Norway-headed biomass and waste-derived fuel aggregators and suppliers Geminor AS have announced that compatriot plastic-to-liquids technology developer Quantafuel ASA is now selling all its shares in Geminor back to Geminor founders who thereby securing 100 percent ownership in the recycling company.
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In 2020, Quantafuel, a leading European chemical recycling of plastics developer, acquired 40 percent of the shares in the Norwegian resource management group Geminor.
The acquisition tied the companies closer together and strengthened the recycling of waste plastics in the Nordics.
The same share of stock has now been sold back to the founder and CEO of Geminor, Kjetil Vikingstad, and co-owner Ralf Schöpwinkel.
Hence, the two have secured sole ownership of the company, as before the Quantafuel acquisition in 2020.
A new owner of Quantafuel
The decision to purchase Geminor shares was taken in connection with the fact that Quantafuel is in a sales process. This is the right choice for Geminor and will enable us to grow in the European waste management market, explained Kjetil Vikingstad, CEO and founder of Geminor.
The Geminor founder believes this to be a natural and undramatic decision.
Quantafuel will most likely be acquired by the British waste management company Viridor. Hence, we faced a choice between continuing operations with the new owner of Quantafuel, or buying the company back. The choice fell on the latter, which we believe is right for Geminor and our plans for expansion in the European waste and recycling market, Kjetil Vikingstad said.
Will continue to invest in plastics recycling
Quantafuel selling its shares in Geminor does not mean that the investment in plastics is over for Geminor.
With Quantafuel as a partner, Geminor has taken new steps in the recycling of plastics, and it has been a productive collaboration for both companies. The fact that we choose to continue without Quantafuel as owner changes neither the structure nor the strategy of Geminor, said Kjetil Vikingstad.
Plastic recycling will continue to be an important part of the company’s strategy.
Geminor will continue the work to develop existing and new markets, create new fractions with lower fossil footprint, increase mobile waste processing, as well as increase efforts within material recycling. Overall, our goal is to double the volume of waste we handle by 2026. As for waste plastics, this is an important part of our strategy to strengthen efforts in recycling, said Truls Gautesen, Chairman of Geminor.
