Quantafuel AS, a Norwegian company turning plastic waste into motor fuels, jumped the most ever in Oslo trading after finally starting operations at its first plant.
The company, which was founded in 2014, has more than tripled in value since listing on Oslo’s Merkur Market in February. It’s now valued at more than $1 billion.
Quantafuel started production at its Skive plant in Denmark on Tuesday, it said in a statement. The delayed startup marks a milestone for the company, which is backed by oil-trading giant Vitol Group and chemicals maker BASF SE, as well as the Danish billionaires behind Lego.
The stock rose as much as 23%, the most on record, and was up 22% at 72.9 kroner apiece as of 10:25am in Oslo.
Quantafuel is profiting from a heightened focus from investors on environmental, social and governance (ESG) issues. It’s seeking to capitalize on increased international efforts to manage plastic waste — including a planned tax in the European Union — by using its technology to turn the material into diesel and other fuels.
The company will now increase production at Skive, and is planning to build more plants. It’s said earlier it has a vision to boost production 100-fold in the coming decade.