This follows the £90 million deal to buy a “majority stake” in the Norwegian-owned company last year (see letsrecycle.com story), meaning the company was valued at £103.5 million.
The deal to acquire the remaining stake was confirmed earlier this week (29 January). Viridor will now complete final regulatory checks before the company will be delisted from the Norwegian stock exchange.
Viridor
Viridor is the UK’s largest energy from waste operator by market share and also has its own mechanical plastic recycling division with sites in Avonmouth, Rochester and Skelmersdale.
The move for Quantafuel marks a diversion from this strategy, but it’s hoped that by removing plastic from the waste stream, carbon emissions will fall ahead of a potential carbon trading scheme later this decade.
Quantafuel
Quantafuel received planning permission in February 2023 from Sunderland city council for a 110,000 tonnes capacity plant which it says will turn plastic waste from the region into oil (see letsrecycle.com story).
The plant will be built on land at the Port of Sunderland and forms part of Quantafuel’s plans to build “a series of plastic recycling plants across the UK”.
Quantafuel said construction is expected to get underway later this year, with the plant opening in 2025.
Quantafuel is one of many companies which have tried to create plastic to oil facilities in the UK, but the success of such facilities has been limited.
One of the most high-profile cases was Recycling Technologies, which went into administration after struggling to get its plant off the ground, with debts of £22 million (see letsrecycle.com story).
However, Quantafuel has similar proven sites in Scandinavia and will therefore hope its expertise in the field, and now being backed by Viridor, will see its facilities be a success in the UK.
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