Quantafuel's plant in Skive reached 90% of design capacity on one production
line before Christmas, and we initiated key improvements to the plant to obtain
final proof-of-concept and start delivery to BASF Ludwigshafen at scale. We have
completed two landmark acquisitions and strengthened our R&D and technology
ownership. Our pilot plant in Kristiansund is ready for start-up in Q1 2021, and
we aim to take FID on a major plant for plastic recycling in Esbjerg, Denmark.
Building further on these achievements, we have the ambition to start several
FEED projects in the months to come with existing and new partners.

A key milestone that informs our decision process is the Skive PtL
proof-of-concept when one production line has delivered at full production
capacity for some time. After solving the initial problems with the mass balance
and reaching over 90% of design capacity on one line for a short period before
Christmas, we have prioritised to implement improvements in Skive that aim to
increase production stability. 
  
Our main objective over the next weeks is to run two lines in parallel over some
time, to further optimise operating parameters, and to reach maximum design
capacity on one line.  We expect to reach these important milestones early Q2
2021.  As stated many times earlier, we expect to have several both planned and
unplanned periods with downtime also in the months to come. We are however
pleased with the fact that we have seen good progress and results since start of
operations in September and remain confident that the improvements that are
being implemented at a steady pace allow us to reach the milestones that enables
decisions that deliver our ambitious expansion plans.

To reach full commercial production on all four lines we have to make some
further modifications, as earlier announced, of which some have resulted from
requirements from Danish authorities. Our plan is to work with the two lines
already in operation towards the summer, and use the summer break to install
these modifications, with the ambition to reach commercial production levels on
all four lines by end of Q3 2021. With the current modification work being
performed at the Skive plant, total costs for the plant have increased by NOK 33
million to NOK 581 million.

Commissioning of equipment at our Replast facilities in Kristiansund is
progressing ahead of plan, and the results from this pilot testing will provide
valuable input to Quantafuel's next plant design. We have taken the next
important step through the initiation of a FEED for a permanent 10,000 tons per
year plastic-to-liquid chemical recycling facility in Kristiansund with expected
start-up end of 2022.

In parallel with the work in Skive to improve and get to full capacity, we see
the final investment decision for a new PtL plant in Esbjerg as a key milestone
for Quantafuel.  We have secured the property for the plant and are working
diligently toward the target of reaching FID on Esbjerg in Q1 2021. 

As previously reported, Quantafuel is discussing the roll-out of large-scale
capacity plants with both existing and potential new partners. Quantafuel
notices a rapidly growing interest from major players across Europe that might
lead to new FEEDs for integrated plants during the next months. 

EU's Green Deal requiring 50% recycling within 2025 is an important accelerator
for plastic recycling, and Quantafuel is in pole position to take a lead in this
huge market.

Please see the attached Q4 2020 report and Q4 2020 presentation for further
information.

A conference call followed by Q&A will be hosted by CEO Kjetil Bøhn at 10:00
CET. The presentation will be held in English. Please register your attendance
via the following link:
 
http://emea.directeventreg.com/registration/2566738 


For further queries, please contact: 
Kjetil Bøhn, CEO +47 91573818
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