Saga Pure ASA Invests NOK 30 million in the chemical recycling company Pryme
(Oslo, 25 January 2021) Saga Pure ASA (Saga, OSE: SAGA) has as a cornerstone investor, committed to subscribe and be allocated shares for NOK 30 million in a private placement of new shares (the “Private Placement”) in CRC Holding B.V (“Pryme”). Following the Private Placement Saga will own approximately 4% of the company.
“Over the last few years the world has come to truly understand the negative impacts plastic waste has on the ecosystems, and there is a strong need for innovative solutions to tackle the issue. One important pillar for handling the plastic issue is efficient recycling. Pryme has developed a solution which combines a high conversion rate along with large scale, both crucial to improve the economics of such operations, and by utilizing electricity for the process also enables a potentially zero overall carbon footprint,” says Bjørn Simonsen, CEO of Saga Pure.
Pryme is a company based in Rotterdam, the Netherlands with an experienced team with background from the recycling, raw materials, pyrolysis, chemical and construction industry. The company will use a modified pyrolysis process to convert plastic waste into pyrolysis oil, which will be further refined downstream for production of new plastics.
Pryme has entered into feedstock supply agreement with Suez, a leading European waste management company. Further the company has signed LOI with Shell Chemicals for off-take and downstream development.
The company will use the net proceeds from the Private Placement to build the organization and start the construction of the first plant in Rotterdam, which is scheduled to start production early 2022.
For further information, please contact:
Bjørn Simonsen, CEO, +47 97 17 98 21
About Saga Pure ASA
Saga Pure is an investment company focusing on opportunities within renewable energy, hydrogen, circular economy and CO2-reductions.