Quantafuel

Regulatory Filings • Jun 30, 2021

Quantafuel ASA | Quantafuel reaches significant milestones at Skive

Quantafuel ASA | Quantafuel reaches significant milestones at Skive

Significant progress has been made at our plant in Skive, Denmark, with operational stability improving considerably over the past few weeks.

“Proof-of-concept is not a process with a binary outcome, it is a demanding and time-consuming process with many small improvements. For us, it has never been a question if we will reach proof-of-concept in Skive, but when. We are working hard to reach it and had hoped to mark that milestone by the end of this quarter, but we are pleased to have set weekly records for production stability and volume, and remain confident that we will reach proof-of-concept soon,” says Quantafuel’s CEO Kjetil Bøhn.

“We will not use the Covid situation as an excuse, as we have worked hard to reach our targets despite the challenging conditions. But it remains a reality that delivery times for key components have increased dramatically and that many suppliers are not able to deliver according to agreed schedules,” Bøhn continues.

Due to this, the planned project completion will be postponed from the end of Q3 2021 to mid Q4 2021.

On Monday this week, we announced that we have taken full ownership of our Skive plant as we move towards full production, and earlier this month, Quantafuel invested in a pre-treatment line in Aalborg to secure feedstock. We are also continuing the process as planned at Esbjerg, where we plan to build a feedstock pre-treatment plant integrated with a chemical recycling plant. There are many exciting projects in the pipeline for Quantafuel and we are deeply committed to our strategic roll-out plan.

For further queries, please contact:

Kjetil Bøhn, CEO +47 91573818

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 announcement was published by Kristian Flaten, CFO in Quantafuel ASA, on 30 June 2021 at 08:57 CET.