Quantafuel

M&A Activity • Aug 31, 2023

Quantafuel finalises acquisition of 50% stake in Polynate

Quantafuel finalises acquisition of 50% stake in Polynate

As announced in December 2022, Geminor Invest AS ("Geminor") and Quantafuel AS ("Quantafuel") have formed a joint company, Polynate AS – Circular Plastic Solutions ("Polynate"), with a strategic aim to take a leading position in the waste plastics value chain across the Nordics and the UK. Polynate is led by Ralf Schöpwinkel who has 25 years of waste industry experience from the Geminor group.

Polynate was initially a 100% subsidiary of Geminor. As announced by Quantafuel on April 20th 2023, as part of the transaction with Viridor Limited where Quantafuel agreed to divest its Geminor shares back to the original owners, Quantafuel also secured an option to acquire 50% ownership of Polynate. On August 31st 2023, Quantafuel exercised this option, thereby directly controlling half of Polynate's shares.

With the transaction concluded, the composition of Polynate’s Board of Directors will reflect the ownership of Quantafuel, with Dominic Howson and Chris Lach representing Quantafuel, Kjetil Vikingstad and Bernt-Olof Morgan Olausson representing Geminor, and with Håkon Thomas Olsen serving as the Chairman of Polynate's board.

For further queries, please contact: Terje Ulla Eiken, CEO +47 41655493 or Chris Lach, CCO +47 92035125

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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 subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act Section 5-12.