Oslo, 22 December 2023: Reference is made to the announcement on 30 March 2023
regarding the term loan facility (as amended, the "Facility") entered into
between Quantafuel AS ("Quantafuel" or the "Company") as borrower and Planets UK
Bidco Limited, an affiliate of Viridor Limited ("Viridor"), as "Lender", and the
announcement on 7 July 2023 regarding the increase of the Facility to NOK 1
billion and extension of the termination date of the Facility. Further reference
is made to the announcement on 18 October 2023 regarding the amendment of the
existing right to settle repayment of the Facility by issuance of new shares in
Quantafuel on the termination date of the Facility, to such right being
exercisable in whole or in part at any time on or prior to the termination date
(the "Conversion Right").

Today, the Lender has notified the Company that the Lender is exercising the
Conversion Right for NOK 560,961,945.92 of the loans currently outstanding under
the Facility, to be settled by the issuance of 137,154,510 new shares in
Quantafuel (the "Conversion Shares"). The price per Conversion Share has been
set to NOK 4.09, equal to the three trading days' volume weighted average price
of the Quantafuel share prior exercise of the Conversion Right. For further
details about the price per Conversion Share pursuant to the terms of the
Facility, please see the Company's announcement on 18 October 2023. 

The Company will call for an extraordinary general meeting in due course for the
purpose of the issuance of the Conversion Shares. 

As of the date of this announcement, Viridor owns 138,092,536 shares in
Quantafuel through its 100% owned subsidiary Harald Norway BidCo AS,
representing approx. 83.3% of the Company's share capital. Consequently,
following the issuance of the Conversion Shares, Viridor will obtain an
ownership of more than 90% of the shares in Quantafuel and is expected to
resolve a compulsory acquisition of the remaining Quantafuel shares. Further
announcements are expected in due course.


For further queries, please contact: 

Terje U. Eiken, CEO of Quantafuel, +47 41 65 54 93 / terje.eiken@quantafuel.com 

***

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 of the Norwegian Securities Trading Act. 

This stock exchange announcement was published by Astrid Mannion-Gibson, Head of
Communications of Quantafuel, on 22 December 2023 at 10.14am CET.