CIRCA REACHES MAJOR MILESTONE IN RESOLUTE PLANT BUILD

07 Nov 2022 08:00 CET

OSLO, NORWAY – 07 November 2022 – Sustainable biochemicals company Circa Group
AS (stock symbol: CIRCA) has signed a contract with Valmet for the delivery of
key equipment to its ReSolute plant.

This equipment contract is the next step in a continuation of the cooperation
agreement, announced in May 2022. It specifies the pyrolyzer technology, the
circulating fluidised bed (CFB) boiler and the automation system, which will be
delivered over the second and third quarter of 2023. The technology approach
taken by Valmet will enable the pyrolyzer and boiler plant to be almost energy
self-sufficient.

Hot Commissioning of the ReSolute plant will start at the end of 2023. The plant
will produce 1,000 tonnes per annum of Circa’s bio-based solvent Cyrene™, which
can replace toxic fossil-based solvents that are used in a wide variety of
industrial processes.

The strategic relationship with Valmet extends to the development of deployable
modules with a production capacity of 10-15 thousand tonnes per annum, bringing
Circa’s next stage FC6 plant closer to fruition. For this purpose, Circa and
Valmet have also signed a conceptual engineering agreement at this time.

“Our co-operation with Valmet has reached the first commercial milestone. We
expect to continue the co-operation to reach our goal of producing 80,000 tonnes
of Cyrene™ annually by 2030. Valmet’s concept for integrating the pyrolyzer and
the energy production provides major savings in plant operating cost,” says Tony
Duncan, CEO of Circa Group.

Ari Saario, Vice President, Strategy and R&D, Pulp and Energy, Valmet added “We
are actively developing technology to replace fossil raw materials with
renewable ones. We are working with various applications for our pyrolysis
technology. Together with Circa we have tested the biochemicals production
process in various pilot trials. In this project we have combined our experience
in converting biomass to pyrolysis gas by Valmet Pyrolyzer with our combustion
and automation know-how. This is an excellent example of widening our product
portfolio into new technologies.”

Picture from the ceremony in the enclosed release.

Pictured from left to right: Jari Niemelä, Director, New Technologies, Energy,
Pulp and Energy Business Line, Valmet; Jouni Kinni, Senior Sales Manager,
Project Sales, Energy Business Unit, Valmet; Bertel Karlstedt, Senior Vice
President, Pulp and Energy Business Line, Valmet; Lars Sperre, Chairman, Circa
Group AS; Tony Duncan, CEO, Circa Group AS.

About Circa
Established in 2006, Circa Group converts sustainable, non-food biomass into
advanced bio-based chemicals with its proprietary Furacell™ process. Its
developing product portfolio includes flavours, biopolymers, and bio-solvents
including Cyrene™, an alternative to traditional polar aprotic solvents, which
is produced in one step from platform biomolecule Levoglucosenone. By creating
renewable chemicals from cellulose, Circa is extracting value from non-food,
forest biomass and addressing a gap in the market by providing bio-based
alternatives contributing to a more circular economy. In March 2021, Circa Group
successfully listed on the Euronext Growth Market in Oslo, stock symbol CIRCA.
https://circa-group.com

Media Contact
Amanda Keogh
General Manager Marketing and Sustainability
Circa Group AS
Amanda.keogh@circa-group.com
Tel: +61 407 275 126

Investor Contact
Tone Leivestad
Chief Financial Officer
Circa Group AS
tone.leivestad@circa-group.com
Tel: +47 406 39 455

More information:
Access the news on Oslo Bors NewsWeb site

574850_20221107 Circa Valmet Equipment Announcement.pdf