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]
Cassandra 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]