The solution is to place a value on plastic waste. We have to make used plastic a valuable material, create a model where we collect plastic waste and upgrade the waste to recycled products. The entire value chain needs to be circular.
Quantafuel’s point of departure was to create technology that could recycle used hydrocarbons from oil and gas in a sensible manner. We created a concept where plastic waste is heated, broken down and reassembled into valuable products. A major advantage of our technology is that it allows for impurities and a mix of different colours and different types of plastics. The usual process of separating plastic and cleaning it is costly and prone to waste. Many have attempted to go down Quantafuel’s route before, but only we have succeeded.
Our technology is scalable and may be used anywhere. We also have a competitive advantage over traditional oil and gas because we have built a kind of refinery – we use oil in the shape of plastic waste. We’re paid both for accepting plastic and for the end-product that we sell. In terms of raw materials, waste is of low value, and getting rid of plastic waste is costly. On the customer side it’s about supplying chemically recycled quality products that are in huge demand and that contribute to reducing CO2 emissions.
If we managed to collect all plastic waste in the world, we could have reduced the need for new oil production corresponding to two and a half times Norway’s oil and gas production. – Kjetil Bøhn, CEO Quantafuel