Press release -
Viridor becomes majority shareholder in Quantafuel AS in successful acquisition
- A new Quantafuel Board has been formed and is now headed by Viridor’s CEO and CFO
- The c. £90m acquisition offered in February of this year, is a key part of Viridor’s commitment to achieve complete plastic circularity by 2025
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Quantafuel’s Plastics-to-Liquids (PtL) pyrolysis technology transforms hard-to-recycle polymers back to its base molecules for new plastics production, replacing fossil based virgin materials
Viridor has successfully become a majority shareholder in Quantafuel AS, following a formal offer for acquisition for c.£90m in February of this year.
This acquisition reflects Viridor’s ambition to lead innovation in the plastics recycling sector and deliver full circularity in all four major plastics by 2025.
Following an Extraordinary General Meeting, a new Quantafuel Board has been formed and is now headed by Viridor’s CEO Kevin Bradshaw and CFO Nick Maddock. Terje Eiken has taken over as Quantafuel’s CEO and will lead the company’s integration with Viridor. Work will also continue towards a delisting of Quantafuel.
Kevin Bradshaw, Viridor CEO commented: “We are delighted that Viridor has become a majority stakeholder in Quantafuel. This acquisition is an important step on Viridor’s growth journey to build a truly circular plastics economy. We see the opportunity for many exciting future developments and together will help build a world where nothing goes to waste.”
Terje Eiken, Quantafuel CEO commented: “We have landed on a strong industrial and financial solution for Quantafuel. We are excited to be part of creating an even stronger polymer business in Viridor, which now includes chemical recycling. Together we will lead innovation within the plastics recycling sector.”
For further information, contact communications@viridor.co.uk or astrid@quantafuel.com
About Viridor
Viridor’s purpose is to build a world where nothing goes to waste and is one of the UK's leading resource recovery and waste management companies. Playing a key part in the UK’s transition towards a circular economy Viridor operates the largest fleet of EfW facilities in the UK and the largest multi-line polymers reprocessing plant in the UK.
Processing over 3 million tonnes of waste and recycling a year through operation of 10 EfW facilities which together produce enough energy to power c. 500,000 British homes and 2 plastics recycling and reprocessing sites.
In May 2021, Viridor published an ambitious decarbonisation plan committing to reaching Net Zero by 2040 and to becoming the UK’s first net negative emissions waste management company by 2045.
In December 2021, Viridor committed to building a fully circular plastics business by 2025 through establishing routes to recycling all four major plastics back to food grade. In 2022, Viridor opened its Avonmouth polymers processing facility converting over 1 billion bottles a year back into new plastics. The acquisition of Quantafuel marks continued innovation with the addition of plastic film and chemical recycling, opening up the route towards perpetual plastics recycling.
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.
