Investors / Investment case
Plastic waste, biomass, stranded gas and flared gas are unused resources causing huge environmental and financial problems. Quantafuel turns these problems into a profitable business proposition by producing environmentally friendly, clean and low-cost synthetic diesel.
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Quantafuel is based in Norway drawing on 50 years of industry experience and 8 years of technological development.
Financial and regulatory news
Quantafuel ASA (QFUEL) is a Norwegian technology based energy company converting under-utilised hydrocarbon resources into high-quality chemical recycled products.
Quantafuel ASA | Skive operation update
We are pleased to announce that we have made significant progress for the Skive operation since the Q3 2020 report. We have reached 90% capacity in testing for the first line, and we have started the second line for operational testing and optimization.
At the time of the Q3 2020 report in November, our main challenge was the mass balance in the reactor. The process produced too much gas, with too much wax downstream the reactor. The excess gas caused automatic shutdowns when we reached 25-35% capacity, as the safety systems are designed to do.
These problems have been solved, and we have over the last couple of weeks reached high capacity on one line and expect reaching full capacity on this line when we resume production in 2021. We have also started the second production line, and the two lines have in periods operated simultaneously. We have now performed a planned shut-down for Christmas, and we will use this period to perform modification work on the plant and production lines.
While operation for part of the period has been very good, we will again emphasize the ups and downs in operation until we reach stable production. We are very pleased with our progress over the last 5-6 weeks and remain confident that the positive operational development will continue in the new year.
Quantafuel ASA | Third quarter results 2020
Quantafuel reached an important milestone in the company’s history in September 2020 when starting transforming plastic waste into liquid products at our plant in Skive, Denmark. Liquids produced to date are within specifications received from BASF at this stage and will improve further over time when we continue the adjustment process to bring the first production line and then the whole factory to nameplate capacity.
Ongoing optimization process to get one line up to full capacity, and production challenges in ramping up are clearly addressed and in progress.
- Start-up of production in Skive
- Strong progress on our FEED study for new large-scale facilities, selecting Esbjerg, Denmark, as our next project location
- Acquisition of Replast to establish a full-scale chemical and mechanical recycling facility in Kristiansund, Norway
- Establishment of Quantafuel R&D in Sweden through the purchase of certain IP- and licensing rights from Hulteberg
- Non-cash financial cost of NOK 308 million relating to the BASF convertible loan
- Successfully raising NOK 852 million in the quarter
Quantafuel ASA | Update Skive
Quantafuel has received many requests for updates and production data, and we appreciate the tremendous interest and engagement. We work towards taking one production line into full production and demonstrate the upgrading steps that are the core of the Quantafuel technology, and from that point gradually increase production until we reach nameplate capacity and expected quality. We will however not provide daily or weekly updates unless it deviates from communicated expectations.
Quantafuel has since the start of production in Skive worked diligently to move the plant towards stable production. This is a process that we, as communicated before, expect to take months. The results from a chemical process plant is the combination of the technology itself and the operating conditions throughout the whole process line. That includes temperature, pressure, and time. Each time one of these parameters are changed somewhere in the production line, we must wait and monitor the effect before we change a new parameter.
It is a time-consuming effort, as with all plants of these kinds, and from time to time we will stop production either due to safety procedures, inspections, or other events, which is normal and expected. We are however pleased to see that we from start of operation have been able to run the process with a high degree of control, and that manual and automatic safety measures and procedures have worked as intended.
Further information will be provided at our Q3 2020 report due on the 13th of November, unless we have information that, in a positive or negative way, deviate from our expectations as described above.
Oslo Børs: https://newsweb.oslobors.no/message/515954
Quantafuel ASA | Company presentation
Quantafuel’s CEO Kjetil Bøhn is presenting at the Pareto Securities’ Energy Conference today. Please see the full presentation attached.
