Geminor AS’s holding company, Geminor Invest AS, has reportedly sold 40% of its shares to Quantafuel, an energy & chemical recycling company.
Founded in 2004 in Norway, Geminor AS has expanded its offerings to become a leading international industry player as well as a waste supplier in Europe. Currently, the company has an employee base of 80 professionals in 10 countries. For the record, it delivered up to 2 million tons of a variety of wastes for recycling in 2020.
On the other hand, Quantafuel is a technology-driven energy company that designs, develops, and operates production plants to offer high-quality chemical & synthetic fuel products developed based on non-recyclable waste materials. The company presently operates a production facility for chemical recycling in Denmark.
According to Kjetil Vikingstad CEO of Geminor Invest, the company and Quantafuel form a value chain from the treatment, sorting, and collection of plastic wastes to the chemical recycling process. Apart from plastics, the firm is also planning to develop streams and fractions within paper, SRF, RDF, and waste wood. Despite this, a large proportion of its turnover will continue to come from energy recovery, he claimed.
Mr. Vikingstad further cited that the company collects waste from 350 waste producers and delivers it to nearly 180 off-takers in Europe. He added that it will continuously develop sustainable waste fractions and extract waste plastics for chemical recycling in a bid to ensure further growth.
As per the statement made by Kjetil Bøhn, Quantafuel’s CEO, the recent partnership is highly crucial as it will help leverage the strong presence and network of Geminor across Europe, along with its experience and knowledge of the waste industry, to streamline the chemical recycling process of plastics.
Following the agreement, all employees and management will continue to work under Geminor, with Head Office still at Karmøy in Norway and Kjetil Vikingstad & Ralf Schöpwinkel to continue serving as CEO & COO respectively.