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Quantafuel vitol. The delayed startup marks a milestone for the company which is backed by oil trading giant vitol. About quantafuel quantafuel is a technology based energy company converting waste plastics back into low carbon synthetic oil products replacing virgin oil products. This does not mean we can rest on our laurels. Were going to turn it quantafuel into the biggest plastic recycler in the world the process has already started.
As part of this partnership vitol will provide an undisclosedamount of financing to quantafuel and be the sole marketer of the low carbon fuel produced by quantafuels recycling plants. Vitol and quantafuel a producer of synthetic low carbon fuel today announced a strategic partnership. Vitols culture originated over 50 years ago with our founders and their combination of entrepreneurship determination to succeed integrity hard work and humility. Our future plants will be built according to the highest sustainability standards and our goal is to ensure that our own production is climate neutral and waste free.
Chemical recycling of plastic will be a booming industry in the next decades. As the company has grown the companys leadership has been mindful to preserve and evolve the elements it believes to be both the foundations of a successful business and conducive to a pleasant and constructive working environment. We are working hard to continually improve our sustainability profile. Quantafuels business model is green to the core.
After announcing a strategic partnership deal with vitol in april quantafuel completed a 150 million kroner 18 million equity offering that values the company at about 500 million kroner. Quantafuel vitol and vtti will jointly manage the feasibility studies and will work in partnership to prepare for the final investment decisions. The investment will be facilitated via the subscription of new shares and via the grant of a convertible loan. Quantafuel and vitol today announce that following the successful start up of quantafuels skive plant in denmark they will begin feasibility studies relating to the building of up to two large scale production facilities in amsterdam and antwerp for the chemical recycling of approximately 100000 tonnes per year of plastic waste per plant into low carbon synthetic oil products.
Vitol partnership vitol the worlds largest independent energy trader entered into a strategic partnership with quantafuel in 2018. Quantafuel is the global leader with the first mover advantage.
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