After a successful upgrade and commissioning, the first line of Quantafuel's
Skive plant is back in production. We have been feeding plastics into the
production line at high load and our target for Proof-of-Concept (PoC) around
year end is maintained.
Quantafuel's Skive plant is progressing according to plan, as communicated in
the third quarter report, and in our update on 8th December 2021. The plant has
transitioned into production mode and we maintain our target of reaching
Proof-of-Concept (POC) around year end.
We are pleased to report that the newly installed equipment is performing as
expected and we have had several days with production at a load corresponding to
achieving PoC. We are currently doing some repair work for the
shredder, i.e. the unit transforming incoming plastic feedstock into a
suitable format for feeding into the reactors and will shortly resume
production.
All four lines in Skive are identical, and PoC is linked to running one of these
lines with commercial plastics at high load with high availability for a
prolonged duration, producing a liquid acceptable for our offtake partner.
"We are very pleased with our progress in Skive and that we deliver on our
commitments. The team spirit in Skive is high and everyone is fully focused on
bringing the production to the expected commercial level and deliver on our
roll-out plans," says Quantafuel's CEO Lars Rosenløv.
"As expected, the new equipment is now in operation and the normal start-up
challenges when transitioning from installation, through commissioning and into
operation, are being solved in an excellent manner. We are learning every day
and have implemented minor adjustments. Our operators and engineers are doing a
great job as we are stabilising production," says Quantafuel's COO Terje Eiken.
The 2022 target for Skive is processing of 12,000 tonnes of plastics, ending the
year at a 20,000 tonnes per year run rate as communicated previously. The
forecasted CAPEX of NOK 610 million remains unchanged.
For further queries, please contact:
Lars Rosenløv, CEO +47 93018040
Kristian Flaten, CFO +47 95092322
About Quantafuel | https://quantafuel.com
Quantafuel is a technology-based energy company converting waste plastics back
into low-carbon synthetic oil products replacing virgin oil products. Quantafuel
is establishing, operating and owning dedicated plastic-to-liquid (PtL) plants
and plans to establish several plants throughout Europe and beyond.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Kristian Flaten, CFO, on 23 December 2021 at CET
08:00.