The deal was first a year ago, when Viridor proposed to acquire Quantafuel for approximately £90 million and provide additional capital to support Quantafuel’s current development projects. In May 2023, Viridor then became a majority shareholder in Quantafuel.

Viridor’s offer was preceded by Quantafuel’s announcement in October 2022 of a strategic review to find potential financial partners to secure short and long-term financial solutions for the company, which was then facing a short-term liquidity shortfall.

Quantafuel’s plastics-to-liquids process converts waste plastics into a raw material, comparable to virgin fossil fuel derived refined products. This material can be used in the chemicals industry for the production of new plastics.

The technology is reported to be particularly effective for plastic films which are notoriously difficult to recycle. Current mechanical recycling processes typically lead to a downcycling in quality and are not suitable for use in the food sector due to strict food safety controls.

Oslo-headquartered Quantafuel operates a demonstration plant in Skive, Denmark, and has announced plans to build facilities in the UK and Dubai.

"Quantafuel's integration into Viridor Polymers solidifies our position as a key player in the polymers reprocessing sector and underscores our shared commitment to driving innovation and creating a circular plastic economy," said Lee Hodder, managing director of Viridor.

Viridor commented that it intends to build on the platform created by Quantafuel and further promote the commercialization of its technology, in line with the UK company’s ambition to lead innovation in the plastics recycling sector and achieve complete plastic circularity by 2025.