Quantafuel

Business and Financial Review • Jan 10, 2022

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

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

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.