Chemical recycler Quantafuel acquires 40 per cent of Geminor

Geminor's founders retain a 60 per cent holding.
14.01.2021 − 

Quantafuel ASA, which specialises in the chemical recycling of plastic waste, is acquiring a 40 per cent holding in the Norwegian waste trader Geminor. With the investment, which Geminor announced on Wednesday, Quantafuel is acquiring as stake in the company with whom it was already working to secure feedstock for its recycling facility. Until now, Geminor has been owned jointly by CEO Kjetil Vikingstad and COO Ralf Schöpwinkel.

Geminor currently employs 80 people in ten countries and traded about two 2 million tonnes of waste last year. This year, sales are expected to exceed €180m. Quantafuel is in the process of ramping up production at its chemical recycling plant in Skive, Denmark.

"The international community is facing major challenges within waste management, especially when it comes to handling ever-increasing amounts of plastic waste. To meet these challenges the waste industry is becoming more industrialised, and new recycling solutions are currently being developed internationally," said Arne Haldorsen, chairman of the board of Geminor Invest AS. "Geminor wants to be a key player in this process, something we hope to achieve with Quantafuel as a partner and co-owner," he said.

"With Quantafuel as a partner, we hope to achieve our goal of becoming a leading player in material recycling and energy recovery in Europe," said Kjetil Vikingstad, CEO and co-owner of Geminor. "In cooperation with Quantafuel, we want to increase the share of plastics for recycling and thus actively contribute to a circular economy for plastics in Europe." Together, the companies formed a value chain from the collection, sorting and processing of plastic waste to the process of chemical recycling. "Plastic will now become more important for Geminor," Mr Vikingstad said. But the company also had a clear strategy for waste wood, refuse-derived fuel and secondary recovered fuel (RDF and SRS) and paper. A large part of the company's turnover would continue to come from energy recovery, he explained.

Quantafuel CEO Kjetil Bøhn described the partnership with Geminor as an important new step for his company. "The supply of plastic volumes with the right quality will be very important for us in the years to come," he said. "Geminor's presence and network throughout Europe, in addition to knowledge and experience of the waste industry, will be important in order to streamline the process of chemical recycling of plastics," said Mr Bøhn.

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