BASF Invests EUR20 Million in Quantafuel to Recycle Chemicals

Date : 10/07/2019 @ 12:32PM
Source : Dow Jones News
Stock : BASF AG (BAS)
Quote : 41.085  -1.99 (-4.62%) @ 4:35PM
BASF share price Chart

BASF Invests EUR20 Million in Quantafuel to Recycle Chemicals

BASF (XE:BAS)
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   By Kim Richters 
 

BASF SE (BAS.XE) said Monday that it is investing 20 million euros ($22 million) in Norway-based Quantafuel AS (QFUEL.NO), which makes fuels and chemicals out of plastic waste.

BASF and Quantafuel will collaborate on technology for chemical recycling, with Quantafuel planning to license the developed technology to customers in the future, BASF said.

The chemical giant said it will receive the right of first refusal for chemically recycled products such as pyrolysis oil from Quantafuel's plant in Denmark for at least four years. The site is to start operations in the fourth quarter of this year.

BASF's investment in Quantafuel will be through new shares and a convertible bond.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

October 07, 2019 08:17 ET (12:17 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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