Draft:Cassandra Oil

Cassandra Oil, formerly known as Eureka Oil, is a Swedish-based company that manufactures so-called reactors for extracting oil from various types of waste such as contaminated oil spills, plastic waste, and old car tyres. The company was listed on NASDAQ First North in the spring of 2012 but was delisted in the autumn of 2018. In 2024, Cassandra Oil was acquired by Nexergy Holdings PLC, valuing the company at approximately SEK 2.1 billion.

History
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.

The first mass-produced reactor, which was sold for EUR 4.5 million, was delivered to a facility in northern Iraq in 2013.

When Cassandra Oil was listed on First North, a cooperation agreement was presented with the recycling company Ragn-Sells and the lime producer Nordkalk. The used tyres collected by Ragn-Sells would be converted into oil, which would be used by Nordkalk in its energy-intensive processes. 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.

In May 2017, an experiment went wrong, causing a fire at the factory in the Västerås harbor area. The company's founder and CEO, Anders Olsson, sustained minor injuries in the blaze, which took several hours for the emergency services to bring under control. 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.

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.