By Kim Richters
BASF SE 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 firstname.lastname@example.org