Quantafuel announces completion of Geminor share sale and entry into of the Polynate purchase option agreement

20 Apr 2023 15:54 CEST

Oslo, 20th April 2023: Reference is made to the announcement dated 17 April 2023
regarding inter alia the entry into of an agreement for the sale of the shares
held by Quantafuel ASA (the "Company") in Geminor Invest AS ("Geminor") for a
total consideration of NOK 80 million (the "Geminor Share Sale"). The Company is
pleased to announce that the Geminor Share Sale has been completed.

In connection with the completion of the Geminor Share Sale, the Company and
Geminor have entered into an agreement pursuant to which the Company is granted
a right to acquire 50% of the shares in Polynate AS from Geminor, with the
intention of establishing a 50/50 joint venture between the Company and Geminor
to create a trading company for plastics and polymer rich waste fractions.

The completion of the Geminor Share Sale on certain terms is a condition for
completion of the recommended voluntary cash offer made by Harald Norway Bidco
AS (a wholly-owned subsidiary of Viridor Limited) to acquire all outstanding
shares in the Company at an offer price of NOK 6.38 per share on terms and
conditions as set out in the Offer Document as announced 2 March 2023. This
condition has now been satisfied.

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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.

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

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