QFUEL – Presentation – Pareto – 170920
Quantafuel ASA | Operation on track and ready to start scaling
After transforming the equivalent of 66,000 used grocery bags into high-quality liquids on the first day of operation, Quantafuel’s goal has been to reach stable and continuous operation at a controlled level on one reactor at our plant in Skive, Denmark. We are therefore happy to announce that we over the last 48 hours have reached this target, and now plan for a gradual increase of capacity, first on one reactor, and then over the next couple of weeks on several reactors simultaneously.
– We are humble for the tasks ahead and know that there will a period with unstable production and probably new challenges that need to be overcome. But we are proud to have reached this crucial milestone so fast and continue our dedicated work towards full production, says Kjetil Bøhn, CEO of Quantafuel, and adds;
– At full production in Skive we will receive three truckloads with a total of 60,000 kg, or the equivalent of four million grocery bags, of household waste from Norway and Denmark each day, that will be transformed into 48,000 kg high-quality liquids. Our partner BASF has started preparations for receiving the first truckloads of commercial products from Quantafuel, and we work diligently to reach this milestone soon.
Based on the existing contracts for raw material and offtake, the 20,000 ton per year plant in Skive is expected to deliver close to USD 10 million in yearly EBITDA at full production.
Oslo Børs: https://newsweb.oslobors.no/message/513575
Quantafuel ASA | New share capital registered
The share capital of Quantafuel ASA has been increased by NOK 2,800, by the issuance of 280,000 new shares as a result of exercise of options by former directors of the company. The share capital increase was carried out by use of the authorisation granted the board by the extraordinary general meeting on 3 July 2020.
The new share capital and number of shares have been registered with the Norwegian Register of Business Enterprises:
Share capital: NOK 1,259,435.50
Number of shares: 125,943,550
Par value of each share: NOK 0.01
Oslo Børs: https://newsweb.oslobors.no/message/513561
Quantafuel ASA | Private placement successfully completed
Reference is made to the stock exchange announcement by Quantafuel ASA (“Quantafuel” or the “Company”) on 10 September 2020 regarding the contemplated private placement (the “Private Placement”) of new and existing shares in the Company (together with the new shares, the “Offer Shares”). The Company hereby announces that it has allocated 11.1 million Offer Shares in the Private Placement at a subscription price of NOK 70 per share, corresponding to a total size of the Private Placement of NOK 777 million. The Company will issue 8.6 million new shares, raising gross proceeds of NOK 602 million. The Selling Shareholders (as defined below) have sold 2.5 million shares for in total NOK 175 million.
Oslo Børs: https://newsweb.oslobors.no/message/513340
Quantafuel ASA | Quantafuel, Vitol and VTTI to commence feasibility studies for large-scale plastic chemical recycling plants
Quantafuel and Vitol today announce that, following the successful start-up of Quantafuel’s Skive plant in Denmark, they will begin feasibility studies relating to the building of up to two large scale production facilities in Amsterdam and Antwerp for the chemical recycling of approximately 100,000 tonnes per year of plastic waste per plant into low carbon synthetic oil products. The feasibility studies will be completed in partnership with Vitol’s partly owned subsidiary VTTI, a major provider of storage and handling services for energy products at VTTI’s global terminal network. – We are pleased to announce our collaboration with VTTI and Vitol. Both Amsterdam and Antwerp are key locations for energy handling in Europe where VTTI already operates state-of-the-art logistic facilities and have in-depth knowledge of establishing new process capacity, says Kjetil Bøhn, CEO of Quantafuel. The feasibility studies will commence in fourth quarter 2020, with a final investment decision expected in first half 2021. Quantafuel, Vitol and VTTI will jointly manage the feasibility studies and will work in partnership to prepare for the final investment decisions.
About Quantafuel 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.
About Vitol Vitol is a leader in the energy sector with a presence across the energy spectrum; from oil through to power, renewables and carbon. It trades 8 million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes. Vitol’s clients include national oil companies, multinationals, leading industrial companies and utilities. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: circa 16mm3 of storage globally, 480kbpd of refining capacity, 7,000 service stations and a growing portfolio of transitional and renewable energy assets. Revenues in 2019 were USD 225 billion.
