As announced in December 2022, Geminor Invest AS ("Geminor") and Quantafuel AS
("Quantafuel") have formed a joint company, Polynate AS - Circular Plastic
Solutions ("Polynate"), with a strategic aim to take a leading position in the
waste plastics value chain across the Nordics and the UK. Polynate is led by
Ralf Schöpwinkel who has 25 years of waste industry experience from the Geminor
group. 

Polynate was initially a 100% subsidiary of Geminor. As announced by Quantafuel
on April 20th 2023, as part of the transaction with Viridor Limited where
Quantafuel agreed to divest its Geminor shares back to the original owners,
Quantafuel also secured an option to acquire 50% ownership of Polynate. On
August 31st 2023, Quantafuel exercised this option, thereby directly controlling
half of Polynate's shares. 

With the transaction concluded, the composition of Polynate's Board of Directors
will reflect the ownership of Quantafuel, with Dominic Howson and Chris Lach
representing Quantafuel, Kjetil Vikingstad and Bernt-Olof Morgan Olausson
representing Geminor, and with Håkon Thomas Olsen serving as the Chairman of
Polynate's board. 

For further queries, please contact: Terje Ulla Eiken, CEO +47 41655493 or Chris
Lach, CCO +47 92035125

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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 subject to the disclosure requirements pursuant to the Norwegian
Securities Trading Act Section 5-12.