Viridor announced that it had bid for Quantafuel in February, in a move which it said reflects its support for chemical recycling (see letsrecycle.com story).
Quantafuel at the time held a 40% stake in Geminor, which was sold back to Geminor last month (see letsrecycle.com story).
The deal has now been confirmed as complete, following an extraordinary general meeting where a new Quantafuel board has been formed.
The board will be headed by Viridor’s CEO Kevin Bradshaw and CFO Nick Maddock. Terje Eiken has taken over as Quantafuel’s CEO and will lead the company’s integration with Viridor.
Work will also continue towards a delisting of Quantafuel.
Viridor said the deal contributes towards its ambition to lead innovation in the plastics recycling sector and “deliver full circularity in all four major plastics by 2025.”
This acquisition is an important step on Viridor’s growth journey to build a truly circular plastics economy
- Kevin Bradshaw, Viridor
‘Delighted’
Kevin Bradshaw, Viridor CEO commented: “We are delighted that Viridor has become a majority stakeholder in Quantafuel. This acquisition is an important step on Viridor’s growth journey to build a truly circular plastics economy.
“We see the opportunity for many exciting future developments and together will help build a world where nothing goes to waste.”
Terje Eiken, Quantafuel CEO commented: “We have landed on a strong industrial and financial solution for Quantafuel. We are excited to be part of creating an even stronger polymer business in Viridor, which now includes chemical recycling. Together we will lead innovation within the plastics recycling sector.”
Quantafuel
Quantafuel received planning permission in February 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 last year 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.
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.
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