Quantafuel today reported its fourth quarter results. Delayed positive cash flow
from operations combined with required funding of ongoing and future projects
have resulted in the need of a financing solution by mid Q2 2023. Meanwhile,
there is good progress with Quantafuel's pipeline projects.   

Per 31st December 2022, Quantafuel ASA had a cash position of NOK 122 million.
Due to the constraints on the Group's liquidity position, from operating plants
still not generating positive cash flow and the near-term financing commitments
to the Esbjerg sorting plant project, the Group is in urgent need of new
financing and will require this to be in place no later than by mid Q2 2023. The
equity need to realise the remaining parts of the Esbjerg project, the Dubai
project and the upcoming pipeline of projects is estimated at approx. USD 70
million. 

The Dubai MK II Front End Engineering and Design (FEED) in cooperation with
Dubal Holding and BASF is in its final phase, and our preferred EPC partner
Saipem, together with Quantafuel's project team, are currently focusing on value
engineering to optimise CapEx for both the Dubai plant as well as MK II in
general. The current indications show a CapEx estimate at USD 200-250 million.
The ongoing value-engineering work is believed to confirm a level acceptable to
an FID with attractive project finances. All partners are confident that the end
result will be a plant defining a new standard within chemical plastic
recycling. 

Since October, Quantafuel has executed a strategic review in preparation of the
roll-out of the next generation Plastic-to-Liquid (PtL) plants, and the
encouraging feedback we have received is that we are a global leader within
chemical recycling of plastic waste. 

This quarter we have continued to reach new milestones at Skive. All four lines
are now operational and energy-wise optimised by reactors primarily heated by
self-produced gas. Produced volumes are increasing on a monthly basis, but a
delayed positive cash flow is causing an increased cash constraint on the
company. 

The construction of the plastic sorting facility in Esbjerg, through the 50/50
JV ReSource Denmark ApS with Eurazeo, is progressing on plan, with an estimated
start of commissioning in Q4 2023. Out of a yearly sorting capacity of 160,000
tonnes, the first 20,000 tonnes are already secured. Current construction costs
indicate a 10% increase due to the incorporation of higher safety standards in
design in combination with the general market development.

In February 2023, we reached a major milestone in the UK when our planning
application for a PtL plant in Sunderland was granted without objections and
with full support from Sunderland Council. In addition, we are moving ahead with
additional sites in the UK and have entered into promising discussions with
feedstock suppliers and oil offtakers.

Lars Rosenløv, Quantafuel's CEO, expresses his satisfaction with employees'
commitment and drive to deliver on business plans and strategies, while
underlining the importance of finding the best possible solutions to the
company's capital constraint:  

"The key for our company at the moment is to conclude on the strategic review
and find a financing solution which will bring this company forward into the
next phase of its development, which is to realise ongoing projects and the MK
II concept. As I have emphasised before, it takes time to build a new industry,
and despite some setbacks I am proud of how far we have come and look forward to
converting our ambitions into reality going forward."

For further queries, please contact: 
Lars Rosenløv, CEO +47 93018040 
Christian Bekkevold Nilsen, CFO + 47 90277833 

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 28
February 2023 at CET 13:40.