About VTTI VTTI is one of the world’s fastest growing storage providers for energy and other essential products. VTTI currently offers over 10 million cubic meters of combined storage capacity across 5 continents. VTTI’s terminals are strategically located at major shipping crossroads of the globe as well as in locations that are supply gateways to or from specific markets.
Oslo Børs: https://newsweb.oslobors.no/message/513187
Quantafuel ASA | Start of operations in Skive
We are proud to announce that we successfully have started operation of transforming plastic waste into high-quality liquid products at our plant in Skive, Denmark, and that we at 5 pm yesterday sent the first oil to our lab at the plant for further analysis. Moreover, all our main processes for control, operation and safety have been working according to plan and required standards. In the days and weeks to come, our focus will be to continually increase production of our high-quality products to be delivered to our partner BASF. As safety is our highest priority, we plan for a controlled and gradual increase in our recycling of plastic waste into renewable liquid products. A significant milestone in the development of Quantafuel has been reached.
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.
Oslo Børs: http://newsweb.oslobors.no/message/513103
Second quarter results 2020
August 27, 2020
Quantafuel was in June qualified for material recycling by the Norwegian Environment Agency (Miljødirektoratet). This changes the price structure on raw material for our plant in Skive, Denmark, and lays the foundation for a major European industrial roll-out fuelled by a NOK 250 million investment by KIRKBI.
In August, key suppliers have arrived in Denmark, and we are now preparing to start commercial production with a key focus on safety. All systems, all critical parts of the production process and all safety measures have been tested repeatedly, at production temperature and with gas, and we are now looking forward to introducing plastic and starting production.
• Preparing for start of production in Skive
• Contract with Grønt Punkt Norge for up to 10,000 tons of plastic waste
• Started FEED study for a new plant in Denmark
• Investment in Replast and building chemical recycling plant in Norway
• Completed NOK 250 million private placement towards KIRKBI
Quantafuel establishes plastic recycling line in Norway
Quantafuel ASA has acquired a 49% stake in Replast AS, a leading provider of mechanical sorting and recycling solutions based in Kristiansund, Norway, to build production capacity for chemical recycling of mixed waste plastic at the same production site.
Quantafuel´s chemical recycling technology is complementarity with mechanical recycling solutions and has the capability of processing post-consumer fractions that until now have been difficult or impossible to recycle. By combining these two technologies in one production facility, Quantafuel will secure the most efficient and highest possible recycling rate and the supply and control of feedstock for a new chemical recycling plant in Norway.
The parties have the ambition to gradually build out a total processing capacity of 20,000 – 30,000 ton per year over the next 18 months in Kristiansund and use the set-up as a model for a potential Scandinavian roll-out.
New share capital and conversion to public limited company registered
Reference is made to the stock exchange notice by Quantafuel AS (the “Company”) regarding the Extraordinary General Meeting held on 3 July 2020 (the “EGM”), including the approval by the EGM of a share capital increase by a fund issue and a 1:10 split of the Company’s shares, as well as of the conversion of the legal form of the Company from a private limited liability company to a public limited liability company. The new share capital and the new number of shares, as well as the conversion of legal form and the corresponding change of the Company’s name, have now been registered with the Norwegian Register of Business Enterprises. Share capital: NOK 1,256,635.50 Number of shares: 125,663,550 Par value of each share: NOK 0.01 New name of the Company: Quantafuel ASA The Company’s shares will be traded ex split as from Tuesday 7 July 2020.
Extraordinary General Meeting – Minutes
Please find attached the minutes from the Extraordinary General Meeting (EGM) of Quantafuel AS held today, 3 July 2020. All resolutions were approved as proposed by the Board of Directors, including inter alia the election of Kasper Trebbien as a new member of the company’s Board of Directors, the conversion of the company to a public limited liability company (ASA) and the 1:10 split of the company’s shares.
