Norway's alternative fuel supplier Quantafuel is moving up to the Merkur Market in Oslo after welcoming BASF on board as an investor.
The Vitol-backed company produces bunkers from recycled plastic waste.
It is listed on Oslo's over-the-counter (OTC) market, but has started the process to transfer to the higher index, which does not have the same regulatory requirements as a full board listing.
“We have seen an increasing interest for the Quantafuel share after the announcement of the investment and partnership with BASF," said Quantafuel CEO Kjetil Bohn.
"By listing on Merkur Market, our shares will be traded on the Oslo Bors' trading platform and thus more accessible to the investor community."
German chemicals group BASF said this month it was investing €20m ($22.24m) to drive chemical recycling of mixed plastic waste.
The investment will be made through new shares and a convertible loan.
BASF has a four-year right of first refusal for chemically recycled pyrolysis oil and purified hydrocarbons from Quantafuel’s 16,000-tonne-per-year plant in Skive, Denmark, which should start production in the fourth quarter.
Quantafuel plans to license the jointly developed technology to other parties, and both companies aim to build jointly owned plants.
Bohn added: “Our longstanding strategic partner Vitol, the world’s largest independent energy trader, has agreed to open our existing cooperation to enable the collaboration between BASF and Quantafuel.
"We now have the foundation to establish production capacity in a scale that could have a meaningful impact on the global environmental challenges with waste plastic.”
