Chemic emical al Recy cycling ling transf ansforming orming the plastic stic wast ste e economy onomy 4Q report
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PE ABS PP 20 March 2020 | 3
The Plastic Paradox 27 mtons 10 % is from EU recycled World 100 BUSD production 5 years lost to of waste is to 55% 242 million market tons Source: Goldmansachs - the-plastics-paradox 2018 20 March 2020 | 4 EllenMacarthurFoundation – New Plastic Economy
P L A S T I C W A S T E H A N D L I N G G L O B A L L Y What made this happen? 120 million tonnes will have to be China enacted a « Plastic ban » on waste imports allocated between 2019-2030 Europe and US changes waste stream to Southeast Asian 157,000 shipping- containers from US to countries leading to an immediate environmental crisis Asia in 2018 of plastic waste exports goes to 78 % BASEL Convention is amended restricting free flow of poor countries without proper plastic waste to poor countries (180+ countries signing!) recycling industry EU (the worlds largest plastic waste exporter ) in trouble: 55 % of plastic waste must be recycled - • Not enough plastic recycling capacity EU requirement by 2025 • New export limitations www.nationalgeographic.com/environment/2019/05/shipping-plastic-waste-to-poor-countires-just-got-harder/ 20 March 2020 | 5 www.plasticpollutioncoalition.org/pft/2019/3/6/157000-shipping-containers-of-us-plastic-waste-exported-to-countries-with-poor-waste-management-in-2018 www.nationalgeographic.com/environment/2018/11/china-ban-plastic-trash-imports-shifts-waste-crisis-southeast-asia-malaysia/
H I G H G R O W T H N A S C E N T M A R K E T Massive growth is new plastic-to-product market 2030: “Alternative reuse” of plastic 2030: >200 million tonnes plastic reused biggest profit growth >50 million tonnes ~25 BUSD for for pyrolysis pyrolysis 20 March 2020 | 6 Source: McKinsey&Company
M A R K E T M A C R O O U T L O O K Global players scrambling for developing their position Oil majors Chemical majors Recycling majors Compa pany y exampl mples es Compa pany y exampl mples es Compa pany y exampl mples es State ted d ambiti tion: State ted d ambiti tion: State ted d ambiti tion: “Neste targets to process more “BASF is working on “REMONDIS has initiated a than one million tons of plastic recovering and recycling of project to develop and operate waste annually by 2030.“ plastics through our so so-called chemical recycling ChemCycling project.“ facilities.“ Need to increase recycling – See major opportunities in Expect chemical recycling to alternative fuels become a major factor require chemical recycling 20 March 2020 | 7
Chemical Recycling is the only solution 20 March 2020 | 8
B Technology T E C H N O L O G Y R E F I N E M E N T S Feedstock handling system 20 March 2020 | 9
B Technology T E C H N O L O G Y R E F I N E M E N T S Pyrolysis reactor 20 March 2020 | 10
B Technology T E C H N O L O G Y R E F I N E M E N T S Unique catalyst solution 20 March 2020 | 11
B Technology T E C H N O L O G Y R E F I N E M E N T S 4 5 Distillation column and storage 20 March 2020 | 12
T E C H N O L O G I C A L U N I Q U E N E S S Quantafuel transforms plastic waste to recycled, high-quality products in a unique catalytic PtL process Pl Plas astics tics Pyrol Py olysis sis oil (in Suitable Su table product ct Final al, , separ arated ted gas aseou ous s state ate) hydr droc ocar arbon ons products cts PE PE Alkanes > 90 % Alkan anes es 40% “Naphtha” ~16% 2 3 4 (C 6 H 14 (C 14 – C 10 10 H 22 22 ) (160 0 kg / 230 l p per tonne nne) Reactor ors Distill stillation tion Aromat atics s 30% Dies esel el ~56% Quanta ntafuel (C (C 10 10 H 22 22 – C 22 22 H 44 44 ) Cata talyst yst syste stem (560 kg / 710 l per r tonne) e) PP PP (QCS S 9.0) 0) Heat atin ing Oil l ~8% (90% of input put mass) (80% of input put mass) (C (C 23 23 H 48 48 – C 28 28 H 58 58 ) Olefins 30% (80 kg / 85 l per tonne) e) Tota otal - 800 Kg + ~10% carbo bon rich ash + ~10% perman manen ent t gases es – used for heati ting of plant - 1035 5 litre (plant self-sufficien ent t with energ rgy – providing ~1-1,5 MW in surplus heating) 20 March 2020 | 13
