Press release -
Quantafuel ASA and Geminor AS have established Geminor Plastic
Quantafuel ASA and Geminor AS’ establishment of Geminor Plastic is in line with Quantafuel’s strategy to take a lead position in the value chain for plastic waste recycling.
Geminor Plastic will focus only on plastic waste fractions and build on years of experience trading waste fractions cross border with full traceability at competitive prices, supporting both Quantafuel and Geminor to become the leading player for plastic waste. The main focus will be on the Nordic markets and the UK.
“This move will make our effort more targeted on plastics, which will support the ongoing industrialisation of the company with full traceability though the value chain; from the waste bin to new plastic produced,” says Lars Rosenløv, CEO of Quantafuel.
Quantafuel and Geminor have a 50/50 ownership of the new company Geminor Plastic.
Today, Quantafuel has a 40% ownership in Geminor. With the establishment of Geminor Plastic, Quantafuel no longer has the option to acquire the remaining shares of Geminor.
Quantafuel is a Norwegian technology-based recycling company with the purpose of ending wasteful and unsustainable handling of our planet's resources. Drawing on more than ten years of development, Quantafuel converts waste plastics back into low-carbon synthetic oil products replacing virgin oil products. Quantafuel aims to rapidly build up production capacity on a global scale and to have a meaningful impact on one of our time's most pressing environmental challenges.
