Ludwigshafen, Germany and Oslo, Norway – October 7, 2019 – BASF SE (“BASF”) is to invest €20 million into Quantafuel, a specialist for pyrolysis of mixed plastic waste and purification of pyrolysis oil, headquartered in Oslo, Norway. The investment will be facilitated via the subscription of new shares and via the grant of a convertible loan. Together, the partners aim to further develop Quantafuel’s technology for chemical recycling, consisting of an integrated process of pyrolysis and purification, towards optimizing the output for the use as feedstock in chemical production. In a second step, Quantafuel also plans to license the jointly developed technology to other parties.
In line with its customer-focused corporate strategy, BASF will expand the capacity of ethylene oxide and ethylene oxide derivatives at its Verbund site in Antwerp, Belgium. The total investment adds about 400,000 metric tons per year to BASF’s production capacity for the corresponding products with an expected investment amount exceeding €500 million.
BASF Agricultural Solutions is targeting increased market share and growth of one percentage point above the agricultural market. By 2030, the division aims for a 50% increase in sales. It will contribute significantly to BASF Group’s target of €22 billion in sales by 2025 with Accelerator products that make a substantial sustainability contribution in the value chain. EBITDA before special items of BASF Agricultural Solutions is targeted to grow by on average 5% per year.