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T I T L E One production process – two markets PRICE MARKET PRODUCT Drop in Fuel – EU High Est : Recycled Carbon REDII 1400 – 1700 USD/MT (HVO) Fuels (RCFs) Similar to biofuels Low Est : mandate 1000 USD/MT (RME) Co-mingled Recycled High Est : 1500 USD (bio) Petrochemical Petrochemical Low Est* : 700 – 1 000 Feedstock Feedstock USD/MT *Prices based on observed market sentiment 20 March 2020 | 15
The consumer-goods industry under preassure «Nestlé today announced that it will invest up to CHF 2 billion to lead the shift from virgin plastics to food-grade recycled plastics and to accelerate the development of innovative sustainable packaging solutions. Building on its 2018 commitment to make 100% of its packaging recyclable or reusable by 2025.» Press release 16.01.2020 20 March 2020 | 16
S K I V E E C O N O M I C S Quantafuel Skive with 15.1 MUSD rev and 8.9 MUSD EBITDA with 60 MT and 45 MUSD and 29 MUSD with 180 MT in 2022 2021 economics with 60 MT first plant 2022 economics with 180 MT capacity MUSD 45.2 3.6 3,0 5.7 4,2 28,7 EBITDA: 63% 15,1 1,2 1,5 2,5 1,0 8,9 EBITDA: 59% 1) 1) Revenues Direct Personnel Other OPEX Service fee EBITDA Revenues Direct Personnel Other OPEX Service fee EBITDA expenses Quantafuel AS expenses Quantafuel AS 1) Revenue is based on average FAME/HVO market price of USD 1 000 / MT 20 March 2020 | 17
Consumer good companies screeming for solutions “Moreover, the partnership is a first step to build up a broad supply base for Chemcycled products. This enables us to support our customers in achieving their sustainability targets.” Hartwig Michels, president Petrochemicals, BASF “We’re going to turn it into the biggest plastic recycler in the world.” Russel Hardy, CEO Vitol – January 2020 Financial Times 20 March 2020 | 18
P&L 2019 Quantafuel Statement of Operations Q4 2019 2019 Q4 2019 2019 Unaudited Unaudited Unaudited Unaudited Company Company Group Group (kNOK) (kNOK) (kNOK) (kNOK) Revenues 466 47,134 - - Other income - 497 - 497 Total revenues and other income 466 47,630 - 497 Cost of materials - 69,318 - 193,087 351 - 1,236 Salaries and personnel costs 23,442 - 23,271 20,709 - 29,038 Depreciation - 1,112 - 1,216 - 3,212 - 3,352 Other operating expenses - 6,835 - 18,524 - 5,148 - 19,533 Total operating expenses - 53,822 - 236,098 12,700 - 53,159 Operating profit (/loss) - 53,356 - 188,467 12,700 - 52,662 Net financial gain (/loss) 9,831 - 11,904 8,845 - 14,442 Profit (/loss) before taxes - 43,525 - 200,371 21,545 - 67,103 20 March 2020 | 19
Balance 2019 Quantafuel Balance sheet 2019 2019 Quantafuel Balance sheet 2019 2019 Unaudited Unaudited Unaudited Unaudited Company Group Company Group (kNOK) (kNOK) (kNOK) (kNOK) Equity and Liabilities Assets Shareholders’ equity 112 112 Property, plant and equipment 1,541 358,748 Premium reserve 502,481 502,481 Right-of use asset 3,043 44,602 Uncovered loss - 447,952 - 282,965 Non-controlling interests - 68,510 Investment in Associates 17,156 - Total equity 54,641 288,138 Intangible assets 19,892 23,339 Other non-current assets - 3,232 Deferred tax 57,083 Total non-current assets 41,632 429,921 Loans to financial institutions 98,825 115,555 Long-term leasing liability 2,226 41,141 Accounts receivables - - Total non-current liabilities 101,051 213,779 Other receivables 63,305 13,540 Cash and cash equivalents 145,437 150,666 Short-term leasing liability 933 4,366 Total current assets 208,742 164,206 Accounts payable 61,806 59,481 Trace, other payables and provisions 3,587 10,481 Total assets 250,374 594,127 Finance debt Other current liabilities 28,355 17,882 Total current liabilities 94,682 92,210 Total equity and liabilities 250,374 594,127 20 March 2020 | 20
O W N T H E V A L U E C R E A T I O N Quantafuel’s business model is to build, own and operate PtL plants, each established as a separate SPV Local partner • Invest capital • Plant technology and design • Local competence • Plant planning, construction and commissioning • Potentially contribute with feedstock • Operational support Dividend 3 Service fee 2 1 Plant owning SPV Plant price • Quantafuel ownership >50 % • Plant construction and operations • Plant financing • Secure feedstock and fuel sales 20 March 2020 | 21
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