After purchasing a stake of around 83 per cent in the Norwegian company Quantafuel last year, the British waste management company Viridor has increased its holding to just over 90 per cent by converting a loan into new Quantafuel shares. The extraordinary general meeting authorising the issuance of the conversion shares took place last Thursday.
Quantafuel has developed a "plastic-to-liquid" (PtL) pyrolysis technology for converting waste plastics into oil products. The company's first commercial plant using the process in Skive, Denmark started operating in September 2020, but the company is still working to improve its operations. By contrast, progress in the construction of a large-scale sorting facility for plastic packaging waste in Esbjerg, Denmark remains on schedule, and the facility has reached another milestone this month.
Prior to the Quantafuel acquisition, Viridor's polymers business focused on mechanical recycling. Viridor Polymer Recycling (VPR), the subsidiary pooling these activities, recorded substantial losses in the financial year ended 31 March 2023....
