Cassandra Oil, formerly known as Eureka Oil, is a Swedish-based company[1] that manufactures so-called reactors for extracting oil from various types of waste such as contaminated oil spills, plastic waste, and old car tyres.[2][3][4] The company was listed on NASDAQ First North in the spring of 2012[5] but was delisted in the autumn of 2018. In 2024, Cassandra Oil was acquired by Nexergy Holdings PLC,[6] valuing the company at approximately SEK 2.1 billion.[1][7]
History
editCassandra Oil was initially named Eureka Oil throughout 2011. It was later changed to Cassandra Oil due to a Norwegian oil company also named Eureka Oil. In the spring of 2012, Cassandra Oil was listed on NASDAQ First North through a so-called reverse listing where it took over the listing of Factum Electronics AB.[5]
The first mass-produced reactor, which was sold for EUR 4.5 million, was delivered to a facility in northern Iraq in 2013.[4]
When Cassandra Oil was listed on First North, a cooperation agreement was presented with the recycling company Ragn-Sells and the lime producer Nordkalk.[5] The used tyres collected by Ragn-Sells would be converted into oil, which would be used by Nordkalk in its energy-intensive processes.[8] However, Cassandra Oil and Ragn-Sells discontinued their collaboration in September 2016 due to a disagreement over commercial expansion terms and Cassandra's technology rights.[9]
In May 2017, an experiment went wrong, causing a fire at the factory in the Västerås harbor area.[1] The company's founder and CEO, Anders Olsson,[10] sustained minor injuries in the blaze, which took several hours for the emergency services to bring under control.[11] In the autumn of 2018, Cassandra Oil was delisted from First North after Nasdaq's Disciplinary Committee concluded that the company had failed to provide information.[7]
In 2024, Cassandra Oil was acquired by Nexergy Holdings PLC, a British company investing in sustainable energy. The acquisition valued Cassandra Oil at approximately SEK 2.1 billion, with the shareholders receiving one share in Nexergy for each share in Cassandra.[1][7]
References
edit- ^ a b c d Nordenstam, Sven (2023-07-17). "Brittiskt bolag vill köpa kraschade småspararfavoriten". Dagens industri (in Swedish). Archived from the original on 2024-03-16. Retrieved 2024-03-25.
- ^ "Cassandra Oils vd svarslös om utebliven betalning". Dagens industri (in Swedish). 2014-05-05. Archived from the original on 2015-06-09. Retrieved 2024-03-25.
- ^ Froste, Calle (2013-11-29). "Häftiga installationer väntar". affarsvarlden.se. Archived from the original on 2016-08-11. Retrieved 2024-03-25.
- ^ a b Froste, Calle (2013-12-17). "Cassandra Oil levererar". affarsvarlden.se. Archived from the original on 2016-08-11. Retrieved 2024-03-26.
- ^ a b c Lars-Anders, Karlberg (2012-02-10). "Nytt oljebolag tar köksvägen till börsen". affarsvarlden.se. Archived from the original on 2016-08-11. Retrieved 2024-03-25.
- ^ "Nexergy Holdings PLC acquired Cassandra Oil AB. -March 06, 2024 | MarketScreener". MarketScreener. 2024-03-07. Retrieved 2024-04-08.
- ^ a b c Nordenstam, Sven (2024-03-11). "Grundaren tvärvänder – "man har ju rätt att ändra sig"". Dagens industri (in Swedish). Archived from the original on 2024-03-16. Retrieved 2024-03-25.
- ^ "Veckans Affärer - Analyser och artiklar om Veckans Affärer - Dagens industri". di.se (in Swedish). Retrieved 2024-03-25.
- ^ Westberg, Magnus (2016-09-22). "Cassandra Oil och Ragn-Sells inte överens – avslutar samarbetet". vlt.se. Archived from the original on 2016-10-27. Retrieved 2024-03-26.
- ^ Westberg, Magnus (2016-04-27). "Har Varit Jobbigt Att Komma Hit". vlt.se. Archived from the original on 2016-04-29. Retrieved 2024-03-26.
- ^ Lund, Alexander Zeilon (2017-05-28). "Experiment "gick fel" – orsakade storbrand". Svenska Dagbladet (in Swedish). ISSN 1101-2412. Archived from the original on 2024-03-25. Retrieved 2024-03-25.
External links
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