom Baker, commented, “We are extremely pleased with the successful delivery of the first WPU PtL that will be delivered to one of our long-term global customers in the chemical industry. We have been a strong supporter of WPU in their efforts to develop a sustainable and cost-effective upcycling solution for end-of-life plastic waste and are proud to have been part of this achievement. We look forward to continuing our collaboration in the years to come and to the further expansion of PtL production."
WPU - CEO Niels Henrik Bagge said: “In WPU, we are looking forward to continuing our work with Vitol in promoting the sustainable WPU technology solution to reduce plastic waste pollution. In doing so, we can help create a cleaner and healthier future for everyone. We thank Vitol for their continued support in this effort.”
The potential impact of PtL on the plastic industry is significant. By replacing traditional materials with PtL, the industry can reduce its dependence on fossil fuels and have access to lower-cost production. Additionally, WPU's upcycling of end-of-life plastic waste can help reduce the amount of plastic waste going to landfills and into the environment. All in all, PtL is a game-changer for the plastic industry, as it offers a sustainable and cost-effective alternative to traditional materials.
FACTS about the WPU Faarevejle facility:
• The Faarevejle facility is based on the WPU Batch technology – an advanced chemical upcycling technology which converts end-of-life plastic waste to upcycled plastic oil liquid (PtL) that can be used for example to produce new plastic (PtP),
• The facility is the first commercial scale WPU facility,
• The construction and installation of equipment was done in one year,
• The Facility is based on six reactor line with the initial capacity to upcycle a total of approx. 42,000 tons (92,000,000 US pounds) of plastic waste per year,
• The upcycling process is materially energy self-sufficient as reactor gas (syngas) from production is utilized to heat the reactors,
• CAPEX for the construction of the facility was EURm 14 (EUR 333 pr. metric ton capacity)
• Once operational at full capacity the Faarevejle facility will generate a yearly EBITDA of EURm 15,
• The facility is expected to be cash positive from Q3 and fully operational by Q4-2023.
For further information, contact:
Klaus H Lindblad, Vice Chairman, Global Head of IR and Legal, E-mail: KL@WPU-DK.COM.
Important notice:
This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. 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