The company, backed by oil-trading giant Vitol Group, expects to produce about 350 barrels of diesel and gasoline a day at its plant in Denmark from the beginning of next year, and sees potential for 30,000 to 40,000 a day within 10 years. It’s betting that making fuel from plastic -- a petroleum product -- can help alleviate a growing environmental problem.
The world produces more than 300 million tons of plastic every year, half of which becomes waste almost instantly, according to the Plastic Oceans Foundation. With global awareness of the ecological threat rising, the time is right for Quantafuel to deploy its technology, its chief executive officer said.
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