Quantafuel ASA | Skive continues its progress towards Proof-of-Concept

10 Jan 2022 08:00 CET

Quantafuel can today report that two out of the four lines at its Skive plant
have produced at a load and performance level qualifying for Proof-of-Concept.
Both lines have operated stably at design capacity before the runs were cut
short by mechanical failures in the feeding systems.

Our experience from the past few weeks shows that the last remaining identified
process challenges have been resolved by installation of the new equipment
during the turnaround. We expect to resume production shortly following
inspection and repair.

“We are confident that our targeted PoC will be reached shortly and I am pleased
to see that our second line which has never been in operations so far is capable
of producing at the same, high load as the first line did during December. The
recent developments after the turnaround are looking promising despite a few,
but not unusual, start-up challenges,” says Quantafuel’s CEO Lars Rosenløv.

All four lines in Skive are identical, and PoC is linked to running one of these
lines with post-consumer plastic waste at high load with high availability for a
prolonged duration, producing a liquid acceptable for our offtake partner. As
communicated, PoC is an important step in our production ramp-up towards full
production that we target to reach in Q4 2022.

“We have had some really positive developments at Skive and I am satisfied with
the new equipment that has been installed. We are now working on fine-tuning and
minor adjustments to take us where we need to be. The Skive-team is doing great
and we are all excited about the coming days and weeks,” 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 10 January 2022 at CET
08:00.

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