Turning Industrial Plastic Waste Into Certified Clean Diesel
Delivered by RE+CIRCLE. Part of the Studio North portfolio.
RE+FUEL transforms environmental liability into clean energy assets through process facilities designed for rapid deployment and high-efficiency plastics to diesel recovery across industrial and agricultural sectors.
Problem 1. Solution 1.
Across industrial and agricultural operations hard to process plastic accumulate in vast volumes, often underutilised or improperly managed.
RE+FUEL twin processing lines convert 8 million kilos of industrial plastics into 8 million litres EN 590-compliant diesel annually, supporting regional clean fuel supply, decarbonisation mandates, and circular economy goals.
Problem 2. Solution 2.
Across industrial and maritime sectors, hazardous waste oils—engine, hydraulic, and process residues and hard to process plastic accumulate in vast volumes, often underutilised or improperly managed.
RE+FUEL converts 8 million litres of hazardous oil into EN 590-compliant diesel annually, supporting regional clean fuel supply, decarbonisation mandates, and circular economy goals.
Waste-to-Fuel Platform
Proven Technology
Backed by established waste-to-fuel conversion technology with demonstrated success in similar applications.
Local Feedstock
Utilises readily available industrial waste plastics from regional industrial and agriculture operations.
Regulatory Alignment
Fully compliant with environmental regulations and supports policy objectives for circular economy.
Circular Economy Policy Fit
Waste Transformation
Transforms industrial waste into clean, certified fuel
Regulatory Support
Supports EU Clean Industry Law, Green Shipping & waste directives
Emissions Reduction
Reduces CO₂e emissions from both waste and transport fuel use with ESG alignment
Quality Assurance
Fully compliant with Tüv EN-590 Clean Diesel and emissions standards
Key Numbers
20-28%
Project IRR
Exceptional return on investment
2.5-3
Years to Payback
From start revenue
€12M
CapEx
Scalable modular twin-line design for redundancy
€8M
Annual Revenue
From diesel sales
Finance Structure: 45% loans/grants, 35% equity, 20% export credits.
Revenue targeted from 9-12 months after commissioning.
Revenue targeted from 9-12 months after commissioning.
Business Model
1
Build-Own-Operate
RE+CIRCLE develops, builds, and manages the entire asset, providing investors with passive income opportunities and exit options.
2
Co-Investment Model
Joint venture model with industry and/or Public-Private-Partnership with governments ideal models for long-term green transition with direct involvement in operations and profit sharing.
RE+CIRCLE co-develops and manages the asset, providing operational expertise and market access.
From Waste. To Clean Fuel. For the Future.
RE+FUEL from RE+CIRCLE Industry Studio.
Let's transform industrial waste into sustainable energy solutions.
Join our SAFE Investment Model
The below outlines the Pre-Launch Capital investment pathway for RE+FUEL SPV towards a proven operation for replication across select markets. It describes a milestone-based, performance-verified SAFE model where investor capital is only deployed upon confirmed deliverables in structured development phases. The model ensures capital efficiency, risk management, and transparent alignment with value creation.
SAFE = Market First Approach
All our industrial ventures are driven by a market-first methodology. Nothing is developed without clear, documented impact for customers and key stakeholders.
This approach enables industrial establishment at 1/10th of team and overhead cost, with 1/2 the personnel resources and in 1/3rd of the time compared to traditional industry players, according to NTNU (Dr Karl Klingsheim).
The gap compared to technology developers who transit into own factory operations is even bigger.
SAFE Financing
SAFE Financing
Phased de-risking capital for each Project towards Launch Capital. Disbursed upon documented deliverables.
Studio Financing
Studio Runway Partner(s) secure core team and core development activities towards start of revenue.
Launch Capital Financing
Launch Capital Investors commit capital to Projects (SPVs) for commissioning, build, and operations toward start of revenue.
Either directly or via SPV cluster financing and/or loan guarantees.
SAFE Financing is a de-risking component of each Project's early phase development toward secured Launch Capital. One of three components in the Industry Studio financing structure.
SAFE Development Model (pre launch)
There is no use in building something that nobody wants? Nor is it useful to develop something that will not make every stakeholder money (or other benefits)? And finally; no use in investing in something that cannot be done?
Thus, rather than start with technical development and call on big capital, we take a baby-steps approach to qualify development backwards from a SAFE Investment Decision (FID): First phase clears Do they want it?; next phase clears Will it make money for all stakeholders?; and the final phase of Can we actually do it – backed by agreements?
SAFE Investment (pre launch)
Initial development stages delivers on predictable core elements to build the industry business case. Each stage boxed in costs. With dilution protected investment offerings for investors that serve the model's running due diligence purpose for comfortable raise of Launch Capital upon documented launch readiness (build-to-operate).
Key Considerations
- Boxed Costs: Each phase at known cost and minimal waiting cost between phases).
- Performance Pay: Pay upon proof of deliverables only, no capacity pay.
- Low overhead: Little to none running costs. Industry Builder team does heavy lifting in early phases, only gradually ramp-up of SPV team.
- Team vesting for pay: Team optional to align interest and mitigating lack of funds risk.
- Full financial stack: Employed consisting of grants, loans, credits, and local equity all contributing to lower funding need and dilution.
- Typical SPV Launch Capital need (CapEx plus OpEx until cash positive): NOK 75-200M at typical SPV valuation of 3-4x of raised capital.
Post-FID: Full Stack Construction & Operation
Upon Launch Capital close, all pre-FID SAFE notes convert. Construction and operations commence.
Upon reach of revenue, returns begin ramping toward IRR targets.
Upon reach of revenue, returns begin ramping toward IRR targets.
SAFE Stakeholders
< 2 months
SAFE Business Model
< 4 months
SAFE Inv. Decision
< 6 months
Launch Capital
Parallel 3-6 months
Progress is governed not by calendar but by deliverables, milestones, and investor-verified demos.
How our SAFE Model works
1
Capital Commitment Timing
Investors commit capital at the start of each phase (following successful completion and verification of the prior phase).
2
Equity Structure
- For each phase: A fixed 5% equity stake is reserved, subject to full capital commitment.
- SAFE includes a post-money launch capital valuation cap and anti-dilution provisions.
- SAFE subscriptions roll up at Launch Capital Close (FID).
3
Capital Disbursement
- Some capital is retained until demonstrated delivery of the phase's defined Deliverables and Milestones.
- Demonstrations (DEMO) prove deliverables and trigger new investment rounds.
"It works like this: Investors transfer funds before the start of each phase (i.e., at the end of the previous one). A 5% equity share is reserved for full payment, with a cap and anti-dilution, converted at Launch Capital. Actual disbursement of payments to those executing the work happens only when the defined deliverables and milestones are met. Each phase closes with a DEMO where all investors can validate delivery and trigger the next round."
SAFE Pre-Launch Model Summary
SAFE Stakeholders
NOK 500k (€ 50K)
5% @ NOK 10M (€ 1M)
SAFE Business Model
NOK 1.5M (€ 150k)
5% @ NOK 30M (€ 3M)
SAFE Investment Decision (FID)
NOK 3.0M (€ 300k)
5% @ NOK 60M (€ 6M)
Launch Capital Close
NOK to be qualified: Target is NOK 100M.
% @ NOK X valuation TBD
Version: September 2025
Disclaimer: The above is for informational purposes only and does not constitute an offer or solicitation to invest. Projected returns are estimates and not guarantees. All investment decisions should be made after thorough due diligence and consultation with financial advisors.