Press release -
Quantafuel’s first quarter results for 2022: The company enters the next chapter of its journey
Today, Quantafuel released its Q1 report. During this quarter, Quantafuel took another leap forward on the path from start-up to leading driver in the implementation of the circular economy by demonstrating long-term stability of our process and continuing the development of a project pipeline second to none.
It has been a rewarding first quarter for Quantafuel as Proof-of-Concept (PoC) was reached in March 2022 at our chemical plant in Skive; a milestone for continuous processing within chemical recycling of plastic waste. We are also pleased to report that the latest improvements made at Skive have led to a breakthrough with respect to uptime and stability; during March and April, we achieved 30 days of continuous operation on both lines.
“We have proved that our upcycling technology works and can be applied globally. We have gained invaluable learnings from Skive and are transferring these into the design of the next generation plastic-to-liquid plants. These learnings set us apart and we are now moving into the next chapter of our journey,” says Quantafuel’s CEO Lars Rosenløv.
The demand for recycled, high-quality products, has never been higher and Quantafuel is well positioned to capitalise on these opportunities.
“We are closing the recycling loop. All the oil that we produce serves as a substitute for fossil oil and is used to manufacture a high number of high-quality plastic products. At the same time, by upcycling plastic waste chemically, the CO2-reduction is 50 percent less compared to incineration,” continues Rosenløv.
Quantafuel is discussing the roll-out of large-scale capacity plants with both existing and potential new partners and we are making good progress on our projects.
“I would like to thank everyone at Quantafuel for the progress we’ve made the past few months. This would never be possible without everyone’s hard work and dedication. Together we will continue to break new records and make a difference for the environment,” says Rosenløv.
Quantafuel published its first quarter 2022 report today with the full financial figures. Please refer to the published financial report and webcast for details covering all of Quantafuel’s projects and operation.
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.
