TO Shareholders in POLYFUELS GROUP AB !
The company is pleased to announce important and crucial milestones that have come into force from June 2022 to February 2023. As a company, we have had several major events, the past 6 months, that will have an impact on you as a shareholder. Information regarding important events are as follows:
JUNE: General Assembly / New board / New company name / EU Horizon project Starting up.
In June, Polyfuels elected a new board of directors and officially changed its name from Green Ideas Group to Polyfuels Group AB. Furthermore, June was the campaign start for the EU Horizon project Treasource in Finland, for which we have received funding for EURO 1 million over a 4-year period.
AUGUST: EU Kick-off consortium-Helsinki / New analysis criteria Borealis & Eurofins Lab
A new model was prepared for the cooperation between Borealis and Eurofins, were criterias for analysis are set in order to reach acceptable oil quality for the circular economy process.
The EU Treasource kick off in Helsinki hosted 17 companies from 6 countries, whereas Polyfuels Group are the only representative from Sweden. Polyfuels Group were at the kick off elected as Project leader for all working projects regarding chemical/mechanical recycling and feedstock collection analysis.
Project partners include SINTEF, VTT Finland, Viken county, Fredrikstad and Tampere municipality.
SEPTEMBER: Signed pyoil Off-take agreement Borealis / New large Grant applications submitted
In September, a longterm off-take Framework Agreement was signed with BOREALIS, confirming that they will buy all pyrolysis oil from the company’s future demonstration (in Billingsfors), and the larger upscaled plants in Norway and Sweden until 2030.
Furthermore, a grant submitted to apply for SEK 14. Million, from Naturvårdsverket for the setup of the pyrolysis plant at Billingsfors, in addition an invitation to participate in an international EU horizon project called -Clean River waste-, where 1 million euro is budgeted for Polyfuels participation. Both application are expected to be decided by end of Q1-2023.
OCTOBER: New pricing model for pricing of oil / Cooperation with Stena Recycling & Mølnlycke
A new pricing model was set with Borealis where our pyrolysis oil is based on quality, and the need for further processing. Oil Purchase prices are set from SEK 12 OIL/ltr to SEK 20 depending on quality level.
New co-operations established with major customers as Stena Recycling and Mølnlycke, were ongoing testing of various and concrete feedstock has been tested and analysed.
NOVEMBER: Collaboration with IKEA / Gavleborg plan progressing / PTO plan set for Viken-Norway
Polyfuels have started a highly interesting collaboration on a prestudy with IKEA analysing and testing plastic, for the Nordic market. Stena Recycling and Borealis will also be involved in the project.
More updates expected in March. In Gavleborg(north of Stockholm), ongoing talks through 2022,with municipality and partners, is progressing for a targeted PTO plant in 2024. In Viken county, a cooperation with our partner GG Group, we will in parallel to Billingsfors, set up another PTO-2 plant by January 2024.
DECEMBER: Negotiations regarding partnership & investment / New Leasing model for PTO purchase
A partnership from the offshore company HITEC products with their subsidiary, Pointbreak, for an 8 million investment by March/April 2023 is under planning. The company have a new leasing roll out model, for purchase of PTO machines, improving company’s future equity.
JANUARY 2023: Pyrum & Polyfuels signs international LOI / Collaboration with Oslo met university
Pyrum AG, both listed on the Frankfurt, and Euronext stock exchange in Oslo, have officially announced partnership with Polyfuels to jointly build and operate 4 pyrolysis tire plants on the Nordic market.
Pyrum AG have proof-of-concept operations in Germany. The company is partly owned by BASF, whom will be off-take partner of oil and carbon black, on long term basis. Oslo Met university will start up common industrial development and analysis on pyoil quality from various feedstock with Polyfuels. The tests are being performed by master chemistry students.
Lear more about Pyrum: Pyrum Innovations AG: For a cleaner world – start
FEBRUARY 2023: Pointbreak plan progressing /Pareto positive to private placement /New subsidiary
In March there will be demonstrations at the Hitec/Pointbreak plant at Norner Facilities in Porsgrunn/Norway, where a new innovative pyrolysis unit, specially made for household waste is to be set up. This unit will provide stronger resistance to contaminants. For Polyfuels this would be a perfect match and synergies with Nagata tech dealing with pyoil to Borealis, and Pointbreak on other markets.
Negotiations are ongoing with Pareto for private placements together with Pyrum AG. Polyfuels group have established a 100% owned subsidiary called – Circular Tires Holding – regarding the tires concept.
SUMMARY - MILESTONES - JUNE 2022 - FEBRUARY 2023