Quantafuel

Earnings Release • Feb 28, 2022

Quantafuel ASA | Fourth quarter results 2021

Quantafuel ASA | Fourth quarter results 2021

Building the foundations for 2022 operations

The past few months have been characterised by the developments at the Skive plant; from the successful turnaround at the end of the year, followed by stable production in January, and the unplanned shutdown in February. Today, we can announce that we expect to have both lines back in production by mid-March.

Following the temporary shutdown of Skive production due to damage on the steel cone connecting the burner chamber with the flue gas heating box of the reactor, repair work was initiated quickly and efficiently. The first burner chamber is repaired and has now been installed. Heating has commenced and we expect plastic feeding within the next few days.

“I am impressed how efficiently the organisation has managed this repair work in good collaboration with the experienced contractor. We swiftly handled the unfortunate shutdown and are now ready to resume production,” says Quantafuel’s CEO Lars Rosenløv.

As the situation stands today, we maintain the Skive production target of 12,000 MT of plastic waste feed to be recycled for the full year 2022. 

Based on the experience gained from our plant in Skive, as well as a notable process and technology toolbox, Quantafuel’s management and Board of Directors are confident in continuing announced projects. We are discussing the roll-out of large-scale capacity plants with both existing and potential partners.

As of 31 December 2021, Quantafuel had total equity of NOK 1,081.0 million and a cash position of NOK 284.9 million. The Skive project is now finalised with a capex of NOK 620 million, an increase of NOK 10 million from last quarterly report.

Please see the attached Q4 2021 report and Q4 2021 presentation for full financial figures, including details on Quantafuel’s operations and projects.

A webcast including Q&A will be hosted by CEO Lars Rosenløv, COO Terje U. Eiken and CFO Kristian Flaten at 09:00 CET today. The presentation will be held in English, and a recorded version of the webcast will be made available on our webpage after the presentation.

Link to webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20220228_2/

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 André Moe Bakke, IR, on 28 February 2022 at CET 07:00.