Extraordinary General Meeting – Notice
Please find attached the notice for the Extraordinary General Meeting (EGM) of Quantafuel on 3 July 2020 at 11:00 (CET). Due to the restrictions imposed or urged by the Norwegian authorities to decrease the spread of the coronavirus, shareholders are urged to grant the Chair of the Board an authorisation with or without voting instructions. The notice for the EGM includes the Board’s proposed resolutions, notice of attendance and proxy forms.
KIRKBI invest in Quantafuel
KIRKBI A/S and Quantafuel AS today announced that KIRKBI, the Kirk Kristiansen family’s private holding and investment company, invests NOK 250 million into Quantafuel, a technology-based energy company converting plastic waste into low-carbon synthetic oil products and new high-value quality materials.
Reference is made to the notice to the stock exchange on 12 May 2020, referring to Quantafuel’s signed Memorandum of Understanding “MoU” with an undisclosed strategic investor. In the notice, Quantafuel informed that the agreement with the strategic investor was agreed in a valuation range above closing price on Friday 8 May 2020. The investment is made as a private placement towards KIRKBI at NOK 180 per share. This represents a premium of 20% to the closing price of NOK 150 on Friday 8 May 2020.
In addition to Quantafuel’s cooperation with its existing partners, BASF and Vitol, KIRKBI has entered into an agreement to invest in Quantafuel and support the company’s ambition to further improve chemical recycling and showcase how mixed plastic waste can be recycled into new high-value quality materials. Together with its partners and investors, Quantafuel wishes to demonstrate that chemical recycling is a sustainable and viable option to the global community and a technical solution suited for global scale.
Annual General Meeting 2020 – Minutes
Please find attached the minutes from the Annual General Meeting (AGM) of Quantafuel on 12 June 2020.
All resolutions were approved as proposed by the Board of Directors. For further queries, please contact:
Kjetil Bøhn, CEO +47 91 57 38 18 Kristian Flaten, CFO +47 95 09 23 22
Annual General Meeting 2020 – Notice
Please find attached the notice for the Annual General Meeting (AGM) of Quantafuel on 12 June 2020 at 11:00 (CET), as well as recommendations by the Nomination Committee.
Due to the restrictions imposed or urged by the Norwegian authorities to decrease the spread of the coronavirus, shareholders are urged to grant the Chair of the Board an authorisation with or without voting instructions.
The notice for the AGM includes the Board’s proposed resolutions, notice of attendance and proxy forms.
Quantafuel AS | First quarter results 2020
Despite challenging times, Quantafuel has managed to keep reasonable progress in the last testing phase in Skive, and we are now running final hot commissioning of the plant. In parallel, Quantafuel is preparing for a major roll-out of capacity after start of commercial operations in Denmark.
- Skive commissioning in final stage before production start-up
- Preparing roll-out of new facilities at key strategic locations
- Collaboration agreement with BASF
- MOU with strategic investor contemplating an equity investment
- Commercial study with Equinor
The Skive project is just weeks away from starting production of low-carbon products from mixed, plastic waste that will be transported to BASF in Germany and used to produce new plastic. The project has experienced further delays during Q1 2020 due to the outbreak of Covid-19, adding to the existing challenges related to changes and adjustments during commissioning. This has resulted in an increase in commissioning costs of NOK 36 million compared to the preliminary 2019 figures. In accordance with the relevant accounting standards, this has been included in the audited consolidated financial statements for 2019.
Following the investment agreement with BASF in Q3 2019, Quantafuel and BASF has on 20 March 2020 signed a collaboration agreement which includes among others a cooperation on technology development.
On 12. May 2020, Quantafuel announced the signing of a MoU with an undisclosed strategic investor contemplating an equity investment in Quantafuel. This is a potential partner that is not within the petrochemical industry, but rather brings complimentary and ancillary business to our existing relationships, and hence will help us close the loop on chemical recycling and fasten the process of getting new legislation implemented. The agreement is signed in understanding and with the support of existing strategic investors, BASF and Vitol. We expect to present final terms and conditions for the transaction by the end of June this year.
Please see the attached Q1 2020 report for the consolidated financial statements of Quantafuel. Download PDF