We are pleased to announce that we have made significant progress for the Skive
operation since the Q3 2020 report. We have reached 90% capacity in testing for
the first line, and we have started the second line for operational testing and
optimization.

At the time of the Q3 2020 report in November, our main challenge was the mass
balance in the reactor. The process produced too much gas, with too much wax
downstream the reactor. The excess gas caused automatic shutdowns when we
reached 25-35% capacity, as the safety systems are designed to do.

These problems have been solved, and we have over the last couple of weeks
reached high capacity on one line and expect reaching full capacity on this line
when we resume production in 2021. We have also started the second production
line, and the two lines have in periods operated simultaneously. We have now
performed a planned shut-down for Christmas, and we will use this period to
perform modification work on the plant and production lines.

While operation for part of the period has been very good, we will again
emphasize the ups and downs in operation until we reach stable production. We
are very pleased with our progress over the last 5-6 weeks and remain confident
that the positive operational development will continue in the new year.

For further queries, please contact: 
Kjetil Bøhn, CEO +47 91 57 38 18
Kristian Flaten, CFO +47 95 09 23 22

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.