Quantafuel

Report Publication Announcement • May 13, 2022

Quantafuel ASA | First quarter results 2022

Quantafuel ASA | First quarter results 2022

Quantafuel enters the next chapter of its journey

In Q1 2022, Quantafuel took another leap forward on the path from start-up to leading driver in the implementation of the circular economy by demonstrating long-term stability of our process and continuing the development of a project pipeline second to none.

It has been a rewarding first quarter for Quantafuel as Proof-of-Concept (PoC) was reached in March 2022 at our chemical plant in Skive; a milestone for continuous processing within chemical recycling of plastic waste. We are also pleased to report that the latest improvements made at Skive have led to a breakthrough with respect to uptime and stability; during March and April, we achieved 30 days of continuous operation on both lines.

“We have proved that our upcycling technology works and can be applied globally. We have gained invaluable learnings from Skive and are transferring these into the design of the next generation plastic-to-liquid plants. These learnings set us apart and we are now moving into the next chapter of our journey,” says Quantafuel’s CEO Lars Rosenløv.

The demand for recycled, high-quality products, has never been higher and Quantafuel is well positioned to capitalise on these opportunities.

“We are closing the recycling loop. All the oil that we produce serves as a substitute for fossil oil and is used to manufacture a high number of high-quality plastic products. At the same time, by upcycling plastic waste chemically, the CO2-reduction is 50 percent less compared to incineration,” continues Rosenløv.

Quantafuel is discussing the roll-out of large-scale capacity plants with both existing and potential new partners and we are making good progress on our projects.

“I would like to thank everyone at Quantafuel for the progress we’ve made the past few months. This would never be possible without everyone’s hard work and dedication. Together we will continue to break new records and make a difference for the environment,” says Rosenløv.

Please see the attached Q1 2022 report and Q1 2022 presentation for full financial figures, including details on Quantafuel’s operation and projects. Key highlights from the report:

- Proof of Concept reached at Skive

- Achieved 30 days of continuous operation on both lines at Skive in March/April

- Updating standard design for next generation Quantafuel PTL plants

- Progressing with full speed on named projects internationally

- Positive operational cashflow from the plants expected within second half of 2022

- Skive 2022 production volume target adjusted to be in the range of 6,000 - 8,000 tonnes

- Macroeconomic trends confirm Quantafuel’s strategy

A webcast including Q&A will be hosted by the Quantafuel management at 09:00 CET today. The presentation will be held in English, and a recorded version of the webcast will be made available on our webpage after the presentation.

Link to webcast:

https://channel.royalcast.com/landingpage/hegnarmedia/20220513_10/

For further queries, please contact:

Lars Rosenløv, CEO +47 93018040

Kristian Flaten, CFO +47 95092322

About Quantafuel | https://quantafuel.com

Quantafuel is a technology-based energy company converting waste plastics back into low-carbon synthetic oil products replacing virgin oil products. Quantafuel is establishing, operating and owning dedicated plastic-to-liquid (PtL) plants and plans to establish several plants throughout Europe and beyond.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by André Moe Bakke, IR, on 13 May 2022 at CET 07:00.