The acquisition process for Quantafuel by Viridor commenced approximately a year ago, with Viridor proposing a deal valued at around £90 million. As part of this proposal, Viridor also pledged additional capital to support Quantafuel's ongoing development efforts. This initiative aimed to bolster Quantafuel's position in the market and enhance its growth trajectory. Fast forward to May 2023, and Viridor assumed the role of majority shareholder in Quantafuel, marking a significant milestone in the acquisition process.

Viridor's interest in acquiring Quantafuel was sparked by an announcement made by Quantafuel in October 2022. At that time, Quantafuel revealed its intention to conduct a strategic review aimed at identifying potential financial partners. This strategic review was initiated to address short-term liquidity challenges faced by Quantafuel and to explore sustainable financial solutions to support the company's growth and development initiatives.

At the heart of Quantafuel's innovative approach lies its pioneering plastics-to-liquids process. This cutting-edge technology enables the conversion of waste plastics into a raw material that closely resembles refined products derived from virgin fossil fuels. This transformative process holds immense potential for the chemicals industry, offering a sustainable solution for the production of new plastics. Notably, Quantafuel's technology is particularly adept at processing plastic films, which are notoriously challenging to recycle through conventional mechanical methods. These conventional methods often result in a downgrade in quality, rendering the recycled material unsuitable for many applications. Moreover, traditional recycling processes are ill-suited for applications in the food sector due to stringent food safety regulations.

Headquartered in Oslo, Quantafuel operates a demonstration plant located in Skive, Denmark. Additionally, the company has ambitious plans to establish additional facilities in the UK and Dubai. This expansion reflects Quantafuel's commitment to scaling its operations and leveraging its innovative technology to address global plastic waste challenges. The integration of Quantafuel into Viridor Polymers serves to strengthen Viridor's position as a key player in the polymers reprocessing domain. Moreover, this integration underscores the shared commitment of both companies to driving innovation and catalyzing the transition toward a circular plastic economy.

Viridor has expressed its intention to leverage Quantafuel's technological expertise as a catalyst for further advancements in the field of plastics recycling. This strategic alignment aligns with Viridor's broader vision to lead innovation in the plastics recycling sector and achieve comprehensive plastic circularity by 2025. By harnessing the synergies between their respective expertise and resources, Viridor and Quantafuel are poised to unlock new avenues of innovation and drive forward the transition toward a more sustainable and circular future.

The acquisition of Quantafuel by Viridor represents a significant milestone in the journey toward sustainable waste management and circularity in the plastics industry. Through collaboration and innovation, both companies are well-positioned to address the complex challenges associated with plastic waste and drive meaningful progress toward a more sustainable and circular future.