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Oslo, Norway, 10 September 2020 

Quantafuel ASA (“Quantafuel” or the “Company”) contemplates a private placement
(the “Private Placement”) comprising of an offer of i) new shares to raise gross
proceeds of approximately NOK 600 million and ii) up to 2,500,000 existing
shares offered by certain existing shareholders (the new and the existing shares
together, the "Offer Shares"). The total number of Offer Shares to be placed
will depend on the final offer price to be determined following an accelerated
bookbuilding process. 

ABG Sundal Collier and Pareto Securities AS are acting as joint lead managers
and joint bookrunners (the “Joint Bookrunners”) in connection with the Private
Placement and Arctic Securities AS is acting as co-manager (together with the
Joint Bookrunners, the “Managers”). 

The net proceeds to the Company from the Private Placement will be used to
invest in the further expansion and buildout of new plants, as well as general
corporate purposes. Reference is here made to the release from the Company this
morning regarding the commencement of feasibility studies for large-scale
plastic chemical recycling plants and to the operational update section at the
bottom of this release.

The following shareholders (the “Selling Shareholders”) in the Company are
offering to sell existing shares under a separate agreement with the Managers: 
-	T.D. Veen AS (represented on the Company’s Board of Directors): up to
1,000,000 shares
-	Kjetil Bøhn, CEO: up to 900,000 shares;
-	Oscar Spieler (Chairman): up to 300,000 shares
-	Thomas Steenbuch Tharaldsen (CSO): up to 300,000 shares

The Selling Shareholders have agreed to a customary lock-up on their remaining
shares for a period of six months following the Private Placement. In addition,
the Company has agreed to a lock-up on future share issues for a period of six
months following the Private Placement, subject to customary exceptions,
including with respect to a potential offering in connection with a listing of
the Company's shares on a regulated market (this exemption also applies to the
Selling Shareholders) and directed share issues by the Company to strategic
partner(s) as part of M&A transactions and/or industrial cooperation(s).

The Private Placement will be directed towards Norwegian and international
institutional investors, in each case subject to and in compliance with
applicable exemptions from relevant prospectus, filing or registration
requirements. The minimum subscription and allocation amount in the Private
Placement will be the NOK equivalent of EUR 100,000, provided that the Company
may, at its sole discretion, allocate an amount below EUR 100,000 to the extent
applicable exemptions from the prospectus requirement pursuant to applicable
regulations, including the Norwegian Securities Trading Act and ancillary
regulations, are available. 

The issuance of new shares  will be carried out based on the authorisation
granted by an extraordinary general meeting held on 3 July 2020 (the
“Authorisation”).

The subscription price and allocation of shares in the Private Placement will be
determined  by the board of directors following an accelerated bookbuilding
process. The bookbuilding period commences today at 16:30 CEST and will close at
08:00 CEST tomorrow, 11 September 2020. The bookbuilding may, at the discretion
of the Company and the Joint Bookrunners, close earlier or later and may be
cancelled at any time and consequently, the Company may refrain from completing
the Private Placement. The Company will announce the final number of Offer
Shares placed and the final subscription price in the Private Placement in a
stock exchange announcement expected to be published before the opening of
trading on Merkur Market tomorrow, 11 September 2020. Completion of the Private
Placement is subject to final approval by the Company's Board. 

Notification of allotment and payment instructions is expected to be issued to
the applicants on or about 11 September 2020 through a notification to be issued
by the Managers. The allocation will be determined at the end of the
bookbuilding period and final allocation will be made at the Board of Directors'
sole discretion.

The Offer Shares allocated in the Private Placement are expected to be settled
through a delivery versus payment transaction by delivery of existing and
unencumbered shares in the Company, that are already admitted to trading on
Merkur Market, pursuant to a share lending agreement between the Company,
certain existing shareholders and the Joint Bookrunners in order to facilitate
delivery of shares admitted to trading to investors on a delivery versus payment
basis. The Offer Shares will be tradable from allocation. The Joint Bookrunners
will settle the share loan with a corresponding number of new shares in the
Company to be issued by the Board pursuant to the Authorisation. 

As the Private Placement is structured to ensure that a market based
subscription price is achieved and equal treatment obligations under the
Norwegian Securities Trading Act are observed, it is currently not planned to
conduct a subsequent share issue ("repair issue")  directed towards shareholders
not participating in the Private Placement. 

Update on liquids produced at Skive
During the first day after start of production in Skive the milestone of 1.000
liter of high-quality liquids produced from mixed waste plastic was achived.
Samples have been analysed at the Skive plant and representatives of BASF
present at the factory have confirmed they are within the expected range. 
-We are very pleased with being able to run continuous operations for longer
periods and that the products produced is in line with our expectations, but do
of course expect that it in the period to come will be variations in both amount
and quality produced each day – says CEO Kjetil Bøhn.

For additional information, please contact:

Kjetil Bøhn, CEO
Mobile phone: +47 915 73 818

Kristian Flaten, CFO
Mobile phone: +47 950 92 322
Email: Kristian.Flaten@quantafuel.com

Important Notices 

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. The
distribution of this announcement and other information may be restricted by law
in certain jurisdictions. Copies of this announcement are not being made and may
not be distributed or sent into any jurisdiction in which such distribution
would be unlawful or would require registration or other measures. Persons into
whose possession this announcement or such other information should come are
required to inform themselves about and to observe any such restrictions. 

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering or their
securities in the United States or to conduct a public offering of securities in
the United States. Any sale in the United States of the securities mentioned in
this announcement will be made solely to "qualified institutional buyers" as
defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Regulation" means Regulation 2017/1129 as amended together with any applicable
implementing measures in any Member State. 

This communication is only being distributed to and is only directed at persons
in the United  Kingdom that are (i) investment professionals falling within
Article 19(5) of the Financial Services  and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so. 

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue",  "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these  assumptions are inherently  subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.


Actual events may differ significantly from any anticipated development due to a
number of  factors, including without limitation, changes in investment levels
and need for the Company’s products and services, changes in the  general
economic, political and market conditions in the markets in which the Company
operate, the Company’s ability to attract, retain and motivate qualified
personnel, changes in the Company’s ability to engage in commercially acceptable
acquisitions and strategic investments, and changes  in laws and regulation and
the potential impact of legal proceedings and actions. Such risks,
uncertainties, contingencies and other important factors could cause actual
events to differ materially from the expectations expressed or implied in this
release by such forward-looking statements. The Company does not provide any
guarantees that the assumptions underlying the forward-looking statements in
this announcement are free from errors nor does it accept any responsibility for
the future accuracy of the opinions expressed in this announcement or any
obligation to update or revise the statements in this announcement to reflect
subsequent events. You should not place undue reliance on the forward-looking
statements in this document.

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement.

Neither of the Joint Bookrunners nor any of their respective affiliates makes
any representation as to the accuracy or completeness of this announcement and
none of them accepts any responsibility for the contents of this announcement or
any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities in the Company. Neither the
Company, the Joint Bookrunners nor any of their respective affiliates accepts
any liability arising from the use of this announcement.