Quantafuel ASA | Skive is on track for Proof-of-Concept around year end

08 Dec 2021 08:00 CET

Company Name

QUANTAFUEL

ISIN

NO0010785967

Market

Euronext Growth

Symbol

QFUEL

The upgrade of Quantafuel’s Skive plant is progressing as communicated in the Q3
2021 report. We are now starting hot commissioning, followed by feeding of
plastics in mid-December and the targeted Proof-of-Concept (PoC) around year
end.

As communicated in the third quarter report, the turnaround of Quantafuel’s
Skive plant is now transitioning into hot commissioning, followed by feeding of
plastics and the aim to reach PoC around year end. Quantafuel is pleased to
report that the installation and cold testing of two lines are completed on
schedule. The two remaining lines are being prepared in parallel with the
ongoing commissioning, start-up, and operation.

One line is currently being warmed up to commence hot commissioning, where key
processes and the interaction between them are tested at operating temperature.
The first feeding of plastics is planned around mid-December. All four lines in
Skive are identical, so the initial focus after hot commissioning will be on one
line, since PoC is linked to running one of the lines with commercial plastics
at high load with high availability for a prolonged duration, producing a liquid
acceptable for our offtake partner.

“We are pleased with our progress in Skive and glad that we are delivering on
the upgrade according to our plans thanks to our hard-working and dedicated
team. Now, we are fully focused on bringing the production to the expected
commercial level,” says Quantafuel’s CEO Lars Rosenløv.

“Our operation in Skive will form the basis for our future plants. Throughout
this exiting journey in Skive, we have sometimes gone two steps forward and one
back, but at the same time, we have acquired invaluable knowledge on how to
build for the future,” 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. 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 8 December 2021 at CET
08:00.


Source

Quantafuel ASA

Provider

Oslo Børs Newspoint