Company presentation and update

Today, Quantafuel’s CEO Lars Rosenløv will present at Pareto Securities’ Power & Renewable Energy Conference. The presentation is attached and will also include an update from Skive.

For the past two weeks in January, Skive has processed more than 200 MT of plastic waste, operating two lines. During this time, the two lines achieved uptime of 69% at an average load of 79%. Six shipments have already been sent to our partner BASF this year.

“These are achievements that should not go unnoticed. The volumes and figures we see today, speak for themselves. The new equipment functions as engineered and expected, and the remaining two lines are planned to be ready for operations during the second quarter,” says Quantafuel’s CEO Lars Rosenløv.

Stabilising the operation and removing root causes to achieve higher uptime is ongoing and our main priority. If we experience a trip or maintenance issue, we must resolve these quickly to avoid loss of heat in the system. If not, a reheating period is needed before re-introducing the plastic feed. These reheating periods have impacted the uptime and caused the Proof of Concept (PoC) timer to be restarted.

“The criteria Quantafuel has set for reaching PoC, is the toughest I have seen in my 30-year career in this industry. We will continue to convert plastic waste on a daily basis and despite it taking longer than we had hoped, the stability is improving week by week. That said, there is no doubt that our set-up works,” says Rosenløv.

Based on the learnings from Skive, Quantafuel’s management and Board of Directors are now confident in continuing the planned Plastic-to-Liquid projects.

The plant is on track to reach the 12,000 MT target for the full year 2022. The forecasted CAPEX of NOK 610 million remains unchanged.