Quantafuel

Legal Proceedings Report • Feb 10, 2022

Quantafuel ASA | Update on Quantafuel’s Skive plant

Quantafuel ASA | Update on Quantafuel’s Skive plant

With reference to the notice on 6th of February regarding the temporary shutdown of Skive production, our inspection has revealed damage on the steel cone connecting the burner chamber with the flue gas heating box of the reactor. We have now initiated repair work and target to be back in production within mid-March.

In close cooperation with third party experts, Quantafuel has now concluded on replacing the damaged steel cone with an improved solution. One burner chamber has already been transported to the selected subcontractor, and the next chamber will follow shortly.

“We’ve had a period with high production and uptime, so the timing of this temporary shut-down is very unfortunate. On the other hand, I am pleased that the issue can be resolved without significant costs. I would like to underline that this issue is not related to Quantafuel’s pyrolysis process or technology,” says Quantafuel’s CEO Lars Rosenløv.

“Our team in Skive has handled this issue very well and I am pleased that we, together with third party experts, have initiated the repair work so quickly. We will use the downtime to perform preventive maintenance requiring a cold process,” says Rosenløv.

Additional technical information:

The burner chamber and the connected flue gas system form the main heating elements for the process. The rotating pyrolysis reactor is surrounded and heated by the hot flue gas. There is no direct contact between the hydrocarbon gases formed in the reactors’ pyrolysis process and the flue gas.

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Quantafuel would like to invite investors, analysts and journalists for a call at 12:30 CET today. The call will be hosted by CEO Lars Rosenløv and COO Terje Eiken.

Please copy the following link and paste it in your browser to join via Teams:

https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZmIxOWNjZGEtMTNlZi00MzcyLTgyOTgtYWE2MTc3OGVkZWM4%40thread.v2/0?context=%7b%22Tid%22%3a%22bad801b1-c222-4ea0-8d59-ee83f35040bc%22%2c%22Oid%22%3a%22269ba9b3-c89e-41b8-9b00-a6d0c84d7c8e%22%7d

Alternatively, please register per email to IR@quantafuel.com

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, Investor Relations, on 10 February 2022 at CET 08:00.